Animoca Brands, a venture capital firm, becomes a validator for fan token blockchain Chiliz Chain and looks to capitalize on the SportFi ecosystem
For a multitude of fan tokens associated with some of the most renowned international football and sports organizations, Socios.com relies heavily on Chiliz Chain.
Several prominent sports brands and Europe’s most adored football clubs have utilized the solution to power Web3 fan tokens and other blockchain-based offerings.
According to Yat Siu, co-founder of Animoca Brands, the partnership allows his company to combine its knowledge of nonfungible tokens (NFTs) and gaming with Chiliz’s emphasis on blockchain solutions for the sports and entertainment industries.
“We have already seen the rise of DeFi and GameFi, and we believe that SportFi represents the next major growth area that will redefine fan engagement and create new financial dynamics in the sports industry.”
Animoca’s integration as a network validator, according to Chiliz CEO Alexandre Dreyfus, signifies a turning point in the company’s trajectory as it strives to establish itself as a leading blockchain solution with a primary emphasis on accelerating Web3 functionality and the broader sports sector.
As the most recent validator of the Chiliz Chain, Animoca Brands joins Ankr, Paribu, Meria, Luganoes, and InfStones in this capacity.
Like proof-of-stake blockchain protocols found in platforms such as Ethereum, validators validate transactions and execute smart contracts in addition to authorizing and facilitating the creation of supporter tokens, nonfungible tokens, and decentralized applications.
In addition to maintaining a broad portfolio of investments throughout the Web3 industry, Animoca has concentrated its attention on the sports sector. The organization offers One Fight Arena, AFL Mint, and REVV Motorsport as Web3 sports products. MotoGP Ignition, MotoGP Guru, Formula E: High Voltage, REVV Racing, and Torque Drift are examples of the games found in the latter.
In April 2022, Animoca made headlines with its $15.3 million acquisition of the French racing game developer Eden Games. The transaction aimed to procure racing game development professionals to bolster the REVV Motorsport ecosystem and introduce genre-specific blockchain-based games.
Chiliz launched its layer-1 Ethereum Virtual Machine-compatible blockchain ecosystem to support its expansion in February 2023. With the launch, it shifted from an ERC-20 token ecosystem based on Ethereum to its blockchain solution.
Initially, the blockchain utilized a proof-of-stake authority consensus system with eleven active validators, rumored to offer quicker block times, lower fees, and reduced energy consumption.
