Chiliz (CHZ) Surges Amid Launch of Testnet Enabling Sports Brands to Mint NFTs

Chiliz, creator of the fan token Socios, is inviting brands to build alongside it on Chiliz Chain 2.0 blockchain network, which launched its first testnet on March 31.

The digital asset sporting project has announced the launch of the Scoville testnet for its newly established layer-1 blockchain network, Chiliz Chain 2.0, also known as CC2.

CC2 is aiming to advance the Web3 capabilities of high-profile sporting and entertainment firms to create NFTs and fan tokens, and construct DeFi applications and play-to-earn games along with implementing a range of programs and services for their community:

Chiliz Scores High on the Scoville Scale

Chiliz has defined the fan token market with its Socios platform, signing football heavyweights such as FC Barcelona, Paris Saint-Germain and Juventus, along with the UFC, F1 teams and esports clubs, with more than 130 partners in total. Argentinian football superstar Lionel Messi has signed on as the new face of the platform.

Chiliz grabbed the attention of the crypto world when its native token CHZ grew 7,000 percent in three months amid major sports partnerships. The token also pumped after a partnership with FTX was announced in September 2021.

CC2 to Run on Brand-New Blockchain BNB

The firm has bigger ambitions beyond fan tokens, which is the reason it is developing a second-generation blockchain to allow other sports and entertainment brands to build all sorts of Web3 applications alongside Socios. A rollout for a planned mainnet is scheduled for later in 2022. With CC2, the firm will shift away from its current blockchain that is forked from Ethereum to a brand-new one built on the BNB Chain.

According to chief strategy officer Max Rabinovitch, it has always been Chiliz’s plan to expand from its initial fan token focus into the wider crypto ecosystem – to let IP holders and other builders tap into a broader platform powered by the CHZ token. The broader fan token ecosystem generates billions in monthly trading volume, with the largest listed fan token, Socios’s Manchester City FC (CITY) token having a market cap of over US$58 million.