Chiliz is a global company engaged in sports and entertainment blockchain technology. With the strong support of Jump Crypto, the company launched the startup incubator and network accelerator project Chiliz Labs. The $50 million program is dedicated to early-stage blockchain technology projects using Chiliz sports and entertainment blockchain technology and its network of Socios.com partners.

According to the announcement, the purpose of Chiliz is to create one of the largest fan, brand and developer platforms in the sports and entertainment industry, in order to create a dedicated sports Web3 ecosystem. The project will take advantage of a new sports and entertainment blockchain technology, Chiliz, which came into effect on February 8th. The Entrepreneurship Incubator and Network Accelerator programme services are committed to providing financial support and strategic guidance to assist such projects in achieving their goals.

Chiliz has announced that LiveLike and FanFest are the first companies to be created into the new chain, and there will be 8 to 10 company-level projects in the future. Such a project will include irreplaceable dynamic password (NFT) ticketing center demonstration sites, fans' dynamic passwords with players as the main content, and partners in the construction of Web3 infrastructure for sports and entertainment. Kanav Kariya, chief executive of JUMP Crypto, praised Chiliz for overcoming the problem of how to expand the operation of well-known brands in a sustainable and affordable way to maximize fan participation.

ChilizCEOAlexandre Dreyfus explains the need for Chiliz Labs to build a fan experience and buy and sell ecosystem, and Fan OTP provides a "data key" for any product or performance-related work that can be built on infrastructure. Chiliz is the founder of the Fan Token and Socios.com fan participation incentive app, with more than 1.7 partners and more than 1.8 million wallets.

With the blockchain application once again bringing epoch-making changes to industries all over the world, and with the occurrence on the Web3 platform, blockchain applications are constantly looking for interesting application examples all over the world, bringing new ways to attract fans and promote use value for well-known sports brands.

As previously reported by Cointelegraph, the Web3 project aims to foster communication between fans and sports leagues. Deloitte predicted and analyzed in the statement "Future Prospect of the Sports Industry chain 2022" that with the continuous growth of NFT and immersive technology market, the combination of real world and digital space will accelerate.

According to the report, this development is likely to lead to an increase in fan participation, which has long been the basis for ensuring advertisers' revenue, ticket fees and product sales, as well as the widespread attractiveness of their sports leagues.