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Fan Token Platform Chiliz Launches $50M Incubator to Fund Early-Stage Web3 Projects – Is the Bear Market Over?


Fan Token Platform Chiliz Launches $50M Incubator to Fund Early-Stage Web3 Projects – Is the Bear Market Over?

Image source: Chiliz

Blockchain-based fan token platform Chiliz has launched a $50 million incubator and accelerator program to fund early-stage projects in the sports and entertainment industries that use the Chiliz blockchain .

The incubator program, called Chiliz Labs, will fund early-stage blockchain projects that leverage the Chiliz blockchain for sports and entertainment, as well as its partner network, according to an announcement on Tuesday.

The program is backed by Jump Crypto, the Chicago-based crypto arm of Jump Trading, a global leader in Web3 infrastructure development and investment.

Chiliz said it aims to create the largest community of fans, brands and developers in the sports and entertainment industry to create a web3 ecosystem dedicated to sports. The company said it is committed to creating an ecosystem for entrepreneurs and developers focused on creating sustainable, utility-oriented projects.

“Chiliz has developed a unique solution to one of the most salient issues facing sports teams and leagues, namely how to sustainably and affordably grow their brands and maximize fan engagement globally” , said Kanav Kariya, president of Jump Crypto, in a comment. .

Powered by digital currency Chiliz ($CHZ), is a fan engagement and rewards app that allows fans to engage with their favorite teams and clubs. The company currently sells parts related to top sports teams, such as FC Barcelona, ​​Juventus and Manchester City.

Chiliz has raised $66 million in total funding, according to data from Crunchbase. Digital trading card company Sorare, which has deals with Europe’s top five national soccer leagues, raised more than $600 million in funding last year.

“Chiliz Labs is a central pillar of this strategy and with the help of our partners at Jump Crypto, whom we thank for supporting our vision, we look forward to welcoming some of the most promising, viable and innovative projects into the world. blockchain space for the Chiliz chain,” said Alexandre Dreyfus, CEO of Chiliz and in a comment.

Chiliz announced LiveLike and FanFest as the first companies to build on the new channel, with eight to 10 more enterprise-level projects to come. These projects will include NFT ticketing pilots, athlete-focused Fan Tokens, and Web3 infrastructure partners for sports and entertainment.

The Chiliz blockchain is EVM (Ethereum Virtual Machine) compatible and runs a proof-of-stake authority validation system. The project’s native CHZ token has a market capitalization of around $718 million. It is down about 3% over the past day.

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.