Former NBA Commissioner Comes Out of Retirement to Back Ethereum-based FanChain Cryptocurrency
Previous to Adam Silver, NBA commissioner David Stern has emerged from retirement to publicly support FanChain, a cryptocurrency designed to create a decentralized sports entertainment ecosystem.
The news was announced online by Forbes. In a statement to Forbes, Stern claims he initially thought bitcoin and blockchain were “a modern day version of the tulip frenzy that would come to nothing and fizzle out”. Stern was referring to the Dutch tulip crisis of the 1600s, widely reported as the first “bubble” of the modern financial market era.
Despite his initial skepticism, however, Stern “came to understand that blockchain technology had much to offer with respect to a range of transactions in many different industries, like the sports sector.”
With that in mind, Stern has announced his support for FanChain, a decentralized ecosystem in development by SportsCastr. SportsCastr announced their FanChain cryptocurrency with a press release earlier today.
That decentralized ecosystem aims to connect a fragmented landscape of fans, athletes, teams, leagues, and media entities.
The alpha version of SportsCastr was launched in 2017 with the goal of providing color commentary on live games to fans around the world. It’s a live streaming platform where anyone can become a successful color commentator. With FanChain, those amateur color commentators can now be rewarded for their contributions to the platform.
“We launched SportsCastr in alpha last year to let sports fans provide color commentary on live games straight from their couches to anywhere in the world, and continue to add features to revolutionize the fan viewing experience,” explained Kevin April, CEO and co-founder of SportsCastr, in a statement to Forbes. “Developing a cryptocurrency to power and build this ecosystem is the natural next step, and we’re excited to introduce FanChain to our partners and millions of sports fans globally.”
How Will SportsCastr and FanChain Work?
To be clear, FanChain is the digital currency for the SportsCastr ecosystem.
SportsCastr created the FanChain token because the team saw a need to adopt a cryptocurrency “that would embed team affiliation within an individual token.” The reason was because sports fans don’t typically follow a particular sport or league: they follow individual teams.
With that in mind, the FanChain token uses a combination of fungible and non-fungible characteristics, enabling team loyalty to be embedded within individual ERC20 compliant tokens.
In other words, teams can use FanChain to create their own ERC20-compliant tokens. FanChain tokens are stamped with metadata that associates them with specific teams, leagues, or events.
How Will the FanChain Token Work?
Here’s one example of how the FanChain token will work: let’s say a SportsCastr user is creating live commentary around a Los Angeles Kings game.
That user can receive a FanChain token stamped with metadata. This lets the SportsCastr system know that the content the user is creating is related to the Los Angeles Kings. Within the FanChain ecosystem, users can exchange their tokens for other team’s tokens.
At the same time, teams and other members of the sports ecosystem can reward fans for creating value for their favorite teams. Brands and organizations, for example, can target and reward their most passionate fans.
What can you do with FanChain tokens? Why would you collect these tokens? One of the advantages of holding tokens is that users can exchange their tokens for rewards, prizes, and access, including subscriptions to premium channels and content, digital goods, sports memorabilia, and other items for the teams or leagues they’re following.
The end result is an ecosystem where SportsCastr members have an incentive to create value, and teams have an incentive to encourage that value creation.
FanChain Will Initially Be Used for Tipping Within the SportsCastr Platform
Initially, FanChain will be used to tip color commentators within the SportsCastr platform. You might follow a specific color commentator for specific games and teams, for example, and reward that color commentator with FanChain tokens.
Over time, FanChain tokens will also be available to be spent on premium subscriptions and exclusive content within the SportsCastr platform.
To encourage adoption of FanChain tokens, SportsCastr is launching an enterprise-grade developers kit (SDK). The long-term goal is to integrate FanChain tokens with online publications, fantasy sports, social networks, sports teams, leagues, stadiums, advertisers, brands, and more.
Other Uses for FanChain Tokens
FanChain.com has announced a number of different uses for FanChain tokens within the ecosystem, including all of the following:
Digital Goods: Fans can purchase digital goods using FanChain tokens. Those digital goods can include color commentary from their favorite streamers. Viewers who send the greatest value of digital goods will climb the fan leaderboard for that sportscaster (called “SportsCastrs” within the SportsCastr ecosystem), earning notoriety and garnering attention for their own streams.
Pay Per View and Subscriptions: Viewers can spend FanChain tokens on pay per view (PPV) content, including streams and paywalled content. This PPV content can include live sporting events, private chats, behind the scenes footage, and user-generated content.
FanPay: Apps, websites, media publishers, and other entities can access FanChain tokens for goods and services. These entities will be able to access FanChain tokens by integrating the FanPay platform.
FanExchange: SportsCastr will create an online trading exchange where users can trade FanChain tokens stamped by one team for FanChain tokens stamped by a different team. You can create a collection of tokens from your favorite teams.
FanWallet: You can store FanChain tokens in your FanWallet, which will be launched for web browsers and mobile devices. This wallet will be integrated directly with the SportsCastr ecosystem.
The FanChain Pre-Sale
A pre-sale for FanChain tokens will begin later in June 2018, with a full public sale scheduled to take place later this summer (dates have not yet been announced).
Due to regulations, FanChain tokens are not available to residents or companies based in the United States. However, all other companies can whitelist themselves today, then purchase tokens they can use to distribute and reward fans.
You can participate in the token sale online today at FanChain.com
Ultimately, FanChain and SportsCastr aim to disrupt the sports media landscape. SportsCastr’s team has previously mentioned the fact that today’s sports media landscape is fragmented, and that a platform like SportsCastr may be able to unify the ecosystem. Stay tuned for more information about FanChain and SportsCastr as the pre-sale for FanChain tokens get underway.