In a strategic move to boost fan engagement, Chiliz, a blockchain platform focused on sports, is set to introduce its extensive range of over 70 fan tokens to Solana and Base, a layer-2 Ethereum network developed by Coinbase. Initially, Chiliz had launched its own layer-1 network in 2023 to facilitate token trading but has now opted for an 'omnichain distribution' model. This approach, as announced on Tuesday, utilizes the Omnichain Fungible Token standard, enabling fan tokens to exist uniformly across all supported chains without the need for wrapped tokens or fragmented liquidity pools.
Fan tokens represent digital membership within a community, such as a sports team's fan base, with Chiliz having developed tokens for prominent European soccer teams like Paris Saint-Germain, Barcelona, Manchester City, and Juventus. These tokens encourage fan engagement by offering exclusive rewards and voting rights. With the upcoming FIFA World Cup, 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 to be launched in June.