Chiliz, the blockchain platform behind Socios.com, recently announced the inception of SportFi. The move is poised to reshape how fans engage with sports and entertainment. Revealed in an October 27 thread, SportFi endeavors to facilitate the creation of decentralized applications (dApps) that focus on fan engagement. Moreover, the initiative provides protective measures against intellectual property violations and fraud.
The announcement comes amid a season of considerable activity for Chiliz, with its CHZ token demonstrating a moderate decline in the past day but overall growth across the past week and month. At the time of the announcement, CHZ was trading at $0.065, marking a 12.16% increase over the last week.
Intellectual property and security
As an added layer of security for users and collaborators, Chiliz Chain will integrate a blacklist feature. This feature is part of Chiliz’s broader commitment to creating a safe environment against threats and fraud within its ecosystem. This commitment is hardly surprising, considering the platform’s history of active engagement with sports franchises such as the English Premier League’s Tottenham Hotspur. Earlier this month, Tottenham Hotspur took advantage of Chiliz Chain to initiate a Fan Token Offering (FTO) for its SPURS fan token.
Furthermore, Chiliz made its debut in October 2018 under the umbrella of Malta-based Mediarex Group, a global sports and entertainment organization. Ever since, Chiliz has been consistently breaking new ground in its attempt to integrate blockchain technology into the broader sports and entertainment industry.
Chiliz chain ecosystem: A new chapter
Adding a second layer to the narrative, Chiliz has also rolled out its own ecosystem known as Chiliz Chain. With its rallying cry “SportFi for Everyone,” the ecosystem is designed to break down barriers to innovation in the sports and entertainment sector. By removing these barriers, the ecosystem opens the floodgates for developers to craft unique experiences tailored to fans. This development aligns with Chiliz’s broader mission to enhance fan engagement through state-of-the-art decentralized applications.
Earlier this year, Chiliz announced the successful launch of the genesis block of its EVM-compatible L1 blockchain. The new Chiliz Chain 2.0 will not only allow fans to buy NFT tickets for sports events but will also reward CHZ holders for staking their tokens. Additionally, this will enable developers to issue their own fan tokens in compliance with the flexible Chiliz Advancement Proposal (CAP-20) standard.
The unveiling of SportFi and Chiliz Chain comes at a time when the company is not only extending its technological prowess but also securing its foothold in sports and entertainment.