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

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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June 25, 2023

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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 Socios.com partner network, according to a Tuesday announcement. 

The program has the support of Jump Crypto, the Chicago-based crypto arm of Jump Trading, a global leader in web3 infrastructure development and investment.

Chiliz said it aims to build the largest community of fans, brands, and developers in the sports and entertainment industry to create a dedicated sports Web3 ecosystem. The company said it is committed to building an ecosystem for entrepreneurs and developers focused on creating long-lasting, utility-oriented projects.

“Chiliz has developed a unique solution to one of the most salient problems that sports teams and leagues face, which is how to sustainably and affordably scale their brands and maximize fan engagement globally,” Kanav Kariya, President of Jump Crypto, said in a comment. 

Powered by the digital currency Chiliz ($CHZ), Socios.com is a fan engagement and rewards app that allows fans to engage with their favorite teams and clubs. The company currently sells coins tied to top-level sports teams, such as soccer’s 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 all five of Europe’s top 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, who we thank for supporting our vision, we look forward to welcoming some of the most promising, viable, and innovative projects in the blockchain space to the Chiliz Chain,” Alexandre Dreyfus, CEO of Chiliz and Socios.com said in a comment. 

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 NFT ticketing pilots, athlete-focused Fan Tokens, and Web3 infrastructure partners building for sports and entertainment.

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