Animoca Brands Joins Chiliz Chain as Validator, Bolstering Sports and Entertainment Focused Blockchain
Summary:
Venture capital firm, Animoca Brands, has become a validator on the Chiliz Chain, a fan token blockchain supporting several high-profile sports teams worldwide. This partnership will allow Animoca Brands to utilize its experience in nonfungible tokens and gaming within the sport and entertainment-focused blockchain landscape. Chiliz aims to bolster its position in the field with Animoca's addition. The acquisition of French game developer, Eden Games, by Animoca Brands in April 2022 underlined its ongoing focus on sports. Chiliz launched its Ethereum Virtual Machine-compatible blockchain ecosystem in February 2023, marking its transition to a self-owned blockchain solution.
Animoca Brands, a venture capital firm, has become a validator for the fan token blockchain, Chiliz Chain, which lies at the core of the Socios.com platform. This platform manages numerous fan tokens for leading international sports and football teams. High-profile clubs across Europe and other renowned sports brands leverage it to fuel Web3 fan tokens and additional blockchain-based services.
The co-founder of Animoca Brands, Yat Siu, indicates that this collaboration allows the company to merge its know-how in nonfungible tokens (NFTs) and gaming with Chiliz’s emphasis on sports and entertainment-centric blockchain solutions. He voiced his belief of SportFi representing the forthcoming significant growth sector that will reshape fan engagement and create novel financial structures in the sports industry.
Chiliz CEO, Alexandre Dreyfus, comments that having Animoca as a network validator is a critical moment in the company’s journey as it targets to solidify its position as a key blockchain solution, primarily focusing on stimulating Web3 functionality and the broader sports sector.
Animoca Brands just became the newest validator of the Chiliz Chain, joining other validators including Ankr, Paribu, Meria, Luganoes, and InfStones. In a similar vein to proof-of-stake blockchain protocols such as Ethereum, validators verify transactions, enable the crafting of fan tokens, NFTs, and decentralized applications, and implement smart contracts.
Having an extensive variety of investments across the Web3 arena, Animoca also concentrates on the sports sector, its Web3 sports offerings comprise One Fight Arena, AFL Mint, and REVV Motorsport. Several entities under the latter include MotoGP Ignition, MotoGP Guru, Formula E: High Voltage, REVV Racing, and Torque Drift.
Animoca made headlines in April 2022 after purchasing French racing game developer Eden Games for a sum of $15.3 million. The acquisition aimed to gather racing game development expertise to bolster the REVV Motorsport ecosystem and usher in blockchain-centric games within this genre.
In February 2023, Chiliz launched its own layer-1 Ethereum Virtual Machine-compatible blockchain ecosystem to facilitate its expansion. This marked the move from its Ethereum-based ERC-20 token ecosystem to its self-owned blockchain solution. Initially, the blockchain featured a system of 11 active validators with a proof-of-stake authority consensus, noted for providing quicker block times, reduced fees, and energy consumption.
Published At
11/14/2023 2:00:00 PM
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