Chiliz CEO Declares Fan Tokens Outshine NFTs as New Memecoin 'Pepper' Launches
Oct 3, 2024
2 min read
In a recent interview, Alexandre Dreyfus, CEO of Chiliz, emphasized the growing dominance of fan tokens over non-fungible tokens (NFTs) in the digital asset market. As Chiliz prepares to launch its new memecoin, "Pepper," on October 10, Dreyfus highlighted the significant market potential of fan tokens, which he claims surpasses that of NFTs.
Key Takeaways
Chiliz to launch the memecoin "Pepper" on October 10.
Fan tokens currently have a trading volume of $134 million compared to NFTs' $6.8 million.
Chiliz's platform, Socios, is one of the most regulated crypto entities globally.
The Rise of Fan Tokens
Dreyfus stated that fan tokens represent a unique opportunity for sports fans to engage with their favorite teams. Unlike NFTs, which have seen fluctuating popularity, fan tokens provide tangible benefits, such as voting rights and exclusive access to events.
He noted that the current trading volume for fan tokens is significantly higher than that of NFTs, with $134 million in 24-hour trading compared to NFTs' $6.8 million. Dreyfus remarked, "No offense to the NFT community, but what people don't realize is that fan tokens are a much bigger market than NFTs."
Launching Pepper
The upcoming memecoin, "Pepper," is set to be airdropped to holders of the Chiliz native token, CHZ, although U.S. citizens will not be eligible. Dreyfus explained that the name "Pepper" is a playful nod to the brand, and the token can also be farmed. The Upbit exchange in South Korea has already announced its listing of Pepper.
Regulatory Landscape
Chiliz operates under strict regulatory frameworks in several countries, including Italy, Spain, Portugal, and Lithuania. Dreyfus emphasized that apart from crypto exchanges, Socios is one of the most regulated crypto entities in the world. This regulatory compliance is crucial for building trust and expanding the fan token market.
The Future of Sports Engagement
Dreyfus founded Chiliz with the vision of connecting sports fans worldwide, recognizing that a vast majority are not physically present at games. Since its inception, Chiliz has partnered with over 80 sports properties globally, creating a network that allows fans to participate in decision-making processes, such as choosing music played during games.
"This is the perfect example of how something on-chain changed something in real life," Dreyfus stated, referring to the influence of fan tokens on real-world sports experiences.
Conclusion
As Chiliz prepares to launch Pepper, the conversation around fan tokens continues to evolve. With a larger market presence and tangible benefits for fans, it seems that fan tokens may indeed be on the verge of outshining NFTs in the digital asset landscape.
Sources
Fan Tokens Have Much Larger Market Than NFTs, Says Chiliz CEO as Network Prepares a New Memecoin 'Pepper', CoinDesk.
Fan Tokens Have Much Larger Market Than NFTs, Says Chiliz CEO as Blockchain Prepares New Memecoin 'Pepper', Yahoo Finance.
Fan Tokens Have Much Larger Market Than NFTs, Says Chiliz CEO as Network Prepares a New Memecoin ‘Pepper’ – Crypto News BTC, Crypto News BTC.
Fan Tokens Have Much Larger Market Than NFTs, Says Chiliz CEO as Blockchain Prepares New Memecoin 'Pepper' - 'CoinDesk' News Summary (United States) | BEAMSTART, BEAMSTART.