NBA’s Sacramento Kings to create a crypto token for fan rewards. This makes them the first U.S professional sports team to develop a crypto token.
CTO of Kings, Ryan Montoya said:
“Fans can get those points and put them in their wallets and experience it all on the blockchain platform,”
Montoya also added that the token which they will call “Kings Token”, will pair with predictive gaming platforms they also created in anticipation of the legalization of sports betting in California.
Kings Token is a joint effort with a blockchain-based event ticketing platform, Blockparty.
Vladislav Ginzburg, Chief of development officer of Blockparty 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.”
Shiv Madan, CEO of Blockparty also added that they are putting together a case study on the project in hope that it will be shared with other NBA teams if their project succeeded. As per CoinDesk report.
First to Adopt
In 2014, Sacramento Kings is the first NBA team that accepts bitcoin as payment in its arena. The Kings was also the first professional sports team to mine crypto and established a program that donates the funds to charity, they called it MindingForGood.
The said token will exist in a token wallet within the Golden 1 Center Application. This tracks the engagement and collected points of their fans. Fans can get rewards by the predictive gaming platform and redeem those points and use it for access to unique events, signed merchandise or court-side tickets.
The Kings Token will be an ERC-20 token based on Ethereum. Initially, this will only be usable within the Team’s Golden 1 Center arena. Fans will not be able to trade Kings Token and they don’t have a private key. But with a QR code, they can redeem points and see the confirmation of their transactions using a block explorer. Currently, in testing, Sacramento Kings plans to launch this Token in the opening night on October 25.
In the future, fans will be able to do token transfer to their friends. They can earn rewards by eating in restaurants or making it to the game before tip-off. Vladislav also added:
“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.”