The sports-centric blockchain company, Chiliz, is broadening its fan token portfolio to include Solana and Base, an Ethereum layer-2 network developed by Coinbase. This move follows the launch of its own layer-1 network in 2023, which initially hosted its token trading.
However, Chiliz is now adopting an omnichain distribution approach, as announced on Tuesday. By implementing the Omnichain Fungible Token standard, fan tokens will have a unified supply across all supported chains, thereby eliminating the need for token wrapping or fragmented liquidity.
Fan tokens represent community membership, such as a sports team's fan base, with over 70 tokens developed by Chiliz for prominent European soccer teams like Paris Saint-Germain, Barcelona, and Manchester City. These tokens enable teams to engage with fans remotely by offering exclusive rewards and voting rights.
With the FIFA World Cup approaching, Chiliz aims to significantly increase trading volume for these tokens by expanding to Solana and Base, with tokens for the Argentina and Portugal teams already available and more expected in June.