By
Steve Muchoki
April 24th, 2024
With the current trading price, Ronaldo’s reward of the JUV tokens is worth about $11,588.
Cristiano Ronaldo has become the first soccer player to receive crypto as a reward for his career achievements. A report by Spanish outlet Marca said that the Juventus FC star received a total of 770 JUV tokens.
According to the report, the crypto reward represents each senior career goal that Cristiano Ronaldo has scored – one JUV token for each goal. The 770 JUV tokens were awarded to Ronaldo ahead of Juventus’ match against Benevento on the 21st of March.
Cristiano Ronaldo Receives Crypto Reward
The JUV token is currently trading at $15.05, with a 13.08% decline in the last 24 hours. With the current trading price, Ronaldo’s reward of the JUV tokens is worth about $11,588.
The token was priced at $2 at the time of launch in 2019 on the Chiliz (CHZ) blockchain in collaboration with the Socios.com platform. The growing connection between sports and cryptocurrency is not a new trend. In 2018, Turkish football team Harunustaspor announced plans to be playing a player in both Bitcoin and fiat currency. Citing the chairman of the club Haldun Sehit, Cointelegraph said the plan was to pay a 22-year-old player Omar Faruk for 2000 lira in BTC and 2,500 lira in cash.
Since the inception of the Chiliz blockchain, several football teams have issued fan tokens on the platform. Such teams include big leagues like FC Barcelona, Manchester City, and Paris St. Germain. Fan tokens enable supporters to have the opportunity to vote on club decisions and give them access to special benefits and prizes.
Chiliz Grows amid Fan Tokens Popularity
As several soccer teams utilize the Chiliz blockchain, the buzz has triggered a growth in the price of the native token. The dollar-value of CHZ has increased more than 2,500% since the beginning of the year. Also, CHZ’s market value spiked from $100 million to $4.5 billion, after which it dropped to around 3.2 billion.
At the time of writing, Chiliz’s market cap is currently down 1.26% to $3.116 billion. The token is trading at $0.5552, with a 1.26% decline in the last 24 hours.
Coinspeaker revealed in a report on the 10th of March that Chiliz surpassed $1 billion in market cap due to the increasing demand and popularity of fan tokens. The Chiliz blockchain helps sports outfits launch their virtual tokens, which allows the clubs to generate funds. Holders of the tokens are given access to decide on jersey’s designs and other management decisions.
Recently, Chiliz launched the AC Milan fan token on the Binance exchange. Within 30 minutes of launch, the company generated about $6 million.
In an official report, Chiliz said that Fan Token recorded $30 million in revenues for clubs and partners last year. The firm added that the Fan Token Market value stands at around $194 million.