With Formula 1 tokens, Chiliz takes on the track

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Socios currently has three players on its roster in two leagues.

The famous fan token of the Chilean race was another victory yesterday when a pair of popular European racing teams were signed.

Socios.com—a Chilean-built Fan Token app—announced in a Press Release on Friday that the new tokens on the website were Aston Martin Cognizant and Alfa Romea Racing. In some cases, fans can vote for team uniforms—a niche asset that earns more than $150 million in sales from Socios. Fans can also use tokens to sell merchandise, generate ad ads with increased truth.

The squads for Formula 1, who joined NASCAR’s Roush Fenway Racing, weren’t the only gains for Chile this week. The teams are one of the first engine racing processing teams to experiment with blockchain technologies – part of an increasing number of sports and organizations leveraging the technology to link fans better.

“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.”

said Chiliz CEO Alex Dreyfus in a press release

While Chiliz has cornered the fans’ market, numerous platforms continue to fight for NFTs, memorabilia, and rooms.

Though Dapper Labs’ NBA Top Shot is now the highest with almost half a billion collectible basketball revenues (and several trillion attracted by VC investment at the end), rates last month experienced “a quiet collapse” as a result of a market-wide NFT sweep.

However, other chains and platforms also strive to draw licenses to sports, such as WAX’s partnership with the legendary TOPPs card business – as part of an ever-present struggle toward high-value IP between NFT platforms.

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