Sports-focused blockchain Chiliz is expanding its roster of more than 70 fan tokens to Solana and Base, the Ethereum layer 2 network developed by Coinbase (COIN).
According to an announcement on Tuesday on
“By using the Omnichain Fungible Token (OFT) standard, fan tokens will exist on every supported chain and have a unified supply, eliminating the need for wrapper tokens or decentralized liquidity pools,” Chiliz said.
Fan tokens are digital assets that represent membership in a community, such as a sports team’s fan base. Chiliz has developed more than 70 such tokens, including tokens from some of European football giants such as Paris Saint-Germain, Barcelona, Manchester City and Juventus. These teams use the tokens to drive engagement from fans who aren’t in the stadium, giving holders the chance to win exclusive rewards and the right to vote on minor issues like the color of players’ warm-up jerseys.
Chiliz expressed hope that the expansion into Solana and Base will see a significant increase in trading volume for these tokens ahead of this summer’s FIFA World Cup. Chiliz already offers tokens representing Argentina and Portugal, with more tokens expected to be launched in June.
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