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Chiliz Dominates the Track With Formula 1 Fan Tokens

Chiliz-takes-to-the-track-with-Formula-1-fan-tokens
  • Socios has three racing teams now in two leagues on their roster.
  • Chiliz acquired another win by signing Aston Martin and Alfa Romeo of Formula 1.
  • It is to be recalled, Chiliz also signed NASCAR’s Roush Fenway Racing this week.

Chiliz, the popular fan token reward and engagement blockchain, acquired another win on Friday by signing two popular racing teams. In a recent press release, the Formula 1 teams were announced in Socios.com, a fan token app developed on Chiliz. More so, they named Aston Martin Cognizant and Alfa Romeo Racing as the latest teams to launch tokens on the platform.

It should be noted, fan tokens have been used to distribute merchandise and set up augmented reality marketing campaigns. Also, in some cases, it allows fans to vote on different things, including team uniforms. Thus, it has been a niche asset that managed to gather at least $150 million in revenue for Socios.

Furthermore, these Formula 1 teams were not the sole achievement that Chiliz got this week as they acquired NASCAR’s Roush Fenway Racing. Notably, these teams are among the first professional racing groups to test blockchain technology. As of now, they are joining the growing number of sports using blockchain to connect better with the fans.

Alex Dreyfus, CEO of Chiliz said in a press release recently,

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. 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.

Meanwhile, as Chiliz managed to corner the fan token space, many platforms continue to battle over NFTs, and collectibles space. Dapper Labs’ NBA Top Shot currently sits at the top with almost 500 million in collectible basketball highlight sales. Apart from this, it has attracted billions of investments lately alongside the ‘silent crash’ in the market-wide NFT correction.

Nonetheless, other platforms and chains are striving to attract sports licensing too, such as WAX’s partnership with the famous TOPPs baseball trading card firm, part of a continuing battle between NFT platforms over high-value IP.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.