Venture capital firm Animoca Brands partners with Chiliz Chain
Animoca Brands, a venture capital firm, has announced its collaboration with fan token blockchain Chiliz Chain. As part of the partnership, Animoca Brands will become a validator within Chiliz Chain's proof-of-stake authority protocol. Chiliz Chain is the backbone of Socios.com, a platform that offers fan tokens for various global football and sports teams.
Combining expertise in NFTs, gaming, and sports
Animoca Brands co-founder Yat Siu believes that the partnership will allow his firm to combine its expertise in nonfungible tokens (NFTs) and gaming with Chiliz's focus on sports and entertainment-focused blockchain solutions. Siu sees the rise of SportFi, which combines sports and finance, as the next major growth area in fan engagement.
Chiliz Chain strengthens its position
Chiliz CEO Alexandre Dreyfus views Animoca Brands' addition as a network validator as a pivotal moment for the firm. Chiliz Chain aims to solidify its position as a major blockchain solution for Web3 functionality and the wider sports industry. Validators on Chiliz Chain authorize and enable the creation of fan tokens, NFTs, and decentralized applications, while also verifying transactions and executing smart contracts.
Animoca Brands' extensive Web3 sports products
Animoca Brands has a wide range of investments in the Web3 space and the sports sector. The company's Web3 sports products include One Fight Arena, AFL Mint, and REVV Motorsport. The acquisition of French racing game developer Eden Games in April 2022 further enhanced Animoca Brands' expertise in the gaming and blockchain space.
Chiliz Chain's transition to its own blockchain solution
In February 2023, Chiliz launched its own layer-1 Ethereum Virtual Machine-compatible blockchain ecosystem to support its growth. This move marked the transition away from its Ethereum-based ERC-20 token ecosystem to its own blockchain solution. The new blockchain utilizes a proof-of-stake authority consensus, which offers faster block times, lower fees, and reduced energy usage.
