Former NBA Commissioner David Stern backs new fan streaming blockchain from SportsCastr. (Photo by Mike Young/Getty Images)
SportsCastr, a livestreaming platform that enables fans to act as sportscasters during live sporting events, is launching a cryptocurrency. FanChain will power a decentralized sports entertainment ecosystem and reward fans for producing content.
Backed by former NBA Commissioner David Stern, NFL Washington Redskins tight end Vernon Davis, and Syracuse University men’s NCAA basketball coach Jim Boeheim, FanChain will be “stamped” by metadata so that fans can be rewarded for the live streams they produce about their favorite teams.
Content produced on SportsCastr will be linked via blockchain to certain teams, leagues or events so fans can be rewarded for creating value. Users will be able to exchange tokens for rewards, prizes and access, including subscriptions to premium channels and content, as well as digital goods and sports memorabilia for the teams and leagues they follow.
In a statement, SportsCastr said it hopes the token helps to “connect a fragmented landscape” and align the interests of fans, athletes, teams, leagues, and media entities.
“It’s all about personalization and inter-connectivity,” said Stern, who serves as both as an 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 within the SportsCastr platform, where users will be able to use the cryptocurrency to tip commentators, pay for premium subscriptions, and access exclusive content. Through SportsCastr’s SDK, tokens can also be integrated with third-party online publications, fantasy sports sites, social networks, and within the ecosystem of sports teams, leagues, and stadiums so that content can be more widely distributed.
“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 SportsCastr CEO Kevin April. “Developing a cryptocurrency to power and build this ecosystem is the natural next step.”
The FanChain token will be available in private presale beginning this month, with a public sale tentatively planned for later this summer.
SportTechie Takeaway
SportsCastr is among the companies, such as Twitch, banking on a shift in the way people consume media. Consumers are increasingly turning to amateur broadcasters, as opposed to out-of-the-box media giants and broadcasters, for personalized experiences. This has fueled a wave of second-screen services that fans often use while simultaneously watching live sports. Blockchain enables these content producers to be more directly rewarded for the effort they contribute.
SportsCastr’s FanChain allows for commentary from fans to be integrated directly into sports live streams, which could further enhance the digital streaming market as fans increasingly consume sports from their mobile devices.
