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FC Barcelona Fan Tokens Worth $1.3 Million Sold Out in Two Hours

The big football clubs are promoting blockchain integration with the development of blockchain-based fan tokens.

Following the emergence of fan tokens, FC Barcelona has sold out its first Barça Fan Tokens (BAR) of 600,000 recording a sale of $777 in less than 2 minutes. This milestone was announced in a tweet by Alexandre Dreyfus, CEO of Socios and Chiliz.

The approved websites in charge of the token sales saw an unusual surge in demand for them. Tokens which were bought by fans from more than 106 countries mark another milestone for the club, and Dreyfus’ establishments.

The Need for Club Fan Tokens

Barça Fan Tokens are a virtual asset with a predefined value and are designed to enable purchases, sales, and other financial transactions. They provide related values when compared to traditional fiat currencies. As tokens are already being used for an extraordinary range of purposes, a growing number of specialized blockchains have been developed with native intent to support them, the most popular of which are Ethereum and their ERC standard tokens.

The evolution of Barça Fan Tokens will help show true membership all over the world. Since the world has become a global village with the emergence of the digital age, fan tokens will promote more direct participation in the club’s affairs by fans all over the world. The first set of direct involvement the Barça Fan Tokens will go into creating a perfect mural design for FC Barcelona’s locker room.

Surge in Football Club Fan Tokens

Barcelona is trailing France based Paris Saint Germain (PSG) and Italy’s Juventus in launching a blockchain-based fan token. With increasing interest in these tokens, a new niche of blockchain customers will be founded, and this will lead to a massive adoption of blockchain technology.

Top Brazilian Crypto Exchange Mercado Bitcoin Adopts Sports Token Chiliz

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced its plans to add sports token Chiliz ($CHZ) to its existing list of digital assets.

This is big news for the developing blockchain fintech company specialized in sports and entertainment Chiliz, as Mercado consists of the largest digital asset trading platform in Latin America.

With $CHZ being accessible on the largest cryptocurrency exchange in Latin America, the fan token may significantly increase in popularity, as Mercado Bitcoin currently has more than 1.9 million registered users on its platform.

Introducing Chiliz

Chiliz is a sports blockchain platform focused on sports and entertainment, that developed Socios.com as an app that could be used for sports trading purposes. Socios.com encourages fans to vote in club polls and earn digital assets as rewards for their efforts. The payout is in $CHZ and is also known as “Fan Tokens”. Chiliz utilizes $CHZ as the sole on-platform currency and runs on a personalized blockchain infrastructure.

The sports-focused digital trading platform has previously extended its entertainment services and partnered with renowned “big names” in the sports industry, notably FC Barcelona, Juventus and Paris Saint-Germain, among others. Not only are their $CHZ tokens used in soccer-related sports entertainment, but in May, Chiliz has also partnered with UFC.

Tokenization in the Sports Industry

The sports industry appears to be also slowly making their way towards globalizing tokenization, with FC Barcelona launching their own Fan Token, $BAR, earlier in June 2020. This move generated $1.3M in sales revenue in less than 2 hours. Enthusiastic about the record sales time of fan tokens, CEO and Founder of Chiliz Alexandre Dreyfus took to his Twitter account and wrote that the token flash sale was a success, with fans and crypto enthusiasts from 106 countries buying the Fan Tokens.

Chiliz CEO Alexandre Dreyfus Likes Mercado

He also tweeted about his recent partnership with Mercado Bitcoin, saying that Chiliz is the first ‘altcoin’ or proper utility token to be listed on the leading Brazilian crypto exchange. He is enthusiastic about the fact that Mercado Bitcoin has a nearly 2M user base and thinks that the partnership with them will consolidate his strategy to expand his crypto company growth to Latin America and Brazilian teams.

German Bundesliga Features in Blockchain Fantasy Football Platform Sorare

Sorare, an Ethereum-backed fantasy football platform, has announced its latest partnership with the top two leagues in Germany, the top-flight Bundesliga and Bundesliga 2 DE.

Dedicated to helping rebrand the utilities of blockchain technology by remodelling the offerings of traditional fantasy gaming platforms, the partnership between Sorare and the Bundesliga leagues will help to broaden the former’s ecosystem.

“We’re honoured to announce our newest partnership with the Bundesliga and Bundesliga 2. DE,” Sorare said in a statement, “The Bundesliga is an iconic football league and home to some of the most exciting clubs and footballers in the world. Following our partnership with the German national team, we’re excited to further expand in Germany and welcome football fans who know all about celebrating their passion.”

Sorare creates digital collectables for each sports team onboarded on its platform. The same items will be done for each Bundesliga team, including Bayern Munich, Borussia Dortmund, and RB Leipzig, to mention a few. All players in the league will also be represented. However, Sorare said these collectables will not be ready until the end of October.

