Blockchain company Chiliz, creator of fan token platform Socios.com, is expected to continue with its expansion of workforce despite effects of the current bear market, which is showing a growing trend in the fan token sector, as reported by Cointelegraph.
According to Cointelegraph, the overall cryptocurrency market has witnessed selloff in 2022, with the total market capitalisation falling 60% since the beginning of the year. Cryptocurrency companies, including Coinbase and Gemini, had to reduce their workforce by 10-20% for maintenance of operations and continuations of serving their clients.
On the basis of information by Cointelegraph, Alexandre Dreyfus, CEO, Chiliz and Socios.com, stated that Chillz has increased its company headcount by more than 70% this year as the firm went on with its global presence expansion in 2022. As stated by Dreyfus, Chiliz’s workforce now has more than 300 full-time employees operating from new locations opened this year in cities such as Miami, Switzerland, London, Milan, and Sao Paulo. Chiliz’s hiring trend reportedly shows a growing trend in the fan token industry in 2022. Data provided by industry data aggregator CryptoSlam showed that monthly volumes for global fan token sales increased around 200% since early 2022, reaching around $6.4 billion in September. In January, the volumes resulted into $2.2 billion.
“NFTs have been lauded for their many use cases, with the ability to form communities around tokenholders. The issue is, minting even a few thousand NFTs is a very expensive pursuit,” Dreyfus mentioned.
Moreover, Cointelegraph noted that the Chillz platform and fan engagement platform Socios.com have created fan token partnerships with sports organisations such as FC Barcelona, Juventus, Paris Saint-Germain, among others. In March, 2022, Chiliz unveiled the testnet for its new layer-1 blockchain network Chiliz Chain 2.0, also known as CC2. The complete CC2 launch is expected to take place in Q4, 2022.
(With insights from Cointelegraph)
Also Read: Cryptoverse: Flurry of funds bet on bruised Bitcoin’s allure