Chiliz (CHZ) Hits $1 Billion Market Cap As NFTs Interest Increase

The now has a 24-hour trading volume of $4.4 billion and as of the time of writing, CHZ is trading at $0.648685. It has become the 30th largest cryptocurrency in the world with a market capitalization of over $1 billion.

As a blockchain-based sports platform, Chiliz offers a solution for the sports industry, and it enables fans to participate in the token economy. Within the past 24 hours, CHZ has surged 5.4% and 392.13% within the past week.

Surge tied to PSG’s progress

Whenever there is a big rally in an asset, fundamental activities around the asset are usually the cause. In this case, the rally of the CHZ token is related to sports. The token’s surge took an exponential leap after news that Paris Saint-German (PSG) has progressed to the Champions League quarter-finals.

PSG is one of the partners of the platform, as its fans can use CHZ Fan Tokens to support their team in different ways.

Holders of the fan tokens can also take part in club decisions by voting in polls each season on Socios.com. the token also entitles them to create digital experiences and earn rewards linked to the clubs.

Additionally, the fan token gives the holders the opportunity of real-life activation such as watching games from the VIP section when fans return to the stadium, and meeting players.

The French team also went to Twitter to disclose the strong demand of its fans for the digital collectibles.

A wider interest in Non-fungible tokens

Apart from PSG, some other clubs like the Football club of Barcelona, have launched their Fan Token platform.

Several other clubs are in the process of launching theirs before the end of the year. Other top sports and entertainment institutions have also indicated interest to join Socio.com in the future.

Presently, Chili (CHZ) has attracted the attention of several exchanges, as it can be traded on Binance, HBTC, OKEx, Xtheta Global, and Huobi Global.

The popularity of non-fungible tokens is growing rapidly and CHZ token is one of those NFTs that are taking advantage of this growth.

The transaction volume of the NFT market has hit $342 million, which is an impressive increase of 745% from the same period last year.

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