Home Latest Chiliz takes to the track with Formula 1 fan tokens

Chiliz takes to the track with Formula 1 fan tokens

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Aston Martin and Alfa Romeo became the first two Formula 1 teams to sign an agreement with Socios.com and Chiliz and issue their own fan tokens. As such, Socios now has three racing teams in two leagues. Chiliz, for its part, just last week announced five partnerships in three different sports in one day.

Consequently, Chiliz and Socios.com have effectively taken over the fan token market.

“In the next few years, a generation of passive fans will turn into active ones. Interaction through our platform is facilitating this transition”, said Alexandre Dreyfus, CEO of Chiliz and Socios.com.

So, according to Thursday’s announcement, $ 2 million in AM and SAUBER tokens will be distributed to Socios.com users today.

Investors will be able to purchase these tokens on the market in the coming days. Alfa Romeo Racing ORLEN F1 Team Manager Fred Vasseur explained that with this token, fans will be able to “interact with the team in a new way”.

Jefferson Slack, managing director of the Aston Martin Cognizant Formula 1 Team, said they “honored” to join other clubs working with Socios.com.

Thus, teams Aston Martin and Alfa Romeo are among the first professional racing teams to experiment with blockhain technology for better fan engagement.

Fan Token

You can use it for various promotions, participation in club events and elections.

Fan Tokens used to distribute merchandise, create augmented reality marketing campaigns, and in some cases allow fans to vote on things like team uniforms. Fan token holders will also have access to VIP rewards, forums and fan chats.

Organizations that issue their own fan tokens receive certain fees from the transactions they make.

Socios.com & Chiliz, which has issued Fan Tokens for clubs like Galatasaray and Trabzonspor in Turkey, also works with clubs like FC Barcelona, Juventus and Manchester City.

According to a press release, Chiliz fan tokens brought in over $ 150 million in 2021, which Socios.com will share with partners.

Fan tokens spurred Chiliz’s growth

Non-replaceable tokens and decentralized financing are two of the most popular concepts in the crypto sector. Each of which is changing the way projects and companies interact with the public on a large scale.

One project that is trying to apply these concepts in engaging with sports fans is Chiliz (CHZ), a blockchain platform created by fan engagement platform Socios. The project designed to allow fans to purchase Fan Branded Tokens, which allows them to influence their teams through popular vote.

According to the project’s website, all fan tokens minted on the Chiliz blockchain. And voting on the platform done through a series of smart contracts.

TradingView data shows that the CHZ price has increased by 760% over the last month.

The momentum for Chiliz began to pick up steam in late 2020. Thus, when the platform partnered with Binance to launch an ACM fan token for Milan.

The platform is currently offering Fan Tokens for some of the most popular sports teams in the world.

The project may be well positioned to grow further. As blockchain and NFT technology becomes more popular in the sports industry.

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