Slam Dunk! Sacramento Kings Introduces Blockchain-Powered Crypto Rewards Program (Bitcoinerx)
The Sacramento Kings NBA team is introducing a cryptocurrency rewards program powered by blockchain technology.
Sports offer a welcome diversion from everyday life as people root for their favorite team. One intriguing aspect of sports is how some teams look to use technology to enhance their chances of winning or provide a more entertaining experience for their fans. The use of studying film changed game preparation forever, and more teams are adopting analytics into their decision-making when choosing which play to call. The Sacramento Kings of the NBA is one such team that is using innovative technology like virtual currency, as can be seen by their announcement of a blockchain-powered reward program.
Using the Blockchain
The reward program for fans of the Sacramento Kings is based around the NBA’s “Call the Shot” predictive gaming platform. The NBA team partnered with Blockparty to create the reward program, which works by having fans accumulate points within the team’s Sacramento Kings + Golden 1 Center app.
The app tracks fans’ engagements and places points (in the form of a cryptocurrency token called a King Token) into the user’s in-app wallet. These tokens can then be redeemed for special prizes, such as courtside tickets or autographed merchandise, and special events.
This reward program, powered by blockchain technology, is a first in the NBA. If successful, other teams may institute similar programs of their own.
Vivek Ranadivé, Sacramento Kings CEO and Chairman, says:
We have only just begun to see the benefits of blockchain technology as it transforms the way business is conducted worldwide, ensuring secure transactions across multiple sectors and customers.
We are committed to continuing to deliver the best fan experience and are excited to bring this transformative technology to life to award our loyal fans through experiences in a secure and transparent way.
Sacramento Kings Bullish on Crypto and Blockchain
This is far from the first cryptocurrency endeavor the Sacramento Kings has been part of. The NBA team was the first in the league to accept Bitcoin payments at their arena back in 2014.
Last year, the team instituted a cryptocurrency mining program called MiningForGood. The team installed crypto mining machines at their advanced data center to mine Ethereum. The cryptocurrency mined is to be used to support workforce development and technology education programs throughout Sacramento.
It should be noted that the NBA does have limits when it comes to cryptocurrency. It recently put the kibosh on Spencer Dinwiddie of the Brooklyn Nets from tokenizing his contract. He had planned on selling shares in his NBA contract via “$SD8” tokens and then offering a guarantee of a few percentage points for token holders over the course of his career. The league was quick to respond as they shot the proposal down, saying it violated the collective bargaining agreement.
Images courtesy of the NBA and Flicker/Michael Tipton.
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