Sacramento Kings First NBA Team To Offer Crypto Rewards To Fans
The Sacramento Kings of the NBA are the first U.S. professional sports team to create a fan rewards crypto token.
Kings CTO Ryan Montoya said, "Fans can get those points and put them in their wallets and experience it all on the blockchain platform."
Additionally, Montoya said the token, dubbed Kings Token, would suit the team's predictive gaming platform in anticipation of the legalization of sports betting in California (the U.S. Supreme Court repealed the federal sports betting ban in May 2018).
The Kings Token is a collaborative effort with the Blockparty network for blockchain-based event ticketing.
Blockparty is planning a case study on the venture, CEO Shiv Madan added, hoping that if the project is considered a success, it will be shared with other NBA teams.
The Kings became the first NBA team to accept bitcoin in their arena as payment in 2014. The Kings also became the first professional sports team to mine cryptocurrencies last year, setting up a program named MiningForGood to donate the proceeds to charity.
Kings Tokens will be available in a token wallet added to the Golden 1 Center app of the team which tracks fans ' interest and accumulated points. Through the predictive gaming platform, supporters can earn rewards and redeem those points for, for example, passes to unique events, signed merchandise, or courtside seats.
The ERC-20 token will operate on the Ethereum blockchain but can only be used initially in the Golden 1 Center arena of the team.
Although fans will not be able to trade the token for another currency or have a private key, a QR code can be shown to redeem points, and a block explorer will be able to show the payment verification. The Kings are now planning to launch the token (which is in testnet now) by opening night on October 25.