Fan Token Platform Chiliz Launches $50M Incubator to Fund Early-Stage Web3 Projects – Is the Bear Market Over?

cryptonews.com:

Blockchain-based fan token platform Chiliz has launched a $50 million incubator and accelerator program to fund early-stage projects in the sports and entertainment industries that use the Chiliz blockchain. 

The incubator program, called Chiliz Labs, will fund early-stage blockchain projects that leverage the Chiliz blockchain for sports and entertainment, as well as its Socios.com partner network, according to a Tuesday announcement. 

The program has the support of Jump Crypto, the Chicago-based crypto arm of Jump Trading, a global leader in web3 infrastructure development and investment.

Chiliz said it aims to build the largest community of fans, brands, and developers in the sports and entertainment industry to create a dedicated sports Web3 ecosystem. The company said it is committed to building an ecosystem for entrepreneurs and developers focused on creating long-lasting, utility-oriented projects.

“Chiliz has developed a unique solution to one of the most salient problems that sports teams and leagues face, which is how to sustainably and affordably scale their brands and maximize fan engagement globally," Kanav Kariya, President of Jump Crypto, said in a comment. 

Powered by the digital currency Chiliz ($CHZ), Socios.com is a fan engagement and rewards app that allows fans to engage with favorite teams and clubs. The company currently sells coins tied to top-level sports teams, such as soccer's FC Barcelona, Juventus, and Manchester City.

Chiliz has raised $66 million in total funding, according to data from Crunchbase. Digital trading card company Sorare, which has deals with all five of Europe's top national soccer leagues, raised more than $600 million in funding last year.

"Chiliz Labs is a central pillar of this