The cryptocurrency sector is being associated with multiple positive developments recently, and the Chiliz (CHZ) team has added another one to this list. The series of good news, starting with the preliminary decision news regarding XRP, is progressing with another development focused on the US. CHZ, which has a significant following in Turkey, has achieved patent success in the US and shared it.
According to a tweet shared by CEO Alexandre Dreyfus, the term “Fan Token” has been officially registered in the US. Dreyfus, stating that the commercial registry application has been accepted and recorded, did not hesitate to share the official documents.
So what does this exactly mean? The concept of “fan token,” which started to make a name for itself in the industry with CHZ, is known as a token or cryptocurrency dedicated to a specific sports team. Although many teams copied this idea after CHZ, the Socios and Chiliz team seems to have achieved a clear victory here. Despite the positive news, many users who were expecting the release of NBA-focused fan tokens did not receive the desired response with this decision.
Chiliz CEO Dreyfus responded to NBA-focused questions in the replies to the tweet. When users asked, “Will Socios finally launch NBA fan tokens?” the CEO clearly said, “no.”
Thus, fan tokens entering the industry with Socios can only be used by Socios and Chiliz. Other projects that want to use this naming right need to obtain permission from the team. Otherwise, CHZ will have the right to sue the relevant parties.
The CHZ price remained unresponsive to this news and only gained a 0.3% increase in the last 24 hours. CHZ, which set record after record during the 2021-22 bull run, is far from its performance now and is trading at $0.078. The 30% decrease in the CHZ price in one year indicates a downward trend. It can be expected that CHZ will present more good news following this announcement.