How the Sacramento Kings Led the Crypto Revolution in Professional Sports
The Sacramento Kings broke the crypto barrier for professional sports in 2014 by accepting Bitcoin as payment for tickets and other merchandise.
Majority team owner Vivek Ranadivé purchased the Kings in early 2014 and deemed his business philosophy as NBA 3.0. Ranadivé’s goal was to make the fan’s experience seamless by investing in the newest advances in technology…which included Blockchain and Cryptocurrency.
“We are maniacally focused on creating the most seamless experience for our fans in all facets,” said Ranadivé. “With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets. A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is yet another step in that process.”
“We make it easy for businesses like the Sacramento Kings to accept bitcoin as a form of payment both in-person and online,” added Tony Gallippi, co-founder, and CEO of BitPay. “As the first professional sports team to accept bitcoin, the Sacramento Kings continue to show that they are at the intersection of sports and technology.”
Nearly four years later the Kings are still at the forefront of innovations that are backed by blockchain technology.
In June, the Kings’ arena — Golden 1 Center — became one of six stadiums (4 NBA and 2 NHL) to announce that they would compensate fans with cryptocurrency for pictures, videos, and other content created within the confines of the arena.
The other five areas: the Minnesota Wild’s Xcel Energy Center, the New Jersey Devils’ Prudential Center, the Antonio Spurs’ AT&T Center, the Indiana Pacers’ Bankers Life Fieldhouse, and the Phoenix Suns’ Talking Stick Resort Arena.
Fans who submit their content to the KODAKOne Platform produced will be paid in KODAKCoins. KODAKCoins can be used in the stadiums for merchandise and other product promotions.
Additionally, the Kings announced on June 27 that they would be the first professional sports team to mine cryptocurrency. The Golden 1 Center’s advanced data center will be used to mine cryptocurrency, which will back a multi-year scholarship program to support Sacramento-based causes.
The Kings will mine Etherum cryptocurrency using MiningStore Imperium model machines.
“The Sacramento Kings are pioneers in exploring cryptocurrency and its potential impact,” said MiningStore Founder JohnPaul Baric. “We’re thrilled to partner with a forward-thinking organization that looks for ways to create positive change — through technology or sports.”
Another matter the Kings can address this offseason is how they can capitalize on sponsorship inventory that goes unsold. On average, 5–50 percent of a professional sports team’s sponsorship inventory goes unsold each season. Franchises lose millions of dollars in revenue each season because facilitating sponsorships is an elongated process. There needs to be an Expedia for sponsorships in professional sports…and Instant Sponsor will now provide a solution to pain points in the sports sponsorship industry.
Instant Sponsor has created the first ever sponsorship platform that facilitates sponsorships between rights holders and sponsors through blockchain technology and smart contracts. Additionally, Instant Sponsor gives professional sports teams the ability to list their sponsorship inventory and be purchased in real time through the platform by eager brands looking for sponsorship opportunities.
The Campaign Consultant feature on the Instant Sponsor platform will match rights holders — like the Kings — with the potential sponsors who fit their criteria and will not overlap with existing team sponsors. Furthermore, Instant Sponsor will deploy smart contracts to ensure transactions between rights holders and sponsors are seamless and honorable.
For more crypto news and company information, please visit the Instant Sponsor Telegram Group.
