As part of its efforts to capitalize on the potential of the SportsFi ecosystem, Animoca Brands has become a validator on the Chiliz Chain.
Venture capital firm Animoca Brands is putting its support behind Chiliz Chain, joining the fan token blockchain as a validator for its proof-of-stake authority (PoSA) protocol.
Chiliz Chain forms the foundation of Socios.com, a platform that enables fans to purchase, trade, and use fan tokens for their favorite sports teams and clubs. Popular sports brands, including Europe’s favorite football clubs, are among those who have welcomed the solution to power Web3 fan tokens and other blockchain-based offerings.
Animoca Brands co-founder Yat Siu sees the partnership as an opportunity to combine the firm’s expertise in NFTs and gaming with Chiliz’s expertise in sports and entertainment-focused blockchain solutions.
“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.”
Chiliz CEO Alexandre Dreyfus believes Animoca’s addition as a validator marks a critical moment for the company as it looks to solidify its position as a major blockchain player in the sports and Web3 industries.
Animoca Brands joins several other validators on the Chiliz Chain, including Ankr, Paribu, Meria, Luganoes, and InfStones. Similar to the Ethereum network, Chiliz Chain’s validators enable and authorize the creation of fan tokens, NFTs, and dApps, as well as verifying transactions and executing smart contracts.
Animoca has made several investments in the Web3 space, with a particular focus on the sports sector. Its Web3 sports products include One Fight Arena, AFL Mint, and REVV Motorsport. REVV Motorsport includes several racing games such as MotoGP Ignition, MotoGP Guru, Formula E: High Voltage, REVV Racing, and Torque Drift.
In April 2022, Animoca became the spotlight after acquiring French racing game developer Eden Games for $15.3 million. The acquisition was designed to bring new racing game development talent to the REVV Motorsport ecosystem and to create more blockchain-based racing games.
In February 2023, Chiliz launched its layer-1 blockchain ecosystem, transitioning away from the Ethereum-based ERC-20 ecosystem. The new blockchain is compatible with the Ethereum Virtual Machine (EVM).
The new Chiliz blockchain uses a proof-of-stake authority consensus model with 11 validators, which promises to be more efficient than the previous ERC-20 ecosystem, with faster block times, lower fees, and reduced energy usage.