Venture capital firm Animoca Brands will throw its weight behind fan token blockchain Chiliz Chain as it joins the network as a validator in its proof-of-stake authority protocol.
Chiliz Chain is the backbone of Socios.com, a platform that operates a large number of fan tokens for some of the world’s largest football and sports teams. Europe’s most popular football clubs and many household names in sports are already leveraging the solution to power Web3 Fan Tokens and other blockchain-based products.
Animoca Brands co-founder Yat Siu said the partnership provides an opportunity for his company to combine its expertise in non-fungible tokens (NFTs) and gaming with Chiliz’s expertise in blockchain solutions for sports and entertainment. Focus on combining.
“We’ve seen the rise of DeFi and GameFi, and we believe SportFi represents the next major growth area that will redefine fan engagement and create new financial dynamics in the sports industry.”
Chiliz CEO Alexandre Dreyfus added that the addition of Animoca as a network validator marks a key point in the company’s history as it looks to solidify its position as a premier blockchain solution focused on promoting Web3 functionality and more. A wide range of sports industries.
Related: Chiliz Launches Layer-1 Blockchain to Expand Fan Token Ecosystem
Animoca Brands becomes the latest validator of Chiliz Chain, joining the ranks of validators such as Ankr, Paribu, Meria, Luganoes and InfStones. Similar to proof-of-stake blockchain protocols like Ethereum, validators authorize and support the creation of fan tokens, NFTs, and decentralized applications, as well as verify transactions and execute smart contracts.
Animoca has made extensive investments in the Web3 space, with a focus on sports. Its Web3 sports products include One Fight Arena, AFL Mint and REVV Motorsport. The latter include MotoGP Ignition, MotoGP Guru, Formula E: HighVoltage, REVV Racing and Torque Drift, among others.
In April 2022, Animoca made headlines by acquiring French racing game developer Eden Games for $15.3 million. The deal aims to acquire racing game development talent to enhance the REVV Motorsport ecosystem and launch blockchain games focused on the genre.
The blockchain initially uses a system of 11 active validators with a proof-of-stake authoritative consensus that is said to provide faster block times, lower fees and energy usage.
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