The Sacramento Kings, a team from the NBA in United States, is the first professional sports team from the country which has developed a crypto token for fan rewards. The team was in the crypto news lately and its CTO Ryan Montoya recently told news sites the following:
“Fans can get those points and put them in their wallets and experience it all on the blockchain platform.”
Further, the CTO announced that the token, called Kings Token, will pair with the predictive gaming platform which was developed in anticipation of the legalization of sports betting in California (for those of you who don’t know, the US Supreme Court overturned the federal restriction on sports betting in May 2018).
As the cryptocurrency news today also show, the Kings Token is a joint effort with the blockchain based event ticketing platform Blockparty.
“In our opinion, the blockchain has a role in the entire event experience,” said Vladislav Ginzburg, Blockparty’s chief development officer. “Whether it’s a sports game, music festival or Broadway show.”
Right now, Blockparty is putting together a case study on the project, as the CEO Shiv Madan added. Sacramento Kings will benefit from the platform in the hope that it is shared with other NBA teams if it is deemed a success in the future.
This is just the latest foray into blockchain technology for the Sacramento Kings team, which is based 90 miles northeast of the city of San Francisco. They are known for their announcement in 2014 which made them the first NBA team to accept Bitcoin as a payment in its arena.
Last year, the Kings became the first professional sports team that is mining cryptocurrency. Sacramento Kings then set up a platform called MiningForGood that donates the funds to charity.
The Kings Tokens will exist within a token wallet that is planed to be added to the team’s Golden 1 Center app, which is designed to track the engagement and accumulated points of fans. Speaking of, fans can earn rewards through the predictive gaming platform and redeem the points for access to unique events, signed merchandise or tickets.
Meanwhile, the ERC-2o token will run on Ethereum but will only be usable within the team’s Golden 1 Center arena at start.
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