By
Temitope Olatunji
April 18th, 2024
Chiliz Labs stated that they would foster innovative early-stage blockchain projects willing to leverage the Chiliz blockchain for sports and entertainment.
On Wednesday, March 1st, global blockchain leader for Web3 sports and entertainment Chiliz announced the launch of its $50 million USD incubator along with an accelerator program Chiliz Labs.
Incubator by Chiliz
As we know, Chiliz is building the largest community of fans, brands, and innovative developers for the sports and entertainment industry. It seeks to build a dedicated sports Web3 ecosystem and deliver network benefits.
Riding on this vision further, Chiliz Labs is committed to building an entire ecosystem for developers and entrepreneurs. It also seeks to create long-lasting utility-driven projects. Chiliz said that they would soon be announcing their first partners. Jump Crypto is leading the recent funding round.
Chiliz Labs stated that they would foster innovative early-stage blockchain projects willing to leverage the Chiliz blockchain for sports and entertainment. Speaking on the development, Kanav Kariya, President of Jump Crypto, said:
“Chiliz has developed a unique solution to one of the most salient problems that sports teams and leagues face, which is how to sustainably and affordably scale their brands and maximize fan engagement globally. Chiliz is changing the way we think about what it means to be a fan of a sports team, and we are extremely excited to support Chiliz Labs to leverage Web3 technology to bring teams and their fans closer together. We will be continuing to work closely with Chiliz to bring our blockchain and crypto expertise to the Sports and entertainment industries, helping to deliver community events such as hackathons.”
Growing Adoption of Chiliz Blockchain
LiveLike and FanFest are the two companies that recently announced building their own chains on the Chiliz platform. Chiliz stated that they would soon be announcing an additional 8-10 enterprise-level projects going ahead. This includes NFT-ticketing pilots, Web3 infrastructure partners, and third-party athlete-focused Fan Tokens.
Alexandre Dreyfus, CEO of Chiliz said that they are leveraging blockchain technology to build communities for sports teams such that they can have a direct relationship and value exchange with their fans. Their central vision is to attract more developers to choose the Chiliz blockchain and build innovative projects.
As said, Chiliz seeks to provide an ecosystem of fan experiences wherein the Fan Tokens provide a ‘digital key’ which will work for different products and experiences built on the platform. The Chiliz CEO added:
“Chiliz Labs is a central pillar of this strategy and with the help of our partners at Jump Crypto, who we thank for supporting our vision, we look forward to welcoming some of the most promising, viable, and innovative projects in the blockchain space to the Chiliz Chain.”
Chiliz is the creator behind Fan Tokens and Socios.com, a fan engagement and rewards app. Fan Tokens work as scalable utility tokens that are fungible and allow. It also allows sports teams to reach out and reward their global fanbase.