New Kings Token Crypto Rewards Coin Created by NBA Team Sacramento Kings
The new crypto asset will be called Kings Token.
The token will only be usable for Kings-based purchases and rewards, though expansion may happen later on.
The cryptocurrency industry is filled with entrepreneurs that are looking for ways to capitalize on these assets as stores of value or as ways to incentivize consumers involved with the brand. Clearly, the NBA sees the opportunity that it offers, and the Sacramento Kings are now the first pro-sports team that has developed a crypto asset of their own. The asset will be used for fan rewards.
Ryan Montoya, the CTO of the Kings, said,
“Fans can get those points and put them in their wallets and experience it all on the blockchain platform.”
He added that the asset, dubbed Kings Token, will be paired with a new predictive gaming platform, created with the hope of sports betting becoming legal in California. In May 2018, the US Supreme Court had overturned a previous federal restriction that prohibited this activity.
The creation of the Kings Token is done in collaboration with Blockparty, a blockchain-based platform for ticketing events. Vladislav Ginzburg, the chief development officer for Blockparty, commented that there’s a place for blockchain technology in “the entire event experience,” regardless of if it is “a sports game, music festival, or Broadway show.”
Presently, Shiv Madan, the CEO of the platform, states that Blockparty is working on a case study with this project, which could end up being shared with other teams in the NBA with its success.
In 2014, Bitcoin started being accepted in the Kings’ area, which is was the first sports team to make this opportunity available. Last year, the Kings made big moves again, establishing itself as the first professional sports team to start mining cryptocurrency with MiningForGood, an operation that donates all of the fund that they bring in to charity.
Consumers will be able to use the Golden 1 Center app, which shows how fans are engaging and accumulating points, to see their token wallet. The fans also have an opportunity to earn rewards with the use of the predictive gaming platform, while redeeming points. Some of the opportunities for point redemption include access to exclusive events, courtside tickets, and signed merchandise.
Even though the token will only be available for use with the Golden 1 Center arena, the ERC-20 will run on Ethereum. There won’t be an opportunity for trading with other currencies, but QR codes will be available for point redemption and to confirm transactions with a block explorer. Presently, the token is scheduled for launch with the Kings’ opening night, which is October 25th.
In the future, the users of this token may end up being able to transfer tokens and earn rewards at partners of the basketball team, according to Ginzburg. The executive added,
“This is a mass adoption story. 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.”