National Basket Ball Association’s Sacramento Kings has become the first professional sports club in the United States to launch its own Digital Fan token. The CTO of Sacramento King’s Ryan Montoya broke the news while talking to CoinDesk a cryptocurrency publication. He said:
Fans can get those points and put them in their wallets and experience it all on the blockchain platform.
The token will be named Kings token and will also serve as a predictive gaming platform amongst other things. The team is waiting on the final notification of the legalization of sports betting in California which was overturned by the Supreme Court in early 2018.
The team has developed the token with a blockchain ticketing company Blockparty. The Chief Development Officer of Blockparty weighing in on the partnership between the company and the NBA team said:
In our opinion, the blockchain has a role in the entire event experience, whether it’s a sports game, music festival or Broadway show.
Blockparty is also developing a case study on the project as they are using the experience as a bed for new projects. The CEO of the company Shiv Madan has said that the company will approach more NBA teams if the project is successful. Ginzburg (WHO IS THIS)seems to think that this will bring about the mass adoption of crypto amongst basketball fans saying:
Forty-one games of 20,000 people – I’m going to go ahead and say that many of those people don’t own any crypto whatsoever. Suddenly by downloading the Golden 1 Center app, they are going to have an ERC-20 wallet with an ERC-20 token.
Sacramento’s Tech Obsession:
Sacramento Kings is one of the most tech-savvy teams in the NBA. The team is based 90 miles off of San Francisco in Sacramento city. The team was one of the first teams in professional sports that accepted bitcoin as a form of payment for entry into their arena. The team also has an initiative called MiningForGood, which mines cryptocurrency and donates the proceeds to charity.
Its token will be saved in a wallet based on the team’s existing Golden 1 Center App which tracks fan engagement and rewards engaged fans. The Tokens will facilitate the team’s predictive gaming platform, where participants would be able to earn rewards by predicting the results of the games and then redeem those points for court access, merchandise, and another special event.
The token would be based on the ERC 20 standard on the Ethereum blockchain, and would only be redeemable at the team’s stadium the Golden 1 Center. People won’t be able to trade it for other cryptocurrencies or any other fiat currency. The fans would only be able to redeem those points by scanning a QR code and doing transactions at the center.
However, in the future, the app would allow the transfer of these tokens and the reward criterion would be expanded to eating at restaurants, etc. At the moment, the token is still in the testing phase, and the Kings hope to launch the final version of the token by 25th October.