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The pseudonymous head of Coin Bureau says a non-fungible token (NFT) project, which has grown by 650% in value over the past 30 days, has the fundamentals to move even further.
The analyst who goes simply by the the name, Guy, is telling 610,000 YouTube subscribers why he thinks Chiliz (CHZ) could usher in a massive herd of users into the crypto space.
“Have you been searching for that killer app that has the potential to open the floodgates and bring hundreds and millions of people into crypto. That elusive unicorn would likely be valued at a pretty penny, which means if you got into it at the right time, you could post some truly insane gains. What if that project combined NFTs, sports and crypto? That’s the type of rocket fuel that could send it to the stratosphere… That would be Chiliz.”
The CHZ token has performed well in the past few months as NFT projects grow in popularity amid high demand for unique digitized assets. CHZ is currently sitting in the top 50 projects by market cap with a $2.6 billion evaluation.
The Chiliz blockchain company runs the Socios.com platform, which allows sports franchises to increase their revenue through fan tokens. Fans need to buy the CHZ cryptocurrency to get these tokens, which they can use to influence team decisions and gain access to other privileges.
Guy explains why Chiliz is one of the most interesting projects in the crypto space right now, explaining how it helps sports teams monetize their fan base.
“Chiliz offers the solution for teams to gamify team management, turn it into an entertainment proposition in its own right, and monetize the demand for these voting rights. Fans, on the other hand, get a new way to support their team and get the opportunity to vote on certain team decisions, all of which impact real-world sporting events.”
He also notes Chiliz is positioning itself to generate real world value by diving into the NFT market and partnering with blockchain ecosystem developer Enjin (ENJ) to create branded digital collectibles.
“Socios teamed up with Enjin to create Ethereum-based collectibles for partner clubs. A few weeks ago, Chiliz also announced it had integrated with Chainlink to mint NFTs in real time. Why is that a big deal? Well, it allows Chiliz to create dynamic NFTs in response to real-world sporting events and mint limited edition NFTs…
I really like Chiliz as a project, the concept and how they’re seemingly paving the way for unique digital sports memorabilia with NFTs in real time. I also really love the idea of attaching tangible team-related perks to NFTs. That way, they have tangible real-world value and this should drive future demand.”