Announcing a $50 Million Incubator Initiative for Blockchain-Based Sports and Entertainment Projects by Chiliz
In Brief
Chiliz Labs is designed to invest in and nurture early-stage projects blockchain projects that contribute to the burgeoning Web3 sports landscape.
The primary goal of this initiative is to create a thriving community of fans, brands, and developers, thereby establishing a dedicated ecosystem for sports within the Web3 framework.
As a blockchain-centric platform focusing on sports, Chiliz has launched a launched Chiliz Labs generous $50 million incubator program aimed at supporting nascent projects in this sector.
Chiliz Labs, with backing from Jump Crypto, is targeting blockchain initiatives that leverage Chiliz’s technological framework for sports and entertainment, as well as the Socios.com partner network. With this program, the aim is to boost the growth and evolution of creative projects in these sectors.
The ultimate ambition of the company is to foster a vast network of fans, businesses, and innovators in the sports sphere to create a dedicated Web3 environment. This incubator and accelerator program is geared towards providing the necessary funding and strategic support to help these projects reach their goals.
LiveLike and FanFest represent the initial companies utilizing the blockchain developed by Chiliz, which aims to onboard an additional eight to ten enterprise-level projects. These endeavors will include pilot programs for NFT ticketing, fan tokens centered on athletes, and Web3 infrastructure collaborations designed for sports and entertainment.
“Chiliz is revolutionizing our perceptions of sports fandom. We’re thrilled to support Chiliz Labs, leveraging Web3 tech to enhance the bond between teams and their supporters. We will continue collaborating closely with Chiliz to infuse our expertise in blockchain and crypto into the sports and entertainment sectors, facilitating community-driven events like hackathons,”
stated Kanav Kariya, President of Jump Crypto.
Chiliz, the originator of fan tokens and the Socios.com The fan engagement and rewards platform enables sports teams to utilize fungible and scalable utility tokens to communicate with and motivate their global fanbase. With a network of over 170 global partners and more than 1.8 million wallets, the Socios.com ecosystem continues to grow.
Chiliz recently celebrated its five-year milestone, boasting a workforce expansion of over 70% in 2022, now exceeding 300 employees across nine global offices. The full mainnet for its new layer-1 blockchain aimed at sports and entertainment is set to launch to the public soon.
Following the announcement, the value of $CHZ surged by more than 7%, currently sitting at $0.1363.
Read more:
- Wise and Songkick Founders Lead Robin AI’s Legal Tech Startup in a $10.5M Series A Round
- Venture Capital Financing: A Beginner’s Insight into VC Funding
- Alexander Dreyfus, CEO of Socios.com and Chiliz.com
Disclaimer
In line with the Trust Project guidelines Note that the content on this page should not be construed as legal, tax, investment, financial, or any other form of advice. It's crucial to consider only investing what you are comfortable losing, and to seek independent financial counsel if uncertain. For further details, it is recommended to check the terms and conditions and support pages offered by the issuer or advertiser. MetaversePost aims for truthful, unbiased reporting, although market conditions can change unexpectedly.
