• 25 new ventures have been admitted to SportFi
• Chiliz Chain wants to support multiple sports applications
• Fan token concept has been criticised by fan groups and British MPs

Socios’ parent company Chiliz has admitted more than 25 sports to its ‘SportFi’ ecosystem, an initiative that aims to accelerate the development of Web 3.0-based sports technology and adoption of its industry-specific blockchain.

There are now more than 150 fan tokens, infrastructure providers, marketplaces and fan-facing games and applications in the ecosystem, all committed to supporting or building on the ‘Chiliz Chain’.

Among the cohort are crypto-sector mainstays including Binance, OKX and Rarible, as well as prominent sports Web 3.0 projects like Fanfest, Football at Alphaverse, LiveLike and Topgoal.

Socios’ fan token venture, which counts soccer giants Paris Saint-Germain, Juventus and Barcelona among its partners, has received criticism from fan groups and others who claim the tokens are items of speculation, exploit fandom and offer little in the way of utility to supporters. Other projects, such as non-fungible tokens (NFTs), have attracted scrutiny.

However, Chiliz is adamant that fan tokens offer clubs a new way to engage and strengthen relationships with their fanbases and believes blockchain technology has the potential to transform key areas like ticketing and merchandise and offer entirely new experiences that are impossible with conventional technology.

The company says more than three million transactions have been completed on the Chiliz Chain to date with more than two million users. It says this makes the blockchain the largest non-finance or trading-centric Web 3.0 platform globally. Chiliz Chain is now a permissionless platform, which means any interested party can begin building applications on top of it.

‘What sets the Chiliz ecosystem apart is its expansive and diverse array of offerings beyond just Fan Tokens,’ the company explained ‘This includes metaverse-based sports experiences that immerse fans into virtual worlds, interactive football and football manager games, and community platforms driven by rewards and engagement.

‘Additionally, we’re onboarding social gaming products, enabling fans to compete, collaborate, and socialise in new ways. Last but not least, there are products for digital sports collectibles and the avenues through which they can be exchanged.

‘This multifaceted ecosystem not only opens up multiple new revenue streams for the sports industry but also signifies a paradigm shift in how fans engage with sports, bringing them closer to the teams they love like never before. Additionally, as more products join the ecosystem, a network effect is poised to reinforce its continued success.’