With the considerable growth of NFTs and sports-related tokens, CHZ became famous. Thus, many investors and fans want to know if Chiliz will appreciate and what is CHZ’s forecast for 2023.
We know that it is impossible to determine the performance of a variable income asset such as cryptoassets. However, we can understand patterns and analyze history to know how to invest better .
What is Chiliz (CHZ)?
Utility tokens are assets that grant investors access to a particular product or service. In the case of Chiliz, it allows its holders to become a kind of supporter of big clubs like Barcelona, Juventus and Paris Saint-German.
CHZ brings several advantages to fans, such as: participation in promotional actions, exclusive products and benefits and active voice in decisions and research of their team.
As a crypto asset, CHZ can also be traded on brokerages and used for trades, in the same way as cryptocurrencies such as Bitcoin and Ethereum. But is Chiliz worth it as an investment? Can the CHZ token appreciate? Let’s understand these points below.
How much is Chiliz (CHZ) worth today?
Regarding Chiliz’s performance in the last year, the asset faced a correction period in the first two months of 2022, pulled by the fall of the entire crypto market at the beginning of the year.
The first quarter was considered bearish for the CHZ, but from mid-March the token showed signs of recovery and reached the highest value of the year on the last day of the month.
After falling to $0.14 on February 24th, Chiliz recovered again, and in early April it was worth $0.26, which represents an increase of approximately 79% since then.
However, May and June were challenging months for the entire crypto market, including Chiliz. The collapse of the Terra ecosystem, a crypto project hitherto in the top 10 of the market, and the lack of investor appetite for risky assets amid rising basic interest rates in the US heavily impacted the price of cryptos. As a result, CHZ reached its lowest price of the year on June 18, quoted at US$0.08.
Chile and the World Cup
After that, CHZ went into a flat period until August, trading around $0.1. From then on, with expectations surrounding the World Cup in Qatar, the CHZ gained strength and recovered the level of US$0.2 in August.
Chiliz hit its 2022 peak in November, just days before the start of the World Cup , when it reached $0.27. However, the token was unable to sustain the same level after the end of the competition, again losing the US$0.2 level. CHZ continued to be traded in the range of US$0.10 until the end of the year.
CHZ Forecast: Will Chiliz Appreciate in 2023?
It is possible that Chiliz will go through a few more periods of correction in the coming months in 2023, while the world economic scenario does not show an improvement and monetary tightening policies continue to pressure the price of cryptoassets. In these scenarios, altcoins like CHZ tend to be even more impacted compared to Bitcoin.
However, for those who have Chiliz as part of their diversification strategy or interested in the benefits of fan tokens, a lower threshold may be considered interesting for making specific contributions.
It is important to highlight that this content is not an investment recommendation and any decision to buy a cryptocurrency must be based on your own investment profile.
Furthermore, we point out that any prediction about cryptocurrencies is a reflection of market expectations, based on data on the historical and possible performance of the assets. Therefore, it is impossible to say that something will actually happen.
After all, the crypto market is marked by volatility , that is, its prices vary considerably in a short time, and the scenario may or may not be confirmed.
Is it worth investing in Chiliz (CHZ)?
Before analyzing the advantages and risks involved in investing in Chiliz, we emphasize that the information presented here is not an indication of investment. You can consider them as a source of data to understand more about the market and to analyze whether Chiliz will appreciate in value, understanding if it is really worth it. But remember to always make this assessment according to your own reality and investor profile .
That said, let’s move on to the main points about CHZ:
- As it is a utility token, its performance will depend on the growth of the system in which it is inserted. Thus, with the increase in engagement of the Socios.com platform, Chiliz can also increase in value, as well as obstacles faced by the system can also impact its value.
- The sports entertainment industry itself is quite promising, moving billions of dollars annually. And Chiliz is precisely the element that unites sports and cryptocurrencies. Considering that the CHZ is related to several teams and not just one, it can attract more and more users, also increasing the potential use of the asset and its perception of value, which impacts its price.
- In addition to major soccer clubs, partnerships have been established between Chiliz and teams from other disciplines, such as basketball, e-sports and UFC , expanding the reach of the token. In 2021, Socios.com announced a partnership with Aston Martin, which led to the creation of $AM, a digital asset aimed at fans of the Formula 1 team.
Examples of Socios.com fan tokens in different sports. CHZ is the asset used to buy fan tokens on the Socios platform.
These are interesting questions to be considered by anyone looking for an option for portfolio diversification. However, always keep in mind that crypto assets are quite volatile and profit is never guaranteed.
Therefore, before investing, do your independent analysis. Study the market and the main features of Chiliz, and assess whether it is in fact suited to your strategy and objectives.