Anna Martynova

Chiliz (CHZ), the digital currency for sports and entertainment platforms, is up over 110% in the past 24 hours. The growth could be attributed to the recent boom in non-fungible tokens (NFT). At the time of writing, CHZ is trading at around $0.2965 with a market cap of over $1.6 bln. CHZ has jumped almost 380% in the last 7 days.

Since the beginning of this year, the token has grown by 1000%. NFTs are thriving, and soccer fans’ interest in branded tokens has grown significantly over the past few months. Chiliz recently announced that the company plans to invest approximately $50 mln in expanding operations in the United States. According to Chiliz CEO Alexandre DREYFUS, the company is considering opening an office in New York to issue fan tokens with leading franchises from five major U.S. sports leagues.

Financial tycoons previously reported the launch of the ACM Crypto token, a fan token issued by Italian football club AC Milan in partnership with Chiliz. The ACM token generated over $6 mln in revenue within 30 minutes of its launch on the Binance crypto exchange. The company has established several partnerships with football clubs around the world. Spanish club, FC Barcelona and Italian football giant Juventus have joined Chiliz to launch Fan Tokens. Chiliz is currently ranked 62nd among the most valuable cryptocurrencies in the world after Nexo and Celsius.

Image: Medium

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