Chiliz CHZ secured a partnership to expand utilities in the Sports Industry
Chiliz CHZ secured a new partnership involving NFTs to expand utilities in the Sports Industry. The partnership is mainly focused on the integration of blockchain technology into sports.
KEY TAKEAWAYS
- Chiliz has made another partnership in the sports industry to integrate blockchain technology.
- though there might be some upsides to the observed metrics of CHZ, a lot of metrics don’t indicate much growth yet.
Chiliz is quite famous for making new partnerships in the sports industry every now and then to serve its purpose. Recently, the network announced another partnership. This time the collaboration may involve Non-Fungible Tokens NFT along with privileged access to pledge videos and digital collectibles.
The firm made the announcement on 23rd March of their partnership. Additionally, the aim of the partnership is to raise funds with Common Goal organizations. Chiliz is going to provide an infrastructure for fundraising for the special cause named ‘One Shirt Pledge’.
The shirt used in the ‘One Shirt Pledge’ all will have NFC chips embedded. This partnership will give recognition to Chiliz‘s potential as a network that can provide special access, which could be leveraged for opportunities in the sports industry. Moreover, this early adoption will also present it with the first-mover advantage.
Impact of this integration on Chiliz’s growth
There is definitely a potential for long-term growth while the short term isn’t much expected. The CHZ market has been dwindling to the bearish side, however, it rebounded to $0.12 from a once decline of $0.1. Even though last week the price of CHZ remained stable, most of the time. A fluctuation is expected soon. Besides a few other metrics like volatility and more don’t say much about CHZ’s growth.
The network growth is almost at the pit bottom right now while volatility is still declining. Furthermore, it has been trading sideways for some time now, though it will break out in one direction eventually.
Despite the challenges, there are positive signs for CHZ. For Instance, the holdings of top addresses indicate that whales are interested in CHZ. And the weighted sentiment metric has also shown some improvement with a significant surge in the last 24 hours.
The MVRV ratio of CHZ indicates buying pressure, but the high ratio also indicates that there may be some incentive for profit-taking.