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Chiliz creates a $50 million incubator

  • The platform will invest in young Web3 startups
  • Soon the company will announce 8-10 projects

Chiliz Sports Token Platform Launches the $50 million Chiliz Labs incubator program. It will focus on sports and entertainment projects. This initiative was supported by the Jump Crypto Foundation.

Chiliz Labs will invest in Web3 projects that are built on the Chiliz layer 1 blockchain. In the near future, the company will announce 8-10 projects created on the basis of the blockchain. These can be startups that sell tickets in the form of NFTs, or offer fan tokens that fans buy to gain access to VIP services and the ability to participate in club management.

The company also plans to compete with the Sorare NFT platform, which has partnered with the top 5 European football leagues and attracted $600 million in investments. At the same time, Chiliz raised almost 10 times less funding, about $66 million.

“Chiliz has developed a unique solution to one of the most pressing challenges: how to efficiently and cost-effectively scale your brands and maximize fan engagement around the world,” said Kanav Kariya, president of Jump Crypto.

The sports community was divided. Some believe that such tokens are just a new way to swindle money out of people, making them think that they are actually buying a stake in their favorite teams. The other half say fans are looking for programs that reward their loyalty.

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