Upbit has listed fan tokens on the Chiliz network

Among them are the coins of FC Milan, Arsenal, Atlético Madrid, Barcelona, Manchester City, Internazionale, and Napoli

05.01.2023 - 09:45

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What’s new? On January 5, Upbit, one of the largest cryptocurrency exchanges in South Korea, listed the tokens of several football teams issued on the Chiliz Chain blockchain. Among them are the coins of FC Milan (ACM), Arsenal (AFC), Atlético Madrid (ATM), Barcelona (BAR), Manchester City (CITY), Internazionale (INTER), and Napoli (NAP).

Information on the Upbit website

Details about the project. Fan tokens are cryptocurrencies for fans of sports teams, music groups, or any other celebrities. Owners of such assets usually get special privileges, such as access to exclusive content, gifts, discounts on tickets, and the ability to vote for the future of their favorite club or band.

Chiliz Chain, a network of fan blockchain platform Socios, has a native token called CHZ. As of January 5, 09:25 UTC, the asset is trading at $0,1132, having gained 8,64% in 24 hours, according to Binance. The coin has a capitalization of $605,5 million.

In May, fan tokens on the Socios platform rose by more than 40% after the Chiliz protocol launched the mainnet upgrade and asset burn mechanism that depends on team performance.

In October, the token of Manchester City FC issued through Socios in June 2021was included in Guinness World Records as the “most valuable fan token.” On December 19, the value of the fan token of the Argentine Football Association (ARG) fell by about 50%. The sharp drop coincided with the end of the FIFA World Cup in Qatar, where the country’s national team won.

For more details on what is CHZ, read GetBlock Magazine’s article.

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