Sacramento Kings Basketball Club will issue its own cryptocurrency token

Sacramento Kings basketball club serving in the NBA was the first professional sports team in the United States to develop a cryptocurrency token to encourage fans.

According to Ryan Montoya, Sacramento Kings CTO, “fans of the team will be able to earn reward points, put them in their wallets and use them on a blockchain platform designed to await the legalization of sports betting in California.”

Kings Token was developed in conjunction with the blockchain platform for selling Blockparty tickets. According to Vladislav Ginzburg, Director of Development at Blockparty, “blockchain plays an important role in organizing events, whether it’s a sports game, a music festival or a Broadway show.”

Blockparty CEO Shiv Madan said the company is preparing a report on the results of the project’s launch, in the hope that, if successful, other NBA teams will want to implement similar initiatives.

Tokens will be stored in a wallet added to the Golden 1 Center application, which tracks the involvement and accumulated points of fans. Users will be able to receive rewards through the gaming platform for forecasting and use these points to access unique events, limited items or purchase tickets in the front rows.

First, the ERC-20 standard token issued on the Ethereum blockchain can only be used on the Golden 1 Center sports arena. Although fans will not be able to exchange tokens for another currency or own a private key, using the QR code to exchange points, they will be able to see the confirmation of transactions through the block explorer. The official launch of Kings Token is scheduled for October 25th.

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Ginsburg added that in future iterations, users will be able to transfer tokens and receive rewards when buying lunches at nearby restaurants.

“Our goal is the massive introduction of technology. Forty-one games and 20,000 people, most of whom do not own any cryptocurrencies. After installing the Golden 1 Center application, they will receive ERC-20 tokens and a wallet for transactions with them. ”

Recall that in 2014, Sacramento Kings began accepting bitcoin as a way to pay for tickets and souvenirs. Since then, many sports teams around the world have begun to take advantage of the blockchain and cryptocurrencies.

In July, the Miami Dolphins football team began accepting payments in LTC, and in June, the Portuguese football club Benfica began selling souvenirs for cryptocurrencies. At the end of April, West Ham United football club launched a fan token, and Real Madrid began using Fantastec blockchain to host content.