Chiliz, the blockchain-based sports token that allows fans to own tokens tied to respective teams, has validated the genesis block of its new layer-1 blockchain, according to a blog post. The Chiliz blockchain is EVM-compatible (Ethereum Virtual Machine) and will focus on non-fungible tokens (NFTs), Play2Earn games, and Watch2Earn sports events as well as live event ticketing payments. The Chiliz token (CHZ), which currently has a market capitalization of $1.13 billion, is said to be the “fuel” for the newly-released blockchain. Token holders will receive rewards for staking (delegating) on the network. It surged by as much as 20% in the minutes following the announcement.