Chiliz has made a name for itself in the world of blockchain-powered fan tokens which it claims help sports organisations engage their global fanbases.
Chiliz, the Web 3 sports and entertainment company, has launched a new independent division to help connect sports properties with blockchain brands for sponsorship opportunities.
Chiliz is best known for its fan tokens, which help sports organisations engage their global fanbases. These tokens, which are built on the Chiliz Chain, allow fans to vote on various issues and access exclusive rewards, such as content and VIP experiences. Chiliz has partnered with more than 150 sports organisations, including major European soccer outfits, National Football League (NFL) franchises and rugby union clubs.
However, some have criticised the concept as exploiting fan loyalty, citing a lack of utility and a dramatic decline in monetary value post-launch.
Chiliz has also been working to position the Chiliz Chain as the de facto blockchain for sport, with its own cryptocurrency (chili) at the heart of a sports Web 3.0 ecosystem. It has worked with numerous third parties and last year launched a US$50 million incubator and accelerator programme to support early-stage companies looking at the intersection of sport and blockchain.
The creation of Chiliz Sports comes at a time when cryptocurrency sponsorship appears to be showing signs of a comeback after the market crashed in late 2022, with the likes of Tottenham Hotspur, Uefa and the NFL inking deals this year with Kraken, Crypto.com and Bitpanda respectively.
“We know sports clubs and sports properties very well because we’ve been serving them and their fans for over six years,” said Alexandre Dreyfus, founder and chief executive of the Chiliz Group. “We understand their needs and priorities, what works for them and what doesn’t, we know what moves their audiences.
“We also have a deep understanding of blockchain and crypto companies, because we are one. We know how they operate, their goals and the challenges they face. Our aim has always been to serve both industries and bring them together to create value. Chiliz Sports is a new and very exciting step in that direction.”
Chiliz Sports will now support brands from the sports and tech industries in identifying opportunities and partners, including establishing connections and providing support, advice and guidance.
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