Chiliz Launches $50 Million Incubator Program for Blockchain-Based Sports and Entertainment Projects

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In Brief

Chiliz Labs seeks to invest in and support early-stage blockchain projects that foster the growth of the Web3 sports industry.

The initiative aims to establish the largest community of fans, brands, and developers in the sports and entertainment industry to create a dedicated sports Web3 ecosystem.

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Chiliz Launches $50 Million Incubator Program for Blockchain-Based Sports and Entertainment Projects
Source: Chiliz

Chiliz, a blockchain-based sport-focused platform, has launched Chiliz Labs, a $50 million incubator program for early-stage projects in the industry.

Chiliz Labs, supported by Jump Crypto, aims to invest in blockchain projects that use Chiliz’s blockchain technology for sports and entertainment, as well as the partner network. With this initiative, the company seeks to promote the growth and development of innovative projects in the sports and entertainment industries.

The company’s goal is to establish an extensive community of enthusiasts, businesses, and creators within the industry and establish a specialized sports Web3 ecosystem. The incubator and accelerator program ensures funding and strategic support to aid these initiatives in accomplishing their objectives.

LiveLike and FanFest are the first enterprises to develop on the blockchain established by Chiliz, which plans to bring in an additional eight to ten enterprise-level projects. These initiatives will feature NFT ticketing pilot programs, athlete-centered fan tokens, and Web3 infrastructure collaborators dedicated to sports and entertainment.

“Chiliz is changing the way we think about what it means to be a fan of a sports team, and we are extremely excited to support Chiliz Labs to leverage Web3 technology to bring teams and their fans closer together. We will be continuing to work closely with Chiliz to bring our blockchain and crypto expertise to the Sports and entertainment industries, helping to deliver community events such as hackathons,”

said Kanav Kariya, President of Jump Crypto.

Chiliz, the originator of fan tokens and the fan engagement and reward application, provides sports teams with fungible and scalable utility tokens to interact with and incentivize their worldwide fanbases. With over 170 global partners and more than 1.8 million wallets, the fan token ecosystem and audience are constantly expanding.

Chiliz, which marked its fifth year, experienced over 70% growth in its workforce during 2022, with more than 300 employees across nine locations worldwide. The complete mainnet of its new layer-1 blockchain for sports and entertainment is expected to be available to the public in the upcoming weeks.

After the announcement, the price of $CHZ, increased by over 7%, but it’s currently at $0.1363.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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