The NBA’s Sacramento Kings unveiled the “Kings Token” today and become the first US professional sports team to develop a crypto token for fan rewards.
Fans of the NBA’s Sacramento Kings will now be rewarded with a blockchain-based token if they demonstrate sufficient “engagement.” The Kings Token is being developed jointly with blockchain-based event ticketing platform Blockparty.
Kings Tokens will exist within a token wallet added to the team’s Golden 1 Center app. Currently the app tracks the engagement and accumulated points of fans. Fans can earn rewards through the predictive gaming platform and redeem those points for access to unique events, signed merchandise or courtside tickets, for example.
The ERC-20 token will run on ethereum but will only initially be usable within the team’s Golden 1 Center arena. While fans won’t be able to trade the token for another currency or have a private key, they will be able to show a QR code to redeem points and see the confirmation of transactions through a block explorer. In testnet now, the Kings plans to launch the token by opening night on Oct. 25.