Even David Stern is Jumping into an ICO
News broke yesterday that former NBA Commissioner, David Stern, would be backing a sports streaming ICO. The company is called Fanchain, a cryptocurrency ecosystem built around sports entertainment.
Stern’s legacy is one underpinned by his business saavy. He brought the league into prominence and made it into the true moneymaker that it is today. Stern is now jumping into the ICO market to back a cryptocurrency platform that brings a personal touch to the sports experience and gamifying fandom.
According to the company, Fanchain is built with ERC-20 compliant tokens stamped with metadata for specific teams, leagues and events. FanChain will be integrated first on the SportsCastr platform, allowing users to tip color commentators, pay for premium subscriptions, and access exclusive content.
The use of cryptocurrency allows SportsCastr and other members of the FanChain ecosystem to reward fans for creating value for their favorite teams, while enabling brands and organizations to target and reward their most passionate fans. Essentially, the platform allows those watching sports to only select what commentary they listen to and provide their own commentary on an event like an evening halftime show. Announcers are then awarded with tokens that can be exchanged for digital purchases. The company’s ICO will launch later this summer.
“It’s really all about personalization and inter-connectivity. FanChain can act as the bridge between existing sports properties, which currently have no way to talk to each other,” Stern said. “FanChain holds the promise of a currency for a specific industry, which can include everything from eSports to ticket purchases to rewards typically seen for broadcasters or players and even to sports betting. I’m also greatly interested to see whether there is more to the use of tokens in our industry then simply buying tickets or measuring interests.”
On a personal level, Stern added:
“My initial thoughts about Bitcoin and blockchain were that we were witnessing a modern day version of the tulip frenzy that would come to nothing and fizzle out. I then came to understand that blockchain technology had much to offer with respect to a range of transactions in many different industries, like the sports sector.”
Stern isn’t the only investor, and the roster of backers extends to some of his peers from the professional sports industry, including NFL player Vernon Davis, Syracuse University Head Coach Jim Boeheim, retired NBA all-star Steve Smith and others.