Tuesday, October 4, 2022
HomeNFTChilliz (CHZ) protocol-based fan tokens surge after Socios partnership

Chilliz (CHZ) protocol-based fan tokens surge after Socios partnership

After the Socios fan token platform partnered with UEFA to provide NFTs and other redeemable perks to European football fans, ASR, BAR, and ACM recorded double rallies. Non-fungible tokens (NFTs) are gaining popularity because they can be used in a variety of sectors, ranging from sports and entertainment to real estate.

This market has a lot of different types of tokens, or “fan tokens.” These tokens allow their owners to be involved in the governance of their favourite sports companies and get specialised NFTs and other unique redeemables in return.

According to TradingView data, the top three gainers over the last 24 hours were FC Barcelona Fan Token (BAR), AS Roma Fan Token (ASR), and Atletico De Madrid Fan Token (ATM), all of which are Chilliz (CHZ) protocol-based fan tokens.

The price of these fan tokens has grown owing to three factors: partnership between Socios and UEFA, greater interest in football as World Cup qualifying matches continue, and the appeal of NFTs when combined with the world’s most watched sport.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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