Blockchain company Chiliz, which focuses on sports-related digital assets, is broadening its fan token offerings to include the Solana network and Coinbase’s Ethereum layer-2 solution, Base. This expansion follows Chiliz’s introduction of its own blockchain in 2023 for trading purposes.
In a recent announcement shared via X, Chiliz revealed its move towards ‘omnichain distribution.’ The company plans to utilize an Omnichain Fungible Token (OFT) standard, ensuring fan tokens exist uniformly across multiple networks without the need for wrapped versions or divided liquidity pools, as stated in their press release.
Fan tokens are digital assets that signify community membership, such as belonging to a sports team’s fan base. Chiliz has launched over 70 of these tokens, featuring major European soccer teams like Paris Saint-Germain, Barcelona, Manchester City, and Juventus. These tokens enhance fan engagement by allowing holders to win exclusive rewards and participate in non-critical decisions, for example, choosing the color of pre-game gear.
Chiliz aims for this move into Solana and Base to significantly increase trading volumes as it anticipates heightened interest surrounding this summer’s FIFA World Cup. Currently available tokens include those representing Argentina and Portugal, with more expected announcements in June.