The sport-based Crypto is enjoying a significant amount of buying pressures amid the strong demand from sports fans coupled with the recent listing on the world’s most valuable crypto exchange, Coinbase, which recently announced it has added Chiliz to its platform.
Recent price actions reveal the sports-based token has posted weekly gains of more than 15% amid the recent pullback in the prices of many altcoins as the greenback rattles the crypto market.
Chiliz at the time of drafting this report traded at $0.314198 with a daily trading volume of $546 million.
The greenback stood firm against its major counterparts and most commodities after the US Central Bank brought forward its projections for the first post-COVID-19 crisis interest rate hike in 2023.
The sudden change from the dovish stance of the U.S Fed is coming at a time of rising inflation and significantly improved economic recovery in the world’s biggest economy.
Leading altcoins including Ethereum, Polkadot, Binance Coin, XRP, Cardano, Solana, Uniswap, all posted weekly losses amid some form of profit-taking as the greenback soared immensely.
Investors are tapping into the sport-based crypto partly because it has become the go-to destination for leading sports businesses to launch their fan tokens as the world grapples with the worst pandemic in humanity.
Through its fan engagement app, Socios.com, Chiliz has been able to attract the likes of FC Barcelona, Paris Saint Germain (PSG), Galatasaray. Italian clubs such as Juventus, AS Roma, and AC Milan have also dedicated fan tokens. Esports teams are also using the Chiliz blockchain with notable examples like Team Heretics.
Philadelphia 76ers, a popular American basketball team has become the first NBA team in forming a partnership deal with blockchain-based sports platform, Chiliz, responsible for tokenizing many leading sports franchises.
In a statement released by the fast-growing sports blockchain company, the blockchain platform will appear on screens in the team’s home venue, the Wells Fargo Center in Philadelphia, as well as on its website and social media.
Alexandre Dreyfus, CEO of Socios and blockchain-based sports platform Chiliz, said this was the first time the platform had partnered with a National Basketball Association franchise. He hinted basketball fans might see fan tokens for the Sixers as part of the firm’s goal of “transitioning passive fans into active fans.”
The 76ers join a 35+ network of major international sporting properties on the Socios.com roster, which also includes European soccer giants FC Barcelona, Paris Saint-Germain, Juventus, AC Milan, Atlético Madrid, Manchester City and the Argentina national soccer team, as well as a number of leading teams from F1, esports and cricket.