Chiliz Invests $50M in Incubator for 2.0, CHZ Slumps 8.8%

A disappointed soccer player is laying on the green grass as CHZ token plunges while Chiliz launches incubator.
  • Chiliz launches Chiliz Labs, an incubator for early-stage products. 
  • Chiliz 2.0 is in ‘Scoville’ testnet mode, mainnet to launch this year.
  • CHZ native token failed to reclaim the $0.15 support line for a month.

The leading sports blockchain, Chiliz (CHZ), has been in the crypto game for five years and provided many top soccer clubs with sports fan tokens via Socios.com. As Chiliz 2.0 is getting ready for the transition to Chiliz 2.0 mainnet, the team behind the blockchain joined forces with crypto investment fund Jump Crypto to provide developers with a stipend if they are building an-early stage product on the new blockchain.

NFT Ticket Pilots to Games Coming Soon

The upgraded Chiliz Layer-1 EVM-compatible blockchain minted its first block on February 8th, 2023. In celebration of the fifth anniversary of the blockchain’s existence, Chiliz released the exclusive Chiliz Anniversary Pepper NFT collection. However, Chiliz 2.0 is focused on bringing the blockchain to the physical world and is preparing to roll out the pilot system for NFT tickets.

On top of that, Chiliz partnered with FC Barcelona in August 2022 and invested $100 million into Barca’s Web3 ventures. The Layer-1 Chiliz 2.0 is said to launch “in the next couple of weeks.” The great news didn’t reflect on Chiliz (CHZ) market price, as the sports and entertainment blockchain’s native token lost a significant amount of its market capitalization since the birthday celebration.

At press time, the #72 ranked Chiliz (CHZ) trades at $0.126757, according to CoinGecko. While the bloodthirsty bears couldn’t leave the sports token CHZ alone during the FIFA World Cup ‘22 in Qatar, the soccer fan token powering CHZ reclaimed its key resistance line of $0.15 for two days on February 8-9, 2023, only to drop back to the FIFA World Cup ‘22 price range after.

On the Flipside:

  • Despite the native token $CHZ plummeting by 35% yearly, the Chiliz blockchain continued the expansion throughout 2022.
  • The sports blockchain’s workforce grew by 70%, unlike most competitors laying off staff due to the prolonged crypto winter.

Why You Should Care:

Blockchain and sports are promising niches, expected to touch the $40 billion mark by 2032.

Learn more about the latest developments in altcoins:

Cardano (ADA) to Enter Voltaire Age via Three Pillars

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.