Venture capital firm Animoca Brands will support fan token blockchain Chiliz Chain when it joins the network as a validator within its proof-of-stake authority protocol.
Chiliz Chain is the backbone of Socios.com, the platform that operates a large number of fan tokens for some of the biggest sports and football teams in the world. Europe’s most beloved football clubs and several domestic sports brands have leveraged the solution to power Web3 fan tokens and other blockchain-based offerings.
Animoca Brands co-founder Yat Siu says the partnership presents an opportunity for his company to combine its expertise in non-fungible tokens (NFTs) and gaming with Chiliz’s focus on blockchain solutions focused on sports and entertainment.
“We’ve already seen the rise of DeFi and GameFi, and we believe SportFi represents the next big area of growth that will redefine fan engagement and create new financial dynamics in the sports industry.”
Alexandre Dreyfus, CEO of Chiliz, adds that the addition of Animoca as a network validator marks a pivotal point in the company’s history as it seeks to solidify its position as a major blockchain solution focused primarily on catalyzing Web3 functionality and the industry. of sport in general.
Related: Chiliz launches layer 1 blockchain to expand fan token ecosystem
Animoca Brands becomes the latest validator of Chiliz Chain, joining companies such as Ankr, Paribu, Meria, Luganoes and InfStones as validators. Like proof-of-stake blockchain protocols like ethereum, validators authorize and enable the creation of fan tokens, NFTs, and decentralized applications, as well as the verification of transactions and the execution of smart contracts.
Animoca has a wide range of investments across the Web3 space and has also honed its focus on the sports sector. Its Web3 sports products include One Fight Arena, AFL Mint and REVV Motorsport. The latter includes companies such as MotoGP Ignition, MotoGP Guru, Formula E: High Voltage, REVV Racing and Torque Drift.
Animoca made headlines in April 2022 by acquiring French racing game developer Eden Games for $15.3 million. The deal aimed to acquire talent in racing game development to enhance the REVV Motorsport ecosystem and introduce blockchain-based games focused on the genre.
Chili launched its own layer 1 blockchain ecosystem supported by the ethereum virtual machine to support its growth in February 2023. The launch marked the transition of its ethereum-based ERC-20 token ecosystem to its own blockchain solution.
Initially, the blockchain used a system of 11 active validators with proof-of-stake authority consensus, which is touted to provide faster block times, lower fees, and power usage.
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