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Chiliz enters the Formula 1 track with Fan Tokens

Every day we come across new platforms and cryptocurrencies, which strengthens the crypto community and goes to prove the use cases and capabilities of decentralized finance. Recently, Chiliz, a popular ‘fan token’ engagement and reward blockchain, bagged another victory yesterday by signing up a pair of renowned European racing teams. 

Socios.com, a fan token app built on Chiliz, announced last week the addition of Aston Martin Cognizant and Alfa Romeo Racing to their platform. These tokens, like others on the platform, will be used to distribute merchandise, create AR marketing campaigns and, in some cases, for giving fans voting rights on specific aspects such as team uniforms. 

Socios.com is a fan engagement platform that uses Chiliz blockchain infrastructure and $CHZ, the native token. Fans can purchase branded fan tokens from some famous sports teams such as FC Barcelona, Paris Saint-Germain, Juventus, AS Roma, UFC, etc. 

Nascar to join the ranks

However, the addition of Formula 1 fan tokens wasn’t the only exciting news for the company as NASCAR’s Roush Fenway Racing also joined their ranks. With this decision, Roush Fenway became the first professional motor racing team to experiment with blockchain technology after several sports teams and organizations hopped on the ride. 

Last week, in a single day, we announced five partnerships – from three different sports, across three continents – and now we’ve continued that momentum convincingly,” said Alex Dreyfus, the CEO of Chiliz in a press release. 

“In the next few years a generation of passive fans will shift into active fans. That transition will take place through transactional fan engagement on our platform.”

Chiliz is currently dominating the fan token market while most platforms struggle to find a place in the NFTs, memorabilia and collectable market. Forming a monopoly in the market this early will help the company rope in more clients and create a unique ecosystem for every fan token need. 

Chiliz is a currency option for blockchain-based platforms, products and services catering to mainstream consumers. The company aims to make everyday experiences better for fans and create an alternative payment method in the process. It has recently gained a lot of traction in the industry, and we are excited to see what it will bring to the table in the future. 

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