Many football teams are beginning to leverage the capabilities of digital currencies to engage more with their fans spread worldwide. The embrace of blockchain technology by individual German football teams with Sorare predates the Bundesliga partnership, as Bayern Munich notably tapped Sorare’s tokenization program back in November last year.

The majority of the top football clubs are also building their fan tokens using the platform introduced by Socios and Chiliz, with prominent names including FC Barcelona, Paris Saint Germaine, Juventus FC, and Atletico Madrid, amongst others. While the integration and utility definition of soccer teams using blockchain is still in its infancy, it has notably generated enough traction, as shown by the venture capital funding from big investors in the industry.

CHILIZ Launches Layer 1 Blockchain for Sports and Entertainment Industry

Chiliz has announced the launch of the Scoville testnet for the newly established Layer 1 blockchain network Chiliz Chain 2.0 (also known as CC2).

Chiliz (CHZ) is a blockchain-based sports platform that aims to provide blockchain-based solutions for the sports industry and help fans participate in the token economy.

The Chiliz Chain 2.0 will focus on Web3 capabilities in the sports and entertainment fields, and build NFT and game-to-earn (P2E) games while accelerating the development of fan tokens and decentralized finance (DeFi) applications

Chiliz Chief Strategy Officer Max Rabinovitch explained that:

“Approval of the validators must go through our governance process, with validators voting to approve any new validators. Voting power will depend on the amount of $CHZ stacked by each validator.”

Chiliz Labs has also established an accelerator program to provide infrastructure services, technical assistance, and funding for developers building on-chain applications on the CC2 network.

The sports-focused digital trading platform has previously extended its entertainment services and partnered with renowned “big names” in the sports industry, notably FC Barcelona, Juventus and Paris Saint-Germain among others. Not only are their $CHZ tokens used in soccer-related sports entertainment, but in May, Chiliz has also partnered with UFC.

Fan Token Issuing Startup Socios.com Receives Italian Regulatory License

The sports-based fan token market has surpassed $440 million in market cap since the football fans’ blockchain app Socios.com announced it has received regulatory approval from the Italian government, up 97% from the previous month.

Socios.com will now be able to provide cryptocurrency and digital wallet services to fans in Italy.

Fan tokens are tokenized assets that represent proof of ownership or even membership. Users can influence the clubs they support by developing club-specific fan tokens to gain voting rights.

Socios.com is an app for football fans where users can influence the clubs they support by purchasing club-specific fan tokens to gain voting rights.

The platform said the 2021 token generated nearly $200 million in revenue for its partner clubs.

Alexandre Dreyfus, CEO of Socios.com, stressed that Italy is a very important market, with several top football clubs such as AC Milan, Inter Milan, Naples, FC Barcelona, and Others already established Let the platform have a strong influence.

Therefore, ensuring the legitimacy of operations in Italy and gaining the trust of users in this country has always been the direction of the platform’s efforts.

Approval from Italian regulators is, therefore, key to Socios.com’s protection of consumers and continued service in the region

He added that:

“Regulation builds consumer confidence. Fan tokens as a very powerful digital asset class in their own right are growing, and with increased confidence and visibility comes increased demand.”

Chiliz ($CHZ), an ERC20 utility token on the Ethereum blockchain as the digital currency of the Chiliz and Socios.com platforms, is down by about 8.56% at the time of writing.

Dreyfus admits that since the launch of Fan Tokens in December 2019, nearly 110,000 users have joined and bought tokens worth an average of $20.

Altcoin Watch: Top 2 Tokens to Watch This Week

Last week with The Merge and the Consumer Price Index (CPI), inflation data ushered in draining volatility into the digital currency ecosystem, sending the combined digital currency market cap below the $1 trillion support.

At the moment, the market valuation is pegged at $934.86 billion, down 4.09% at the time of writing, according to data from CoinMarketCap. With the instability in the market, here are key tokens that are likely to define the market trend this week.

Ethereum (ETH)

Ethereum is arguably the most watched altcoin in the crypto ecosystem as it has been barely a week since it transitioned from the Proof-of-Work (PoW) model to the more energy-efficient Proof-of-Stake (PoS).

The transition appears badly timed as key US inflation data was released last week, thus interfering with the price of Ethereum, which spiralled downwards. With its current price at $1,337.37, Ethereum was down 8.23% in the past 24 hours and by a massive 24.03% for the week.

Arguably, we can say the price is low based on the fact that investors are counting the costs of backing the new protocol now that a forked version of ETHW is bound to hit exchanges in the short term. For what it’s worth, Ethereum is a token to watch, as the price slump may signify a buy signal, thus helping to recorrect its trend in the coming week.

