Venture capital company Animoca Brands has joined the Chiliz network as a validator under the proof-of-stake consensus protocol. According to the announcement made on November 13, the company aims to support the fan token blockchain network, Chiliz Chain. Chiliz Chain is known as the backbone of Socios, a platform operating numerous fan tokens for some sports teams in the global football market.
Notable Developments in the Announcement
Prominent European football clubs and several well-known sports brands will benefit from this solution to enhance their Web3 fan tokens and other blockchain-based offerings. Yat Siu, co-founder of Animoca Brands, stated that this partnership provides an opportunity for the company to combine its expertise in NFTs and the gaming industry with the focus on sports and entertainment-oriented blockchain solutions in the Chiliz ecosystem:
“We have already witnessed the rise of DeFi and GameFi, and we believe that the sports industry represents the next major growth area that will redefine fan engagement and create new financial dynamics in the sports industry.”
Alexandre Dreyfus, CEO of Chiliz, stated that Animoca’s presence as a network validator signifies an important milestone for the company, which strives to solidify its position as a significant blockchain solution primarily focused on catalyzing Web3 functionality and the broader sports industry.
Web3 Initiatives from Animoca Brands
With this development, Animoca Brands has become the latest validator of the Chiliz Chain network, joining validators such as Ankr, Paribu, Meria, Luganoes, and InfStones. Similar to proof-of-stake blockchain ecosystems like Ethereum, validators authorize the creation of fan tokens, NFTs, and decentralized applications, enabling transactions through smart contracts.
Animoca has a wide range of investments in the Web3 space and has embarked on initiatives for the sports industry. Some of the Web3 sports products invested in by the company include One Fight Arena, AFL Mint, and REVV Motorsport.
In February 2023, Chiliz introduced its own Layer-1 Ethereum-compatible blockchain ecosystem to support ecosystem growth. The launch aims to transition from the Ethereum-based ERC-20 token ecosystem to its own blockchain ecosystem solution.
