Chiliz Fan Tokens Hikes as Upgradation in Layer-1 Blockchain

Chiliz has validated the genesis 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 recorded a sharp decline recently.

Chiliz, the blockchain-based sports token, that offers the crazy fans to own tokens linked 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 an (Ethereum Virtual Machine) and will focus on Watch2Earn sports events, Play2Earn (P2E) games, and non-fungible tokens (NFT), also many live engaging events. The blockchain enables a collection of 11 active validators with PoSA (Proof of Stake Authority) consensus. The motive behind is to provide low energy usage, speedy faster transactions and cost-effective transactions.

According to a news website, after Argentina’s win over France in Final at the FIFA World Cup Qatar 2022, it will remain unforgettable for soccer legend Lionel Messi’s hearty fans. On the occasion, Fan token Argentina Football Association surged over 25% from $4.01 to $5.02.

The Wall Street noted that the win of Argentina in FIFA 2022, has ended Cristiano Ronaldo’s debate. Portugal’s team journey ended a week ago, a match between Morocco and Argentina in the Quarterfinals. The soccer fans will never witness the two legendary players in the world cup.

According to its official website, the Chilliz has over 82 Fan Tokens, 150 + Global Sports Partners, nearly 1.8 million wallet address on Chiliz Chain and with whopping 1000 million Market Capitalization.

In the blog, CEO of Chiliz Alexandre Dreyfus stated: “Chiliz is focused on unlocking the potential web3 can bring to fan communities, benefiting fans, sports and entertainment brands, and developers and service providers alike.”

“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 grow 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 capitalization of NFT space was recorded $442.63 million with a decline 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 his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing