April 19, 2024
Animoca Brands Joins Chiliz Chain as Validator, Embracing SportFi Ecosystem
Latest Cryptocurrency News

Animoca Brands Joins Chiliz Chain as Validator, Embracing SportFi Ecosystem

Venture capital firm Animoca Brands is set to become a validator for the Chiliz Chain, emphasizing its commitment to the SportFi ecosystem. The move positions Animoca Brands to contribute to Chiliz Chain’s proof-of-stake authority protocol, supporting Socios.com, a platform hosting fan tokens for major global football and sports teams.

Animoca Brands co-founder Yat Siu sees the partnership as an opportunity to leverage expertise in nonfungible tokens (NFTs) and gaming, synergizing with Chiliz’s focus on sports and entertainment-centric blockchain solutions. Siu anticipates SportFi as the next significant growth area, reshaping the sports industry’s fan engagement and financial dynamics.

Chiliz CEO Alexandre Dreyfus underscores the significance of Animoca’s role as a network validator, solidifying Chiliz Chain’s standing in catalyzing Web3 functionality within the sports sector. Animoca Brands joins validators such as Ankr, Paribu, Meria, Luganoes, and InfStones.

Similar to Ethereum’s proof-of-stake blockchain protocols, validators on Chiliz Chain authorize fan token creation, NFTs, decentralized applications, and verify transactions. Animoca Brands, with investments across the Web3 space and a focus on sports, brings its expertise to enhance the Chiliz Chain ecosystem.

Animoca’s Web3 sports products, including One Fight Arena, AFL Mint, and REVV Motorsport, align with its commitment to the sports sector. The firm’s acquisition of French racing game developer Eden Games in April 2022 further bolstered its presence in the space.

Chiliz’s transition from Ethereum-based ERC-20 tokens to its blockchain solution in February 2023 marked a significant milestone. The layer-1 Ethereum Virtual Machine-compatible blockchain employs an active validator system with proof-of-stake authority consensus, promising faster block times, lower fees, and reduced energy usage.

Image by Wikimedia Commons

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