Chiliz is a digital currency for sports and entertainment that operates the blockchain-based sports entertainment platform Socios.com which enables users to participate in the governance of their favourite sports brands.
Chiliz is based in Malta and was founded by Alexander Dreyfus in 2017. It is inspired by the socios concept of Spanish soccer teams, where a subscription gives fans access to early match tickets and club voting rights, Chiliz is utilizing the blockchain technology to enable a direct engagement between fans and their favourite sports teams.
Chiliz raised about $66 million via a private token sale in 2018 for sports clubs and associations. Fan tokens offer a way of connecting with their fans and unlocking new revenue streams. The Socios.com fan engagement platform utilizes the Chiliz blockchain and its native token CHZ (an ERC-20 token) as its exclusive currency. Every participating sporting organization has a predetermined supply of fan tokens that are offered at an initial Fan Token Offering (FTO). These tokens are offered on a first-come first- serve basis, with the opening price and fully diluted market cap disclosed by Chiliz beforehand and can only be purchased with the CHZ tokens. Fans can then vote on this smart contract enabled Chiliz blockchain via the Socios platform with their fan tokens. Clubs determine the amount of influence fans have on decisions such as selecting new jersey designs and selecting team matchups in exhibition games amongst other fan driven polls and surveys.
Chiliz is creating a path for direct participation for passive sport fans seeking an active role in the decision-making process of clubs and organizations. On the platform fans can purchase branded Fan Tokens from renowned sports teams including FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, Atlético de Madrid, OG, CAI & UFC. It also boasts partnerships with the UFC and multiple gaming organizations. By purchasing CHZ, fans get access to various fan tokens and have a stake in their club.
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