Cointelegraph reports that the whole cryptocurrency market has seen a selloff in 2022, with the total market capitalization down by 60% from the year’s beginning.
Despite the consequences of the present bad market, which is displaying a growth trend in the fan token sector, blockchain business Chiliz, the inventor of the fan token platform Socios.com, is anticipated to continue with its development of employees, as reported by Cointelegraph.
According to Cointelegraph, the whole cryptocurrency industry has seen a selloff in 2022, with a 60% decline in market capitalization from the year’s start. For the purpose of maintaining operations and continuing to serve their customers, cryptocurrency businesses like Coinbase and Gemini have to downsize their headcount by 10% to 20%.
Using data from Cointelegraph, Alexandre Dreyfus, CEO of Chiliz and Socios.com, said that Chiliz has boosted its employee count by more than 70% this year in order to prepare for the company’s planned worldwide growth in 2022. According to Dreyfus, Chiliz currently employs more than 300 full-time workers who operate out of new offices that were created this year in places like Miami, Switzerland, London, Milan, and Sao Paulo. According to reports, Chiliz’s recruiting patterns indicate a rising tendency in the fan token market in 2022. Data from the market data aggregator CryptoSlam revealed that, since early 2022, monthly volumes for worldwide fan token sales had climbed by around 200%, reaching about $6.4 billion in September. The volumes came to $2.2 billion in January.
“NFTs have received praise for their numerous applications, including their capacity to create communities centered on token holders. The problem is that producing even a few thousand NFTs costs a lot of money, Dreyfus said.
Additionally, Cointelegraph pointed out that fan token collaborations have been established between sports organizations like FC Barcelona, Juventus, and Paris Saint-Germain with the Chillz platform and fan interaction platform Socios.com. The testnet for Chiliz Chain 2.0, often known as CC2, a new layer-1 blockchain network, was launched in March 2022. In Q4, 2022, the full CC2 launch is anticipated to occur.
