Chiliz Launches SportFi Ecosystem Built on Chiliz Chain

Summary:
• Chiliz Chain builds on the success of Socios.com, the Fan Token-powered platform, and the new ecosystem targets brands, developers and fans.

Chiliz, the Fan Tokens’ developer, has released its Layer 1 EVM-compatible blockchain called the Chiliz Chain. The company made the announcement on Friday on X, with an audacious proclamation, “SportFi for everyone!” This is an invaluable step forward for Chiliz, as it pursues its mission of integrating blockchain technology into the sports and entertainment industry.

Socios.com and the integration of blockchain, entertainment and sports

Chiliz has been around since 2018 and has been providing solutions to sports clubs and teams in developing secure, scalable digital asset-based experiences built on blockchain. All this happens via Socios.com, a fan engagement and incentives platform that provides fans with diverse interactive ways to connect with their favourite teams and clubs. Socios.com has risen in popularity since it came into the scene, with major professional sports clubs using it to issue their own tokens via Chiliz Chain.

Socios Collectables uses near-field communication (NFC) chips to store each collectable’s unique data stored on blockchain. These chips are then embedded into each of the collectables, enabling owners to authenticate the authenticity of their items using a simple smartphone app.

Socios.com’s fan engagement platform currently has over 170 major sports organisations that use it to interact with their fans using Fan Tokens. Chiliz intends to develop the Chiliz Chain ecosystem into the go-to place for sports teams, fans, and developers to collaborate on creating all kinds of innovative Web3 products and experiences.

The Chiliz Chain is an upgrade from the Chiliz Legacy Chain, and Chiliz says its launch heralds a revolutionary era in the application of blockchain technology in the sports and entertainment industries. By providing solutions tailored to the needs of the sports and entertainment industries and protecting the safety of intellectual property and project use cases, Chiliz is confident that its ecosystem will bring these sectors closer together.

With the newly-found enthusiasm, Chiliz is inviting brands to create Fan Tokens, NFTs, and other digital assets in this ecosystem. All interactions in the Chiliz ecosystem ecosystem, including item purchases are powered by the platform’s native $CHZ token.