Earlier this week, Chiliz announced to the world its partnership with the node hoster ANKR. The new venture will develop a blockchain infrastructure named Chiliz Chain 2.0 to bring an exclusive space for the sports and entertainment sector to grow in the crypto space. ANKR, the web3 infrastructure, will become an integral part of this joint venture and provide its node services to the newly developed blockchain.
Chiliz is already a leading name in the sports and entertainment sector with a line of popular products like the Socios.com app and the fan tokens. For its next step, the ecosystem will be expanded to accommodate the rapidly growing concepts, ideas, and models. The Chiliz Chain will be expansive enough to warmly welcome new developments like NFTs and Fan tokens from various sports and entertainment brands across the world.
Ankr is the first platform to integrate node architecture, staking, and DeFi to make it simple to build and profit. Ankr makes it simple and accessible for anybody to participate in, build on, and use blockchains and protocols. The Ankr token serves as a payment method on the network and is a key component of Stkr, Ankr’s decentralized staking system. Thanks to ANKR, the newly designed Chiliz Chain would help the coin grow as it deems fit in the future and will have the flexibility to adapt to the ongoing changes. The CHZ token is currently traded for $0.22. But if these plans for the first quarter of 2022 go well, the coin could soar close to $1 as early as the fourth quarter as per this Chiliz price prediction.
The newly developed ecosystem will accept its payments in the native $CHZ coin for the services offered on-site. According to CEO Alexander Dreyfus from Chiliz, Socios.com has been the sole push for the $CHZ coin. However, the coin has the potential to grow and acquire a wider market with the right means at hand, he added.
Still, what makes this new adoption so significant to the ecosystem aside from the price? This partnership will bring a platform whose exclusive and unmitigated interest is directed towards the sports and entertainment industry. Moreover, the project will address some fundamental concerns like the high gas fees on popular blockchains like Ethereum. It is Chiliz’s main goal to bring the fees to nearly 500x lower by comparison. The options for staking and incentivizing the CHZ tokens will also be added to the upcoming improvement project.
Chiliz is already home to millions of sports and entertainment seekers and more than 130 sports teams and organizations. It has pioneered the widespread use of blockchain technology by elite sporting organizations through Fan Tokens and Socios.com, a fan engagement platform. Socios.com is already being endorsed by some big names like Paris Saint-Germain, Manchester City, FC Barcelona, Inter Milan, and Arsenal, NHL, NBA, NFL, and F1 teams.