Chiliz (CHZ)

Chiliz is a digital currency for sports and entertainment. The Chiliz protocol operates the blockchain-based sports entertainment platform Socios, which enables users to participate in the governance of their favourite sports brands.

The CHZ token is one of the high flyers in the broader ecosystem, soaring as high as 5.11% in the past 24 hours and 10.95% over the trailing 7 days period. With a growing ecosystem and a renewed interest in social and fan engagement tokens around the world of sports, the relevance of CHZ is becoming visible to all, thus fueling the token’s growth.

CHZ should be on investors’ radar over the coming week, as a slowed growth trend should be expected following the current rally.

Chiliz (CHZ) Surges 15% Amid 2022 World Cup Tournament, Mainnet Launch

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Data from TradingView, a financial trading platform, shows that Chiliz (CHZ) posted a strong performance over recent weeks, with prices showing bullish trends, therefore worth analyzing.

The price of Chiliz has risen by 19.92% in the past 7 days, owing to optimism in the cryptocurrency market and positive fundamentals. The price declined by 0.08% in the last 24 hours.

At the time of writing on Monday at 08:47 pm EAT (East Africa Time), Chiliz’s price remained 14.8% up, trading at $0.218557 USD with a 24-hour trading volume of $941,487,907 USD. The token is currently ranked #42, with a live market capitalization of $1,312,869,213 USD, according to CoinMarketCap.

Chiliz (CHZ) is the native token that powers Socios.com, a sports fan engagement platform, which is built on the Chiliz blockchain infrastructure. The platform lets users trade fan tokens to show their support for professional sports teams. The tokens on Socios.com — called Fan Tokens — make users eligible for rewards and can also be used to influence team decisions by popular voting on the Chiliz blockchain.

Why does Chiliz remain bullish?

The 2022 FIFA World Cup scheduled to begin on November 20 in Qatar is adding buying pressure to the CHZ token and could continue fueling the bullish incentive. A Chiliz-associated representative described via Twitter social media that FIFA was a heavy factor in the latest rally.

Since October 22, CHZ hit a local bottom of $0.1624, as a result, has been trending upwards as football anxiety builds in anticipation of the world cup tournament.

The World Cup will see 32 national football teams compete to crown a new world champion. As fans gear up for the tournament, the fan tokens have witnessed an uptick in popularity and yielded double-digit weekly gains.

Another reason for the building momentum for Chiliz has been the success of the fan tokens, which were created for several sports organizations, including European football clubs such as Barcelona, Paris Saint-Germain, AC Milan, Juventus, and Man City, among others. National football teams like Argentina and Portugal have also signed up for the fan tokens, which signals continued adoption of the cryptocurrency.

Besides that, the sports token is transitioning to a new layer-1 blockchain network called Chiliz Chain 2.0 (CC2) which promises wider possibilities for investors. The mainnet of its layer-one blockchain is set to go live by the end of this year, fueling another uptick.

According to Blockchain.News recent report, CC2 promises to help sports and entertainment brands introduce Web3 capabilities, including the ability to mint NFTs and fan tokens. It also seeks to build out decentralized finance (DeFi) products and play-to-earn games, create events, and host loyalty and merchandising programs.

Three Metaverse Reference Rates From CME Group

Derivatives marketplace CME Group is planning to develop reference rates in addition to real-time indexes for a total of three distinct crypto assets that are part of the metaverse. This would make it possible for investors to monitor price data in a more precise manner by using a method that is often used in traditional finance.

The company made the news on January 5 that CME Group and CF Benchmarks will begin offering reference prices for Axie Infinity Shards (AXS), Chiliz (CHZ), and Decentraland’s MANA commencing on January 30.

The reference rates and indexes are not products that can be traded, but investors can use them to “price sector-specific portfolios, develop structured products, and manage price risk around various Metaverse-based projects,” as explained by Giovanni Vicioso, head of cryptocurrency products at CME Group. The CME Group was kind enough to provide us with this information.

Calculations for the real-time indexes and reference rates for AXS, CHZ, and MANA will make use of price data from a minimum of two different cryptocurrency exchanges. In addition to LMAX Digital and itBit, the following exchanges are included here: Bitstamp, Coinbase, Kraken, and itBit.

Every day at 16:00 local time, the reference rates for the assets will be published with prices in United States dollars. These prices will be published (00:00 GMT). Each and every real-time index will be made accessible for use by the general public each and every second of each and every day.

CoinMarketCap estimates that Chiliz, the most successful of the aforementioned metaverse enterprises, now has a market worth of 742.1 million dollars. This information was obtained from the Chiliz website.

