Even though they might seem like entirely different worlds, cryptocurrency, blockchain, and sports have found use cases within each other. One of the earliest examples of this was cryptocurrency and blockchain firms sponsoring sporting events as a means to drum up more publicity for themselves on the industry in general. However, blockchain has been a useful tool for supply chain tracking has now been used for authentication purposes for sporting merchandise by several sports teams and its application only seems to be expanding each year.
One of the latest examples of this expansion was an announcement on October 16, 2019 which stated that the Sacramento Kings, an NBA basketball team, would be partnering with Cryptokaiju to release a limited addition line of crypto collectibles.
Crypto Coming Soon
Cryptokaiju is a firm that creates ethereum-based Kaiju toys and they have been commissioned to create 100 limited addition toys for the 2019-2020 basketball season for the Sacramento Kings. Each toy comes with the nonfungible token which means no two are the same and by scanning the QR codes, information about them can be found on the the blockchain and ensures authenticity.
About 15 of the hundred toys will come with certain experiences attached such as courtside seats and signed merchandise and this is an extra incentive for consumers.
“We are thrilled to bring these unique, limited-edition collectibles and immersive experience to our fans. We are always looking for ways to be on the leading-edge of enhancing fan interaction, and this partnership with CryptoKaiju is an exciting opportunity to continue to employ technology that delivers innovative products and content to our fans,” said Sacramento Kings CTO Ryan Montoya.
The Sacramento Kings have been very enthusiastic about blockchain and cryptocurrency as in 2014, they partnered with Bitpay to become the first NBA team to accept cryptocurrency for their official store. Last week, they also announced a new blockchain reward program that will be launched on their official app and will be available for the upcoming season.
Hopefully, should be developments continue, other NBA teams will follow in their footsteps and crypto will see yet more application in another sector.