Cointelegraph Team
Cointelegraph
The company said the funds would be invested into early-stage blockchain projects that leverage the Chiliz blockchain for sports and entertainment and the Socios.com partner network.
Chiliz, a global company that deals with blockchain for sports and entertainment, has launched its incubator and accelerator program, Chiliz Labs, with the support of Jump Crypto. The $50 million program intends to invest in early-stage blockchain projects that leverage the Chiliz blockchain for sports and entertainment and the Socios.com partner network.
According to the announcement, Chiliz aims to build the largest community of fans, brands and developers in the sports and entertainment industry to create a dedicated sports Web3 ecosystem. These projects will leverage the new Chiliz blockchain for sports and entertainment, which had its genesis block validated on Feb. 8. The incubator and accelerator program promises to provide funding and strategic guidance to assist these projects in achieving their goals.
Chiliz has announced LiveLike and FanFest as the first companies to build on the new chain, with eight to 10 more enterprise-level projects to come. These projects will include nonfungible token (NFT) ticketing pilots, athlete-focused Fan Tokens, and Web3 infrastructure partners building for sports and entertainment. Jump Crypto’s president, Kanav Kariya, praised Chiliz for solving the problem of how to scale brands and maximize fan engagement sustainably and affordably.
Chiliz CEO Alexandre Dreyfus highlighted Chiliz Labs’ importance in building an ecosystem of fan experiences and transactions, with Fan Tokens providing a “digital key” that can work across any product or experience built on its infrastructure. Chiliz is the creator of Fan Tokens and the Socios.com fan engagement and rewards app, with more than 170 partners and over 1.8 million wallets.
As blockchain technology continues to revolutionize industries around the world, it continues to find interesting use cases in the world of sports with the emergence of Web3 platforms, offering new ways to engage fans and drive value for sports brands.
As previously covered by Cointelegraph, Web3 projects aim to create engagement between fans and sports leagues. In its “2022 Sports Industry Outlook” report, Deloitte predicts an acceleration in the blending of real and digital worlds, along with growing markets for NFTs and immersive technologies.
According to the report, these advancements could potentially result in a boost in fan involvement, which has been the foundation for securing sponsor revenue, ticket and merchandise sales, and the general appeal of a sports league for a long time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.