Chiliz (CHZ) is the cryptocurrency powering the Socios.com platform, a popular blockchain-based platform primarily designed for sports and entertainment. Through its various use cases, CHZ aims to bring fans closer to their favorite teams and events while providing new monetization opportunities for teams, clubs, and organizations.
Fan Engagement and Tokenization
One of the most prominent use cases for CHZ is fan engagement via fan tokens. Socios.com allows sports teams, esports organizations, and other entertainment entities to create branded fan tokens that supporters can purchase using CHZ. These tokens grant fans voting rights on various team-related decisions. By holding these tokens, fans can participate in polls and influence aspects such as which music plays during a game, new kit designs, or even team bus designs.
This model of tokenized voting powers fan participation in a way that was previously unattainable, giving fans direct influencing options within their favorite clubs’ activities. The tokenization of fan experience not only deepens the sense of participation but also allows teams to engage their fanbases globally, going beyond geographic limitations.
Exclusive Rewards and Experiences
In addition to providing voting abilities, CHZ enables fans to unlock exclusive rewards through fan tokens. Users of the Socios platform can use these tokens to access exclusive content and merchandise, attend VIP events, and even meet players from their favorite teams. By doing so, fan tokens evolve from simple voting utility tokens to providing unique rewards and experiences.
These fan tokens can also be used as part of loyalty programs, where holding a certain number of tokens could provide long-term benefits to users in return for engagement and loyalty toward the club or entertainment platform.
Esports and Expanding Beyond Sports
Initially designed for traditional sports like football, Chiliz has expanded its reach into the esports industry as well. Esports teams and organizations can utilize fan tokens to boost community interaction, with teams from games such as League of Legends and Dota 2 now adopting the platform. Here, the use case remains similar: token holders are given the opportunity to vote on team-related issues and gain access to exclusive content, further expanding the use-case potential of CHZ even beyond mainstream sports.
Chiliz has also made moves to expand its tokenization model into music and entertainment, although adoption appears to be centered mainly on the world of sports at present.
Monetization for Teams and Clubs
For teams and clubs, CHZ offers a new revenue stream by allowing them to sell fan tokens. Through Socios.com, these organizations can raise funds directly from their fan base. The funds raised provide a non-traditional method for clubs to monetize fan engagement. This financial model becomes more appealing when considering that traditional ticket sales are geographically constrained, but fan tokens can be sold worldwide.
