Chiliz Fan Tokens Hikes as an upgrade in Layer-1 Blockchain
- Chiliz has validated the origin block of the new Layer-1 blockchain.
- The platform has over 1.8 million wallet addresses along with a market capitalization of 1000 million.
- NFT market capitalization registered a sharp decline recently.
Chiliz, the blockchain based sports token, which offers the crazy fans to own tokens related to some sports teams. On its fifth anniversary on February 8, 2023, it announced the validation of the genesis block of the new Layer-1, according to a blog post.
The blockchain of Chiliz is a (Ethereum Virtual Machine) and will focus on Watch2Earn sports events, Play2Earn (P2E) games and non-fungible tokens (NFT), also many engaging live events. The blockchain enables a collection of 11 active validators with PoSA (Proof of Stake Authority) consensus. The motive behind it is to provide low energy consumption, fast and faster transactions and cost-effective transactions.
According to a news website, after Argentina’s victory over France in the final of FIFA World Cup Qatar 2022, it will remain unforgettable for football legend Lionel Messi’s hearty fans. On the occasion, the Argentina Football Association fan token rose over 25% from $4.01 to $5.02.
Wall Street noted that Argentina’s victory in FIFA 2022 has ended the Cristiano Ronaldo debate. Portugal’s team tour ended a week ago, a match between Morocco and Argentina in the quarter-finals. Football fans will never see the two legendary players in the World Cup.
According to its official website, Chilliz has over 82 fan tokens, 150+ global sports partners, nearly 1.8 million wallet addresses on the Chiliz Chain and with a whopping 1000 million market capitalization.
In the blog, Chiliz CEO Alexandre Dreyfus stated: “Chiliz is focused on unlocking the potential web3 can bring to fan communities, for the benefit of fans, sports and entertainment brands, and developers and service providers.”
“Our strategy is to continue to develop the underlying infrastructure that can allow these communities to build the products and services they need, and to continue to expand our network to attract the leading sports and entertainment brands, the leading developers and the most passionate fans in the world, he added.
According to the data from CoinMarketCap, the global market cap of NFT space was recorded $442.63 million with a decrease of 19.22%, and a sales volume of $21.17 million, almost 0.07% up in the last 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
