Famous NBA side Sacramento Kings are working towards the release of a new crypto token that fans can earn and redeem for benefits such as access to unique events, signed merchandise or courtside tickets.
Per a report by Coindesk, the new King Tokens expected to launch on opening night on Oct 25, would pair a predictive gaming platform that the club developed with the hope that authorities in California will soon legalize sports betting in the state.
The club’s Chief Technology Officer, Ryan Montoya, further explained how fans would engage new crypto token, telling the news publication that fans can store the Ethereum-based tokens within a token wallet added to the team’s Golden 1 Center app, which tracks fan engagement and accumulated points.
Montoya reportedly said that “fans can get those points and put them in their wallets and experience it all on the blockchain platform.”
Meanwhile, Vladislav Ginzburg, the chief development officer of Blockparty, the firm which Sacramento Kings partnered for the project, detailed how the tokens could find further application in the sporting space.
“In our opinion, the blockchain has a role in the entire event experience. Whether it’s a sports game, a music festival, or a Broadway show.”
The firm’s CEO, Shiv Madan on his part, noted that they’re putting together a case study of the ongoing project with Sacramento kings, with one eye on passing the crypto token rewards to other NBA teams, if the current venture turns out as successful.
Although the crypto-related rewards program by Sacramento Kings could find success, a more complex project planned by Brooklyn Nets star, Spencer Dinwiddie has met resistance from NBA officials
As Stmarket.co reported last week, the association issued a statement noting that a plan by Dinwiddie to tokenize his $34.4 million contract with the Nets goes against the league rules, and thus would not be approved. Dinwiddie, however, confirmed in a followup that he is set to meet with league officials to convince them about his move.