Chiliz is accelerating plans to tokenize partial ownership in sports teams, bundling real equity stakes with governance rights and experiential perks for fans. The push builds on its established fan token model and targets regulated real-world asset tokenization, particularly in Europe.
World Cup spotlight creates mixed feelings
With the 2026 FIFA World Cup just weeks away, Chiliz anticipates a major brand spotlight for its CHZ token, often viewed by the market as the "football token." The company plans additional national team fan tokens for the tournament, building on existing ones for Argentina, Portugal and Italy – the latter failed to qualify for this edition. Several undisclosed national team activations are in the pipeline.
Speaking to Sandmark at Consensus in Miami, Chiliz Chief Strategy Officer Max Rabinovitch said the event delivers valuable short-term hype and awareness. However, he said it can distract from the company's core long-term objectives.
"We've always been a bit in two minds about the World Cup season because so much of the work that we do isn't predicated on the World Cup," he explained, adding that Chiliz's business is built for sustained growth rather than four-year tournament cycles.
From utility tokens to equity ownership
Launched in 2018, Chiliz fan tokens initially offered fans influence and rewards without equity stakes, which were unfeasible at the time. The model has since evolved into a dual-layer system: a sentiment marketplace tied to team performance and a staking mechanism for long-term loyalty rewards.
Fans swap CHZ for club-specific tokens via the Socios.com app. Holders can vote in polls, access VIP experiences and earn rewards. Over 2mn fan token wallets exist across more than 70 partnered organizations, which have generated over $700mn in cumulative revenue for sports entities.
Chiliz has introduced mint-and-burn mechanics: fan tokens are burned on team wins (reducing supply) and minted on losses (increasing supply), with draws leaving supply unchanged. Since March this year, 10% of fan token revenue has funded CHZ buybacks and burns. The company has distributed more than 53,000 tickets plus hundreds of pitch-side and meet-and-greet experiences, Rabinovitch said, supported by over 100 non-crypto staff focused on operations and fan liaison work.
Adoption has varied by market. Rabinovitch pointed out that Italy and Spain embraced the model warmly, while UK fans often resisted, viewing tokens as lacking true ownership and potentially exploiting traditional supporter culture. UK fan groups and parliamentary committees criticized fan tokens for providing limited influence, price volatility and risks to consumers. London-based club West Ham's supporters, for instance, successfully pushed back against a proposed deal with the company.
Rabinovitch acknowledged the criticism, describing UK football culture as having a strong sense of non-transactable entitlement to fan voice. He argued that global out-of-market fans – from Asia to South America – represent scalable value through engagement ladders that reward spending and attention with club benefits.
Risks in sports tokenization
Sports team ownership remains extremely illiquid and with high barriers to entry, typically delivering strong returns for billion-dollar buyers but limiting innovation. Rabinovitch contended that tokenizing partial equity with voice and benefits could unlock significantly higher valuations for clubs with massive global affinity spheres such as FC Barcelona.
Critics, however, raise dilution and governance risks for traditional ownership structures. Rabinovitch also highlighted how unique reputational hazards, such as mismanaging tokenomics around iconic clubs like FC Barcelona or Paris Saint-Germain, could damage cultural institutions tied to cities and identities far beyond typical corporate brands.
The company continues its US market expansion with planned American fan tokens, with a goal of prioritizing sustainable growth over hype.
