Former NBA Commish David Stearn backs SportsCastr's cryptocurrency for the Sports Industry
SportsCastr introduces decentralized sports entertainment ecosystem backed by NBA Commissioner Emeritus David Stern, NFL Tight End Vernon Davis, and NCAA Coach Jim Boeheim
SportsCastr, announced FanChain, a cryptocurrency specifically created for the sports industry. The Company is backed by NBA Commissioner Emeritus David Stern, NFL Tight End Vernon Davis, Syracuse Men’s Basketball Coach Jim Boeheim, NBA All-Star Steve Smith and more. SportsCastr’s FanChain will create a decentralized sports entertainment ecosystem to connect a fragmented landscape, aligning the interests of fans, athletes, teams, leagues, and media entities.
Fans rely on social media for authentic reactions during sporting events, and market research shows that younger demographics prefer receiving commentary directly from other fans versus on traditional broadcasts. The cable broadcast market has experienced a massive shift as digital natives increasingly rely on YouTube, Facebook, Twitter, and Amazon to watch live sports. This shift toward digital-first distribution platforms allows for commentary from fans to be integrated directly into sports live streams through SportsCastr, opening the door for cryptocurrency-based incentives and solutions.
“We launched SportsCastr in alpha last year to let sports fans provide color commentary on live games straight from their couches to anywhere in the world, and continue to add features to revolutionize the fan viewing experience,” said Kevin April, CEO and Co-Founder of SportsCastr. “Developing a cryptocurrency to power and build this ecosystem is the natural next step, and we’re excited to introduce this to our partners and millions of sports fans globally.”
Built specifically for the global sports market, the FanChain token has the ability to be “stamped” with metadata that associates it with teams, leagues or sporting events. This allows SportsCastr and other members of the FanChain ecosystem to reward fans for creating value for their favorite teams, and enables brands and organizations to target and reward their most passionate fans. Users will be able to exchange their tokens for rewards, prizes and access, including subscriptions to premium channels and content, digital goods, and sports memorabilia for the teams and leagues they follow.
“It’s all about personalization and inter-connectivity,” said David Stern, NBA Commissioner Emeritus and SportsCastr advisor and investor. “FanChain can act as the bridge between existing sports properties, which currently have no way to talk to each other.”
FanChain will be integrated first on the SportsCastr platform, allowing users to tip color commentators, pay for premium subscriptions, and access exclusive content. FanChain’s enterprise-grade SDK will allow its technology to be integrated with online publications, fantasy sports, social networks, sports teams, leagues, and stadiums.
The FanChain token leverages a unique combination of fungible and non-fungible characteristics that enables team loyalty to be embedded within individual tokens, which can be produced and transmitted across multiple platforms. The FanChain token will be available in private presale beginning in June 2018, with a public sale tentatively planned for summer 2018.