Chiliz launches the Chiliz Chain 2.0 on BSC
Crypto startup Chiliz has defined the fan token market with its Socios platform, signing soccer giants like FC Barcelona, Paris Saint-Germain, and Juventus, plus the UFC, F1 teams, and esports clubs—over 130 partners in total. And Lionel Messi is the new face of the platform.
But the firm has larger ambitions beyond fan tokens, which is why Chiliz is developing a second-generation blockchain to let other sports and entertainment brands build all sorts of potential Web3 applications alongside Socios—from NFTs to games, DeFi apps, and more.
Today, the firm announced the launch of the first public testnet (Scoville) for Chiliz Chain 2.0, ahead of a planned mainnet rollout later in 2022. With Chiliz Chain 2.0, the firm will shift away from its current blockchain (forked from Ethereum) to a brand new one built on the technology of BNB Chain, the recently renamed Binance Smart Chain.
Chief Strategy Officer Max Rabinovitch told Decrypt that it was always Chiliz’s plan to expand from its initial fan token focus into a wider crypto ecosystem—to let IP holders and other builders tap into a broader platform powered by the CHZ token.
Socios.com was just the firm’s first product, he said, and they wanted to prove interest and utility in that space before going bigger. Rabinovitch described the fan token product as akin to “a big enough and scalable-enough proof-of-concept” for its grander plans to create a platform for sports and entertainment firms to build upon.
“We’re at a point now where we can realistically support—both as a business infrastructure and as a company with enough legitimacy and establishment—the initial and publicly-stated dream we had for the Chiliz Chain from day one,” he explained.
According to Chiliz Chief Technical Officer Thibaut Pelletier, Socios has bought nearly 1.5 million unique wallets into its fan token platform to date. Fan tokens offer a way for sports teams to connect with supporters, as they can provide benefits to holders such as fan votes on team decisions, exclusive events and giveaways, and more.
The broader fan token ecosystem generates billions of dollars worth of monthly trading volume, according to data from CryptoSlam, with over $3.3 billion in fan token trading over the past 30 days.
Socios will continue working directly with sports teams to launch tokens on Chiliz Chain 2.0, but brands and IP holders can also choose to build their own apps and services instead, as well.
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