The well-known ‘fan token’ reward and engagement blockchain Chiliz has reportedly formed a partnership with a big name in the racing sphere in Europe. 

Specifically, Socios.com – a Chilliz-based fan token app – reportedly disclosed details of a new token rolled out across its platform, dedicated to Aston Martin Cognizant and Alfa Romeo Racing. 

Fan token has reportedly been utilized as a distribution measure of merchandise, augmented reality marketing campaigns organizing, and for some particular cases enables fan voting on different topics, nominally team uniforms — a niche asset that has generated more than $150 million in revenues for Socios.

The Formula 1 team is reportedly not the only success recorded for Chiliz this week, as they became a part of NASCAR’s Roush Fenway Racing. The teams are one of the first professional motor racing teams to test out a blockchain – included in a wider demographic of sports and organizations tapping the tech for an enhanced method for fan connection. 

“Last week, in a single day, we announced five partnerships – from three different sports, across three continents – and now we’ve continued that momentum convincingly. In the next few years, a generation of passive fans will shift into active fans. That transition will take place through transactional fan engagement on our platform.” Head of Chiliz Alex Dreyfus reportedly remarked.

While Chilliz is reportedly showing its domination in the fan token industry, numerous platforms are in an ongoing battle over the NFTs, memorabilia, and collectibles sphere. 

Numerous different chains and platforms are spending efforts to obtain sports licensing, nominally WAX’s partnership with the iconic TOPPs baseball trading card firm – part of an ongoing battle between NFT platforms over high-value IP.