The native token of blockchain-powered sports and entertainment platform, Chiliz, has been riding high. It hit a new all-time high this afternoon.
CHZ is currently on a rollercoaster. It recorded a new all-time high of $0.1698 about two hours ago. Although it has retraced slightly since then, it is still up by 23% since yesterday.
The price surge has consequently sent the token’s market capitalization soaring. It’s currently north of the $910 million mark.
The world’s leading blockchain fintech provider for sports and entertainment made headlines last week when it announced plans to expand its operations to the United States. It will open an office in the country’s commercial epicenter, New York, and invest $50 million.
It remains unknown if the news is responsible for the token’s recent rally, but its plans to expand operations show bullish momentum.
Chiliz has successfully sealed several partnerships with top European football teams. It’s renowned for enabling fan engagement through the use of branded fan tokens and non-fungible tokens (NFTs) which it sells on Socios.com.
Recently, it partnered with multiple-time European football champions and Italian Serie A giant, AC Milan. The club said it launched its own native ACM token as a result of the partnership with Chiliz.
NFTs have assumed center stage in the digital asset space. Millions of dollars are being splurged on art, collectibles, and real estate that only exist in the Metaverse.
Jack Dorsey digitized his very first tweet from March 21, 2006, and auctioned it as an NFT on Valuables. TRON CEO Justin Sun and Bridge Oracle CEO, Hakan Estavi have slugged it out on the auction floor. Estavi’s present winning bid of $2.5 million countered Sun’s previous bid of $2 million.
On March 5, a group of art and tech enthusiasts burnt an original Bansky artwork which they bought for $100,000. They tokenized the artwork before setting it ablaze and sold the NFT version on OpenSea. The group said that by burning the original piece, it aimed to transfer the primary value to the NFT.