AXS is now valued at roughly $686.5 million, whereas MANA is currently at approximately $597.2 million according to the market.

The CME Group has been fairly active in the cryptocurrency sector, offering micro-sized options for Bitcoin and Ether at the end of the previous year.

The popularity of metaverse tokens increased during the most recent bull market in cryptocurrencies as dozens of projects promised to build digital replicas of the real world.

North Korean Hackers Breach JumpCloud, Signaling a Shift in Crypto-Heist Strategy

According to Reuters, JumpCloud, an American IT management company based in Louisville, Colorado, confirmed a system breach in late June 2023 by a North Korean government-backed hacking group . The hackers targeted JumpCloud’s cryptocurrency company clients, marking a strategic shift in their operations.

JumpCloud, an identity and access management firm, is a preferred choice for many crypto projects for infrastructure services. For instance, Chiliz, a leading player in the crypto industry, has chosen JumpCloud as a Mobile Device Management Solution for its fast-growing global team. The company serves over 180,000 organizations and more than 5,000 paying customers.

Previously, North Korean cyber spies focused on individual crypto companies. However, this recent attack indicates a change in their approach, now targeting companies that can provide access to multiple sources of digital currencies. The exact number of affected companies remains unspecified.

JumpCloud acknowledged the breach in a blog post, attributing the hack to a “sophisticated nation-state sponsored threat actor” but did not disclose specific details about the perpetrator or the affected clients.

Cybersecurity firm CrowdStrike Holdings confirmed that “Labyrinth Chollima,” a notorious squad of North Korean hackers, was behind the breach. Adam Meyers, the firm’s Senior Vice President for Intelligence, noted that these hackers have a history of targeting cryptocurrency entities.

The JumpCloud intrusion is part of a series of recent breaches demonstrating North Korea’s proficiency in “supply chain attacks,” according to independent research by cybersecurity researcher Tom Hegel. Despite North Korea’s denial of organizing digital currency heists, substantial evidence, including U.N. reports, contradicts these claims.

JumpCloud’s Chief Information Security Officer (CISO), Bob Phan, reported that the first detected anomalous activity occurred on June 27, 2023, traced back to a spearphishing campaign initiated by the threat actor on June 22, 2023.

By July 5, 2023, JumpCloud discovered unusual activity in its commands framework for a small set of customers, leading to the resetting of all admin API keys and the notification of affected customers.

In response to the attack, JumpCloud has committed to enhancing its security measures to protect its customers from future threats. The company will continue to work closely with government and industry partners to share information related to this threat.

The attack vector used by the unnamed state-backed hackers has been mitigated, and law enforcement has been notified about the attack.

Chiliz (CHZ) and K League Forge Partnership for Enhanced Fan Engagement and Global Expansion

The K League, South Korea’s premier professional football league, has announced a multi-year strategic partnership with SportFi pioneer, Chiliz. This collaboration is set to introduce a plethora of opportunities for fans to connect with the league more intimately, including exclusive access to officially authenticated game-scored balls.

The partnership marks the K League’s entry into the Chiliz Chain ecosystem, positioning it alongside the world’s leading sports properties and innovative developers in the blockchain space. This integration underscores the K League’s commitment to leveraging cutting-edge technology to enhance fan experience and expand its brand presence worldwide.

Chiliz Chain, heralded as the sports blockchain, is distinguished as the first layer-1 protocol crafted specifically for the sports and entertainment sectors. This technological foundation will facilitate the integration of ‘K League Fantasy’, the league’s official fantasy sports game, into the blockchain ecosystem. Fans will have the opportunity to engage in creating their lineups and competing with others, fostering a deeper connection with the game.

This partnership is groundbreaking, not only for its technological integration but also because the K League will become the first sports organization to serve as a node validator on the Chiliz Chain. This role is pivotal in ensuring the integrity, security, and governance of the blockchain network, signifying a deep commitment to adopting blockchain technology for fan engagement.

Chiliz, celebrating its sixth anniversary, has established partnerships with over 100 leading sports organizations globally. Its technology empowers these partners to engage and reward their fans actively. The list includes football giants such as Manchester City, Paris Saint-Germain, FC Barcelona, and others, expanding into other sports domains with partnerships in mixed martial arts, tennis, Formula 1, and esports.

This collaboration also extends to Tottenham Hotspur, Premier League club and home to Son Heung-min, showcasing Chiliz’s growing influence in the sports industry.

Yeonsang Cho, General Secretary of the K League, expressed enthusiasm for the partnership, emphasizing the league’s dedication to innovation and improving fan experiences through web3 technologies. Alexandre Dreyfus, CEO of Chiliz, highlighted Korea’s importance to Chiliz and expressed confidence in the K League’s potential for further growth and global expansion through this strategic partnership.