Seeing your favourite sports team play a match is already exciting enough, but what if you can do more such as participate in polls, win exclusive prizes and be updated with the latest sport matches? Through the Chiliz token, you will be able to do this and more. What is it about this token that makes it popular, especially among sports enthusiasts? If you’re curious to know, dive into it here at BTC Post!
What is the Chiliz token?
Chiliz or popularly known as CHZ is a cryptocurrency designed for sports enthusiasts who want more interaction with their favourite teams. Through this token, fans can vote for important team decisions and take part in major tournaments through Socios platform.
To effectively use this cryptocurrency, there are two components investors need to know and use:
Socios.com is the website where investors guide their favourite sports team to make key decisions in various situations. This process is done through a safe, blockchain-based in-app currency called a ‘CHZ token’. Using these tokens, fans can convert them into ‘fan tokens’ that allow them to partake in some decision-making processes of the team. Each of them has their own fan tokens and are spendable on their team page.
To understand how this works, read through some of the key features of socios.com:
Fiat on-ramp to crypto – Socios allows investors to purchase Chilis tokens (abbreviated as CHZ) through their Visa, Mastercard, Skrill, and Rapid. Once the CHZs are bought, investors can then choose which fan token to convert into.
Trading section – Allows investors to buy and sell their fan tokens.
Voting function – For players owning the fan tokens of certain teams, this section allows them to vote for the upcoming decisions of their favourite teams.
The Chilliz exchange holds fan token trading pairs that have CHZ trading pairs only. Though trading pairs such as CHZ to USDT or CHZ to BTC are available on the exchange, the primary goal is to trade in CHZ for a sports team’s fan tokens.
Since this is Chiliz’s own exchange, obtaining CHZs and fan tokens are at their lowest price here when compared to other available crypto exchange websites. This is because through the exchange, investors would be paying 0%-valued purchasing fees.
Meanwhile, exchange fees to sell on CHZ trading pairs will be charged at 0.6%. While other trading pairs will be charged at 0.2% fees.
The types of tokens available in the exchange
Now that you have been made aware of how Chiliz works and what features it offers, it’s now time to learn about the currency’s ecosystem tokens.
Fan Tokens – Once sports teams have partnered up with Chilis at Socios, they are each given a limited amount of fan tokens that their supporters can purchase.
CHZ – The CHZ token is what empowers the Chiliz ecosystem through fans converting them into the coveted fan tokens in Socios.com.
Locker Tokens – A feature in Socios, the Locker Tokens are characterized by being a sign of great demand for potential partner clubs to showcase the value of certain fan tokens. For every potential partner, socios.com creates individual lockers for them and are open for about 120 days.
Investors can place some CHZ tokens into these lockers, and by doing so, receive locker tokens. Should a partner choose to create fan tokens, the locker tokens are then switched for official fan tokens with a 1:1 value.
Placing CHZ tokens into these lockers is ideal because if a potential partner opts not to create tokens with Socios, investors can get their tokens back. However, should they continue, investors will receive not just a 1:1 value of the tokens, but also get 10% of the original investment as bonus CHZ cashback.
ERC 1155 NFTs – This is created through Socios’ partnership with Enjin. Its purpose is to establish Ethereum-based collectables for its partner clubs. In addition to this, Socios had teamed up with Chainlink to mint these NFTs in real-time.
Through this, Chiliz can establish malleable NFTs that react to current sports events and create limited edition, mint NFTs. For example, should a team hit a goal, Socios will create a limited edition NFT token to remember it by.
For those still unsure of CHZ, know that it’s partnered with, and is invested on by the largest and most popular crypto exchange in the world, Binance. For this reason, potential investors can find nearly every fan token and CHZ itself, listed on the Binance website.
Partner sports teams
Chiliz partnered with some of the most popular sports clubs and teams in the sporting world.
- Barcelona FC
- Paris Saint-Germain
- Ultimate Fighting Championship (UFC)
- Natus Vincere (NAVI)
- Memphis Grizlies.
Benefits of investing in Chiliz
Now that you’ve been made aware of the various features of Chilis, here are the incredible benefits to encourage you to invest:
Have a direct connection with your favourite team
Should you invest in Chiliz, you can enjoy the benefits of having a close connection with your favourite teams. From shirt designs to even players taking part in certain games, through Socios’ voting function, you have a say on various choices a team makes.
Enjoy merchandise and fun experiences from your favourite team
In addition to purchasing voting rights, fan tokens allow investors to enjoy discounts and exclusive merchandise such as signed shirts and other collectables. If you’ve managed to collect a large number of tokens, you can even experience VIP experiences such as watching certain games live, or even meeting your favourite athletes.
Not everyone has the budget to purchase more CHZ, that’s why it’s great to know that players can receive free tokens. Through Socios.com, players are able to play a game that has a gameplay feature similar to Pokemon Go. Using an augmented reality system, players are able to open a map and find some free CHZ tokens in the real world.
Get rich while having fun
Due to their limited availability, CHZ tokens increase in value. This usually occurs every time a certain sports team scores points or goals, then, a certain portion of their fan tokens are ‘burned’. With low supply and high demand, their fan tokens will rise in value.
Buying Chiliz cryptocurrency
Finally, it’s time you learned how to invest in CHZ and experience the fun benefits it has in store for you.
Visit a crypto exchange site
To begin the process, choose the crypto exchange site you’re most comfortable with. However, it’s ideal to either use Chiliz personal exchange site or Binance. Not only are these options a safer and direct way to purchase CHZ, they’re also significantly cheaper to acquire.
Use a crypto wallet
Though you can keep your tokens in the exchange site’s wallet, you opt to use a hot wallet app on your phone or desktop or a cold storage hard drive to keep in a safe space.
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