It has been more than a decade since the cryptocurrency industry has been around. What started off as an idea on a white-paper has now grown into a massive industry that has more than 6,000 cryptocurrencies.
Although the industry had been around since 2009, the revolution came into the industry back in 2017. It was the time when the largest cryptocurrency, bitcoin (BTC) hit its all-time high of $19k per BTC for the first time.
In the same year, the cryptocurrency industry produced and launched two major products that are now at the top of the crypto-products chain. The names of the products were decentralized finance (DeFi) and non-fungible tokens (NFTs).
Although the products did not gain much interest and attention in their start runs, they turned bright at the beginning of the year 2020. This is when the cryptocurrency industry blossomed entirely and the user base in the crypto-verse has been increasing ever since.
As of now, the total cryptocurrency users in the entire industry are more than 106 million and the number is constantly on the rise. There are now many companies and institutions that have adopting decentralized finance (DeFi) and non-fungible tokens (NFTs) to their advantage.
With time, both products have introduced and experienced an enormous amount of developments and growths. Different companies are reported to be using these technologies using their own innovations, ideas, and approaches.
However, most of the companies are only adopting one out of the technologies at a single time. This is where a firm known as Chiliz comes in and offers something very new and innovative.
Chiliz is reportedly making the efforts of combining these two products with the aims of designing and building a framework. This framework will serve to be the main source/platform that would enhance the level of interaction between fans and sports.
For those who are not aware, Chiliz is a platform that has been based on the blockchain network. The platform has been created by a fan engagement platform that is famously known as Socios. The platform has the ability to let the fans purchase branded fan tokens through its system.
Once purchased, the fans will be able to use these tokens to hold votes that would eventually influence their teams.
It has been confirmed that the minting of the Fan Tokens will be carried out through the Chiliz blockchain. The users will be able to utilize the smart contracts in order to use the on-platform voting feature.
As per the data shared by some of the crypto-data monitoring teams, Chiliz has experienced an enormous surge with respect to its price. In the past month, Chiliz has reportedly experienced a surge of 760%. Back on February 8, the prize of Chiliz was sitting at $0.022 but as of March 8, its prices have soared up to $0.189.
On top of that, the asset has also hit a total trading volume of $1.92 billion on March 8, 2021.