Chiliz Unveils $50M Incubator Program for Blockchain Startups
Chiliz, a global blockchain company for sports and entertainment, has partnered with Jump Crypto to launch Chiliz Labs, an incubator and accelerator program aimed at investing $50 million in early-stage blockchain projects that utilize the Chiliz blockchain for sports and entertainment and the Socios.com partner network.
Chiliz aims to create a dedicated sports Web3 ecosystem by building the largest community of fans, brands, and developers in the sports and entertainment industry. Projects that leverage the new Chiliz blockchain for sports and entertainment, which had its genesis block validated on February 8th, will receive funding and strategic guidance to help them achieve their goals.
LiveLike and FanFest are the first companies to build on the new chain, and eight to ten more enterprise-level projects are expected to follow. These projects will include 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 its sustainable and affordable solution to scaling brands and maximizing fan engagement.
Chiliz CEO, Alexandre Dreyfus, emphasized the importance of Chiliz Labs 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 their infrastructure. Chiliz is the creator of Fan Tokens and the Socios.com fan engagement and rewards app, with over 170 partners and more than 1.8 million wallets.
As blockchain technology continues to transform various industries, it’s finding a compelling use case in the world of sports. Deloitte’s “2022 Sports Industry Outlook” report predicts an acceleration in the blending of real and digital worlds, along with growing markets for nonfungible tokens (NFTs) and immersive technologies. These advancements could potentially increase 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.
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