Chiliz, a global company dealing 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 leveraging the Chiliz blockchain for sports and entertainment and the Socios.com partner network.
We are pleased to announce the launch of our $50M USD incubator and accelerator program Chiliz Labs!
Backed by @jump_ Chiliz Labs will foster viable and innovative early-stage blockchain projects looking to leverage the new Chiliz blockchain.
So $CHZ
— Chiliz ($CHZ) – Powering Socios.com âš¡ (@Chiliz) March 1, 2023
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 Web3 ecosystem dedicated to sports. These projects will take advantage of the new Chiliz blockchain for sports and entertainment, which had its genesis block validated on February 8. The incubator and accelerator program promises to provide funding and strategic guidance to help these projects achieve their goals.
Chiliz has announced that LiveLike and FanFest are the first companies to be based on the new chain, and that there will be eight to ten more projects at the enterprise level. These projects will include non-fungible token (NFT) ticketing pilots, athlete-focused fan tokens, and Web3 infrastructure partners for sports and entertainment. Jump Crypto 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 has highlighted the importance of Chiliz Labs in creating an ecosystem of fan experiences and transactions, in which Fan Tokens provide a “digital key” that can work on any product or experience built on top of it. infrastructure. Chiliz is the creator of Fan Tokens and fan engagement and rewards app Socios.com, with over 170 partners and over 1.8 million wallets.
As Blockchain technology continues to disrupt industries around the world, it continues to find exciting use cases in the world of sports with the emergence of Web 3.0 platforms, offering new ways to engage fans and drive value for brands. sports.
As Cointelegraph previously reported, Web 3.0 projects aim to create a link between fans and sports leagues. In its “Sports Industry Outlook 2022” report, Deloitte predicts an acceleration in the blending of the real and digital worlds, along with growth in the markets for NFTs and immersive technologies.
According to the report, these developments could lead to increased fan engagement, which has long been the foundation for ensuring sponsor revenue, ticket and merchandise sales, and the overall appeal of a sports league. .
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