Teams create fan tokens that allow users to influence their teams via popular vote and become eligible for engagement-based team rewards and recognition.
As for why someone would want to pay for tokens to vote on a poll, your guess is as good as mine.
There are more than 20 fan tokens already, including those of big names like the UFC or football clubs Barcelona, Juventus, Paris Saint-Germain, or Roma.
Fan tokens trade on the chiliz.net exchange, where some exceed one million USD per day in volume.
All on-platform voting happens as smart contracts on Chiliz, a permissioned Proof of Authority (PoA) blockchain.
I can almost understand the need for a blockchain if Chiliz evolves into a governance tool for the issuer organizations. In the meantime, it’s a gimmick.
CHZ is the ERC20 and BEP2 token for the platform. It is used for all internal payments, including fan token purchases.
Its supply is finite and was fully distributed through private placement in 2018.