Chiliz Lab Earmarked $50 M for Sports and Entertainment Innovation in Web3

Photo by Ameen Fahmy on Unsplash

Chiliz Labs, a global pioneer in blockchain technology for Web3 sports and entertainment, made the announcement about the beginning of its $50 million USD incubator and accelerator program on March 1st.

 

Chiliz Labs Started the Incubator

Chiliz is working to create the largest community in the sports and entertainment industries consisting of fans, brands, and creative software developers. Its goal is to create a specialized ecosystem for Web3 sports and provide benefits to the network.

Taking this idea one step further, Chiliz Labs has committed (1) to creating a complete ecosystem geared toward business owners and software developers.

Additionally, it aims to establish long-lasting projects that are driven by utility.

Chiliz has indicated that they will be announcing their first partners very soon. In the most recent investment round, Jump Crypto is in the lead.

Chiliz Labs has clarified that they intend to encourage innovative blockchain initiatives in their early stages that are willing to harness the Chiliz blockchain for the sports and entertainment industries. In light of the recent events, Kanav Kariya, President of Jump Crypto, offered the following statement:

“Chiliz has devised a one-of-a-kind solution to one of the most pressing concerns that sporting events teams and leagues face, which is the question of how to scale their brands in a sustainable and affordable way, maximizing fan engagement around the world.

Chiliz is shifting our perspective on what it means to support a sports team, and we couldn’t be more thrilled to back Chiliz Labs in their mission to use Web3 technology to bring sports teams and their supporters even closer together.

We plan to continue our close collaboration with Chiliz to offer our knowledge of blockchain technology and cryptocurrencies to the entertainment and sporting event industries, where we will assist in delivering community events such as hackathons.

 

Increasing Number of Users on the Chiliz Blockchain

Two firms, LiveLike and FanFest, have only lately made the announcement that they will be establishing their own chains using the Chiliz platform.

Chiliz has said they will shortly reveal an additional 8-10 entrepreneurship projects that will be moving forward.

This includes trial programs for NFT tickets, partners in the Web3 infrastructure, and third-party Fan Tokens targeted at athletes.

According to Alexandre Dreyfus, the Chief Executive Officer of Chiliz, the company is utilizing blockchain technology to construct communities for sports teams so that the teams can have direct contact and value exchange with their respective fanbase.

Their primary objective is to convince an increasing number of developers to work with the Chiliz blockchain and create ground-breaking solutions.

According to what was previously said, Chiliz intends to create an ecosystem of multiple fan experiences. Within this ecosystem, the Fan Tokens will function as a “digital key” that can be used to access various products and experiences produced on the platform. The CEO of Chiliz further stated:

“Chiliz Labs is a core principle of this strategic plan, and with the help of our collaborators at Jump Crypto, whom we applaud for assisting our sight, we are looking forward to introducing a few of the most encouraging, feasible, and inventive initiatives in the crypto industry to the Chiliz Chain.”

Fan Tokens and Socios.com are both products that were conceived and developed by Chiliz, the company that also runs Socios.com. Fan Tokens are fungible utility tokens that scale well and allow for a wide range of uses. Also, it enables sports teams to communicate with and reward their international fanbases.

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