IQQ Rivals CHZ and Soars as Interest in Sports Blockchain Surges

Share Article
In Brief
  • CHZ rival IQQ surges as demand for fan tokens soars.

  • The rapid increase in price follows IQQ's listing on veteran cryptocurrency exchange Bittrex.

  • The fan token space is becoming one of the fastest growing space's in the blockchain industry.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

Blockchain-based sports participation platform IQONIQ sees its native token IQQ soar as demand for fan tokens continues to increase.

Sponsored



Sponsored

Sports Fans Meet Bittrex Fans

Up-and-coming sports blockchain platform IQONIQ has seen its newly launched native token IQQ nearly double after listing on Bittrex.

After ending its first day’s trading at $0.265, IQQ surged to just under $0.60 in the early hours of March 27. At press time, IQQ trades at $0.49.

Sponsored



Sponsored

The listing is the first for IQQ as it ramps up efforts to propel blockchain-based sports participation into the mainstream.

IQQ is a utility token that supports IQONIQ’s FanEcosystem and is set to include the much anticipated IQONIQ application. The app will allow IQQ holders to access merchandise, tickets, memorabilia, and prizes associated with their favorite sporting teams.

Indeed, the beta version of the app boasts a stellar list of sporting partners from football, rugby, and cricket, to Formula One.

Fan Tokens Are in Demand

The fan token industry is soaring in popularity, after several blockchain-based sports platforms announced collaborations with major sporting teams.

IQONIQ rival Chiliz is currently the most popular in the space. Last year, Chiliz launched the first official fan tokens for Paris-St-Germain (PSG) and Juventus (JUV) on Binance Launchpool.

Both tokens – PSG and JUV – trippled in value within the first 48 hours of listing on Binance. Their success inspired several more major world-champion football teams to jump on the bandwagon.

These include AC Milan, Barcelona, and Manchester City, among many more. As a result, Chiliz’ own utility token hit a market capitalization of $1.3 billion in less than a year after launch.

What Next for the Space?

With the evident growth in demand for blockchain-based fan participation, IQONIQ is positioning itself to capitalize on said growth.

Indeed, its plans are ambitious, as they need to be to rival industry leader Chiliz. Not only will IQQ become available elsewhere, with more benefits and incentives added, but the IQONIQ team has major plans for the ecosystem.

IQONIQ plans to mint and release sports-themed non-fungible tokens (NFTs) into the market in bid to ride the NFT hype that currently permeates the cryptocurrency space.

Moreover, users will be able to mint their own NFTs. They can memorialize forever iconic events, teams and individuals in the sporting industry.

The Olympic Games and FIFA World Cup are not too far off. IQONIC, and the wider fan token industry, will be poised to run with it.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Related topics

Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go