Digital currency is primary pillar to engage in Fan-Controlled Football League
The Fan-Controlled Football League is banking on the idea that digital currency will provide new meaning to the fan experience.
The FCFL’s fan token system will allow fans to buy or invest in teams and the league, and to call plays or make decisions collectively. The tokens are similar to bitcoin in that they will be digital currency.
Peter Vessenes is driving this aspect of the FCFL’s business. He’s a pioneer with both bitcoin and blockchain technology, which is the network that manages digital currency exchanges.
Vessenes launched his first bitcoin company, CoinLab Inc., in 2011 and was a co-founder of the Bitcoin Foundation back in 2012 when crypto currency was in its infancy. Now he’s bullish on using the technology for the fan experience and fan ownership or control of teams and sports leagues. Vessenes has put a new “low seven figures investment” in the FCFL and its fan token system. “Those seem like experiments worth doing,” he said.
FCFL aims to be an eight-team football league where fans can call plays, pick players and coaches, and design logos. It plans to launch in 2019. The league sees the digital token system as the best way to provide transparency to decisions made by fans.
Sohrob Farudi, FCFL’s CEO and co-founder, said the fan-based venture has a goal of raising $30 million from the sale of tokens. The tokens are expected to be priced around 1 cent each, but pricing may vary. After that presale of tokens is complete, the only way fans will be able to acquire them is by interacting with teams such as by voting on logos, providing scouting reports or watching content.
Farudi said Vessenes’ investment opens up his fan experience and fan-controlled venture to a whole new technology and investor class. He said he’s next headed to Singapore to talk to Asian investors about the venture.