Sports-centric blockchain Chiliz and its new partner will be exploring on-chain sports prediction market. The recently struck partnership will see the duo combine their experiences – Chiliz, its fan engagement solutions, and Azuro’s prediction infrastructure to bring more services and value to users.
The duo is also launching a joint grant program designed to motivate developers to leverage their combined infrastructure to build new applications. These initiatives are expected to accelerate the adoption of on-chain prediction markets, as they provide financial incentives for developers to create innovative applications within the space.
Founded in 2018, the Chiliz blockchain platform is a Layer-1 with native token CHZ designed to cater to the sports and entertainment industry, offering a secure and scalable infrastructure for digital asset management and fan engagement.
Chiliz Chain supports features like Socios Collectibles, which utilize NFC chips and blockchain technology to ensure the authenticity and ownership of digital collectibles. The platform also offers investment and grant opportunities through Chiliz Labs, encouraging developers to build innovative applications on the Chiliz blockchain.
Azuro is a decentralized autonomous organization focused on democratizing and innovating in the betting industry through its blockchain-based ecosystem. The project is designed to transform the traditional betting sector by replacing traditional bookmakers with a decentralized protocol built on smart contracts.
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Azuro’s infrastructure and liquidity solution, on EVM chains, enable the hosting of powerful prediction, betting, and gaming applications. It also offers a suite of modular tools, oracle solutions, and liquidity management for developers building on EVM-compatible blockchains, which allows for the creation of new kinds of prediction and gaming applications.
According to research from Future Market Insight, the sports betting market size is expected to grow at a CAGR of 10.3% to US$ 245,792.4 million by 2033. The market size reached a value of approximately USD 98.26 billion in 2023. However, the introduction of blockchain-based betting platforms is poised to disrupt the market.
Chiliz has played a huge role in changing how fans engage with their teams using fan tokens. The presence of this new opportunity has driven Chiliz to enter into over 25 strategic partnerships with sports brands to empower them to launch innovative products and experiences using blockchain technology.
Paris Saint-Germain, Juventus, and AC Milan are a few football teams that have joined hands with Chiliz to change how sports fans connect with their teams. Additionally, these partnerships have reportedly generated $437 million in revenues for the sports industry from 2018 to 2023.
The CEO of Chiliz and Socios.com, Alexandre Dreyfus, believes it’s important to work with Azuro because they have a sustainable technology. By teaming up, they can help developers come up with cool new ideas for sports and gaming stuff.
