Chiliz (CHZ) Price jumps 170% after Live In-Game NFT

Chiliz (CHZ), the blockchain network behind the Socios.com fan engagement platform, price increased 171% after the launch of live in-game NFTs. Know more.

Chiliz (CHZ) Price jumps 170% after Live In-Game NFT Launch for Fan Token Holders.

The blockchain network behind the Socios.com fan engagement platform, Chiliz (CHZ), has gained more than 170% after live in-game NFTs were launched for fan token holders. 

Since the price of CHZ hit a low of US$0.243 on September 29, 2021, it has increased by 171% to hit a daily high of US$0.657 on October 31, 2021. The recent developments are pushing the CHZ price towards its swing high. In 2021 YTD (year-to-date), its price has increased by 2,575.02%. 

There are mainly 3 reasons for the price of Chiliz to increase significantly:

  • The launch of live in-game NFTs
  • The listing of CHZ on crypto exchanges recently
  • The rapidly expanding ecosystem of the protocol's partners

The main reason behind the current rally in the price of CHZ is the rollout of the first live, in-game NFT drop of the Chiliz platform. This NFT drop took place during a game between A.C. Milan and A.S. Roma. New non fungible tokens, or NFTs, are minted during a match’s key moments and then dropped into the wallets of those fan token hodlers who predict the game’s outcome correctly. 

The announcement of this new NFT distribution method led to a significant increase in the demand for CHZ tokens, thereby leading to a rally in their price in the following weeks. 

The other two major reasons for the significant increase in the price of the Chilliz token are:

  • Listing of CHZ token on multiple new cryptocurrency exchanges.
  • Addition of its newly released fan tokens for multiple soccer clubs such as the Manchester City, AC Milan, and São Paulo FC. 

Binance, in particular, is allowing soccer fans to earn their favorite teams’ tokens by staking:

  • Binance Coin (BNB)
  • Binance USD (BUSD)
  • Chiliz (CHZ)

Other major crypto exchanges that announced support for the tokens from the Chiliz ecosystem are OKEx and eToro. The listing of the Chiliz token on eToro on November 9, 2021, seems to have majorly boosted its price in a big way. 

In addition, the fundamentals of CHZ have strengthened due to multiple developments that have taken place recently. One such major partnership was between the Chiliz platform and:

  • New England Patriots of the National Football League (NFL)  and
  • New England Revolution of Major League Soccer (MLS) 

With these major partnerships, Chiliz has made a foray into the National Football League as well as Major League Soccer. Analysts believe that the Chiliz blockchain network and the leading digital currency for sports and entertainment will next expand to cover all major sports leagues, especially where fans demand more engagement.