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Chiliz, a sports blockchain, ventures into entertainment with $60 million investment

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With the crypto industry disrupting the global economy, Chiliz the leading sports-based blockchain is investing heavily in other sectors of the global economy.

Alexander Dreyfus, CEO of the company, confirmed via Twitter recently that the company is investing $60 million in tokenizing media, TV, music, and retail, as well as brands, in general.

Over 100 teams have already joined together under a category of crypto-assets known as fan tokens after the company successfully popularized them.

With Chiliz, fans can get in touch with their favourite teams and clubs from all over the world. Most of the football fan tokens, including those from Barcelona, Arsenal, Everton, and PSG, were created on this platform.

Chiliz, or CHZ for short, is not only the leading virtual currency for sports, but also a leading virtual currency used to power Socios.com, a blockchain-based platform built to reward and engage fans.

Through the platform, fans can trade and purchase branded fan tokens and can participate in polls and surveys that are club-centric and give their vote in them.

The Malta-based platform’s fan token has been around for three years, starting back in the 2018 model year. Its goal is to provide sports aficionados with a token that is designed to act as nothing more than a share in influence between passive and active fans.

As seen on the weekly chart, Chiliz tokens are in good shape, with higher highs and lower lows.

The crypto asset is trading sideways on the 4-hour time frame, and the technical parameters remain unchanged. To break out towards the higher levels, the volume activity over the chart needs to grow sharply.

CHZ price is trading at $0.33 with a flat action of intraday dip of 3% at the time of writing this report.

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