NBA’s Sacramento Kings has launched a crypto reward token for its fans called ‘Kings Token.’ The team becomes the first professional sports team in the US to develop a reward program for fans based on blockchain.
According to Kings CTO Ryan Montoya, Sacramento Kings fans will get redeemable reward points in their own wallets in an app. They will get to experience this on a blockchain platform. He added that the team has already developed a predictive gaming platform that they will pair with the ‘Kings Token.’ The NBA team is anticipating the legalization of sports betting in the state of California. This is after the Supreme Court overruled the federal restriction on sports betting in May last year.
The Kings Token announced on October 7th is a joint project with Blockparty. Blockparty is a distributed ledger platform that runs live event ticketing, fan engagement, as well as tokenized gamification. The blockchain platform’s chief development officer Vladislav Ginzburg stated that they have a role in the whole event experience. He said their operations range from sports games, Broadway shows, as well as music festivals.
Blockparty CEO Shiv Madan indicated that the company was developing a case study for the project. He added that they were optimistic that the finding would apply to other NBA teams if they succeed with the project.
This is the latest venture of Sacramento Kings teams into the blockchain tech. The team had been using Bitcoin as a form of payment in their arena since 2014. Last year the team became a pioneer as the first professional sports team to engage in cryptocurrency mining. They set up a program called MiningForGood, whose objective is to donate funds to charity.
The launched ‘Kings Token’ will be within a crypto wallet included in the Sacramento Kings’ Golden 1 Centre app. It will track the engagement of fans as well as their accumulated points. Fans will be able to earn reward points via the predictive gaming platform. They can redeem the points and get access to signed merchandise, events, and courtside tickets.
The token will run on the Ethereum blockchain but will at first only be available within the Golden 1 Centre arena app. Fans won’t be able to trade the token for other cryptocurrencies, but they will have the ability to show a QR code when redeeming points. They will be able to see the confirmation of the transaction via a block explorer. The team plans to launch the token on October 25th.