Chiliz has increased its workforce by 70% amid the crypto winter.
Despite the prolonged bad market, Chiliz, the blockchain startup that founded the fan token marketplace Socios.com, has continued to grow its employees, which reflects a developing trend in the fan token industry.
In 2022, there has been a significant sell-off in the whole cryptocurrency market, with a 60% decline in market capitalization since the year’s beginning. To sustain operations and continue providing their clients with services, some big cryptocurrency companies, including Coinbase and Gemini, had to reduce their employees by 10% to 20%.
While many bitcoin firms have encountered difficulties during the cryptocurrency winter, the fan token market seems to have displayed some resiliency.
The number of employees at Chiliz has expanded by more than 70% this year as the business continues to broaden its global footprint until 2022.
Dreyfus claims that Chiliz now has more than 300 full-time workers working out of new offices that were created this year in Miami, Switzerland, London, Milan, and Sao Paulo. Additionally, the company has been adding new employees for its locations in Madrid, Malta, Lyon, and Istanbul.
Chiliz has greatly expanded both its workforce and its global presence, according to Dreyfus, who also noted that Chiliz has recovered from the previous severe crypto winter. He said, “We have experienced market conditions like these in the past. The company established in 2018.”
Chiliz’s hiring frenzy in 2022 reflects a developing trend in the fan token market. Data from the industry data aggregator CryptoSlam shows that since early 2022, monthly volumes for global fan token sales have increased by nearly 200%, reaching about $6.4 billion in September. These volumes totaled $2.2 billion in January.
While the sales volumes of fan tokens have increased, the trend for non-fungible tokens (NFTs) has been exactly the contrary, according to statistics from CryptoSlam. From $4.8 billion in January to $550 million in September 2022, monthly global NFT sales volumes decreased by 88%, while trading volumes fell 98% since the start of the year.
According to Dreyfus, scalability may be one of the factors contributing to the success of the fan token sector. The only digital asset that can economically provide the scale to let millions of users access these networks is fan tokens, according to him.