Chiliz, a blockchain-based sports token platform, is starting a $50 million incubator program called Chiliz Labs to target early stage projects in sports and entertainment. The program is backed by Jump Crypto, the investment arm of Chicago-based market maker Jump Trading.

Chiliz Labs will invest in Web3 projects that build on Chiliz's layer 1 blockchain. Chiliz expects to announce between eight and 10 projects building on the network soon, it said in an email shared with CoinDesk.

The incubator comes as Chiliz, whose Socios.com flagship platform sells coins tied to top-level sports teams, such as soccer's FC Barcelona, Juventus and Manchester City, looks to ramp up competition with digital trading card company Sorare, which has deals with all five of Europe's top national soccer leagues. Sorare raised more than $600 million in funding last year, while Chiliz has garnered about $66 million.