KEY TAKEAWAYS
- Chiliz has introduced a self-custody wallet for over 2.3M Socios.com users.
- The new wallet offers access to various decentralized applications (dApps), including fantasy sports games.
- Fan Tokens continue to gain popularity, as evidenced by high trading activity and market capitalization of over $1B.
The Chiliz Group, creator of Fan Tokens and the Chiliz Chain, announced the launch of a self-custody wallet for more than 2.3M users of Socios.com, its primary sports engagement platform, on November 18.
According to Chiliz, the new tool provides fans with complete control over their crypto and expands interaction possibilities within the company’s SportFi ecosystem.
This update transforms Socios.com into a multiservice Web3 wallet, enabling users to directly manage their Fan Tokens and access dApps on the Chiliz Chain.
Among the new wallet’s features are an integrated browser allowing instant access to dApps, a cross-chain bridge, and a decentralized exchange (DEX).
New Opportunities for Chiliz Chain Users
Chiliz highlighted that the wallet creates opportunities for developers using the Chiliz Chain to host dApps tailored to sports fans, including Web3 games and DeFi staking protocols.
CEO of Chiliz, Alexandre Dreyfus, emphasized that the update enhances the utility of Fan Tokens, granting users complete control over their assets.
The crypto wallet introduces many other features, including the possibility of integrating Chiliz Chain’s dApp library, thus expanding the tools and capabilities accessible to users.
Fan Token Market Growth
Chiliz will roll out features gradually, with staking and broader token compatibility arriving in later phases. Users of Socios.com who agree to the update will transition to the new system automatically.
The Fan Token market has grown significantly in recent years and has become a bridge between sports clubs and their supporters. Fan Tokens allow fans to participate in club decisions, access exclusive content, and earn special rewards.
In June 2024, Chiliz’s ($CHZ) market value surpassed $1B, indicating the token’s growing adoption.
In October 2024, the trading volume of Fan Tokens surged by 330% in just 24 hours, exceeding $1B. Namely, tokens like Santos FC ($SANTOS) experienced significant growth during this period, highlighting the investment potential of Fan Tokens.
The Chiliz Ecosystem Is Rapidly Expanding
Chiliz’s latest update gives fans full control over their digital assets and opens opportunities for developers to create tailored experiences for sports enthusiasts, enhancing the SportFi ecosystem.
To date, over 80 sports teams spanning eight different sports have issued Fan Tokens. This includes football, basketball, and MMA, reflecting the growing diversity of the Fan Token ecosystem.
References
- Chiliz unveils new Web3-enabled Socios.com Wallet: the next phase in Fan Token utility (Chiliz)
- Fan tokens de clubes de futebol somam R$ 2,2 bilhões no Brasil (Forbes)
- Cryptoverse: Soccer tokens shine ahead of summer of sport (Reuters)
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