Chiliz is one of the established brands regarding fan tokens and digitized sports entertainment. In a recent update, the team confirmed the launch of its new blockchain, designed for Web3 solutions. The Chiliz blockchain will be home to various projects building new experiences for fans to enjoy.
Although Chiliz has been around for five years, the project never had a native blockchain. That may seem unusual, given how they are known for facilitating fan token issuance. However, the global blockchain project wants to double down on Web3 sports and entertainment. As such, launching the Chiliz blockchain – a Layer-1 network – was the next objective.
The primary purpose of the chain is to enhance the appeal of the Chiliz ecosystem. That includes attracting more Web3 developers and brands to explore the infrastructure’s impact on sports and entertainment. For those unaware, Chiliz welcomed FanFast and Livelike in 2022, two entities keen on exploring Web3 products and services. One of the potential use cases to look forward to is a “watch-to-earn” approach for broadcasters and media partners.
The newly launched chain will not affect the current app Socios.com. It remains the primary Web3 sports community platform in the world. Socios is used by over 170 sports franchises, including football teams, NASCAR teams, F1 teams, etc.
The Chiliz blockchain allows brands and builders to explore typical Web3 features like NFTs, DeFi, play-to-earn games, and fan tokens. Furthermore, the technology stack lends itself to developing engagement experiences, new ticketing models and payments, and a digital take on collectibles.
The big news is how up to ten enterprise-grade partners will launch on the Chiliz Blockchain throughout 2023. Although not much is known, the team hints at NFT ticketing, athlete fan tokens, and other, undisclosed Web3 infrastructure solutions. The role of blockchain technology and cryptocurrency has become more outspoken in sports entertainment. Forging stronger ties between fans and franchises is the next frontier to conquer.
Another benefit of the Chiliz Blockchain is how it provides another use case to $CHZ. The native Chiliz token will be used for staking on the new chain and covers the transaction fees on the network. For the staking aspect, users can do so through delegation, entitling them to future rewards. In addition, all approved stakeholders can become node operators. Plus, 11 active validators will be chosen to maintain Proof of Stake Authority consensus.
Finally, the Chiliz Blockchain is EVM-compatible. That enables many exciting [future] possibilities. However, it is worth noting that only approved third-party developers can build on this technology stack. That approach ensures that all products and services are built with the utmost security.
It will be interesting to see what the Chiliz Blockchain can achieve. Venturing into decentralized finance can make fan tokens more appealing than before. However, the value of these assets may suffer due to increased speculation rather than support for the individual franchise they are tied to. It isn’t certain the existing fan tokens will be used for DeFi either.
The big takeaway is seeing new user experiences, products, and services in the sports and entertainment industry. For example, web3 ticketing and payments can transform the landscape for the better. In addition, more franchises embracing the digital narrative to engage their fans is always a good thing. The industry is still in the early development stage, but the puzzle pieces are slowly coming together.
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