Crypto Academy Week 10 - Homework Post for @levycore

Hello my friends today i am about to write my second homework of this week 2 steemit crypto academy homework given by @levycore who lectured about NFTs and there was a task given to everyone to write about an NFT project so if you want to read the lecture visit here

The NFT project i am going to be writing about is a project or NFT called Chilliz so if you are eager to know what Chilliz is, make sure read to the end.

INTRODUCTION

First of all let me explain what NFTs are, NFTs also known as non-fungible tokens are digital currencies like Bitcoin or altcoins but are super varied, they can sometimes be seen as art or a music file in short they are anything that are digital, unique and hold value.

How does NFTs work?
NFT also known as Non fungible tokens prove ownership of a digital item like image, music or text just like some one owning crypto coins but unlike crypto coins that looks the same and worth the same NFTs are unique.

What is Chilliz?

Source

Chilliz is a digital currency that is designed to purchase fan tokens the socio.com market, it's entire purpose is to engage professional sport teams and leagues to bring them into a digital environment were they can offer their fans different exclusives and rewards, in some cases this teams and leagues offer voting rights to fan token holders on different issues and having more fan tokens allows you more votes because this kind of digital currency in focus in a new direction for digital assets and not all countries allow people to purchase chilliz directly on the socios.com network notably the United States.

Fan tokens are a finait digital assets that provides access to an encrypted ledger of voting and membership right ownership, this fan tokens are unique to each team or club and a fan can have fan tokens for multiple teams or clubs if they desire.

Owners of fan tokens can participate in decisions that the team opens up to a voting through a mobile voting app, the fan tokens also serves as the owner ticket to virtual gatherings, for voting purposes each fan token is equal to one vote so token holders can vote one time for each token they have in addition to tokens the user holds unlocks access to benefits as the move up to different tiers.

Juventus a football club from italy was the first professional sport club to produce fan tokens holding a fan token offering and give their fan voting rights on team decisions.

The socion.com website is were professional sporting teams and clubs can issue their fan tokens and it's the only platform were the Chilliz cryptocurrency can be used to purchase them, the chilliz team has developed an entirely new outlet for professional sport teams and leagues engage with their fans around the world and they offer their cryptocurrency on other digital exchanges to help gather the interests and purchase of their cryptocurrency to build up the socios.com website and fan tokens.

Conclusion
I see chilliz as a great project once fans are allowed into the stadiums, it still have a lot of room to grow because it is still below $1 but the fan tokens are above $10 so i see chilliz reaching $1 very soon any way thanks for reading.