The FanChain token leverages a unique combination of fungible and non-fungible characteristics that enable team loyalty and affinity to be embedded within individual tokens, and which can be produced and transmitted across multiple platforms via a DApp-powered “minting” system. The decentralized and open-nature of the ecosystem allows it to be adopted by online publishers, fantasy platforms, social networks, sports teams, leagues, over-the-top (“OTT”) platforms, stadiums, and arenas — both online and on-location. FanChain is developed by SportsCastr for use on its platform and on other affiliated sports platforms or venues in which fans create value. SportsCastr’s FanChain ecosystem will include blockchain-powered digital goods, tips, premium subscriptions, and pay-per-view (“PPV”) functionality and an enterprise-grade SDK that will allow its technology to be integrated into existing OTT systems.
The Problem
The problem with the shift from fans as passive consumers to active content producers is that fans are not benefiting from the value they are creating for their favorite teams (and for other fans). Even though sports leagues are securing record-high distribution deals- and social networks are generating billions in revenue from user generate-content- fans have yet to be factored into the equation.
FanChain Solution
FanChain provides a framework in which fans are rewarded with a token that can be used within the sports ecosystem to which they contribute, and creates a feedback loop that incentivizes the community to contribute to the social conversation that they rely on for an optimal sports experience. FanChain introduces the concept of “Mints,” which are powered by a DApp and which allows third-party entities to distribute FanChain tokens that are stamped with a specific sports team, league or event.
FanChain aligns the interests of all stakeholders including fans, leagues, and media in several key areas:
Fans Are Rewarded For Supporting Their Favorite Teams
Fans earn FanChain tokens for sharing news, providing commentary and participating in the social conversation of their favorite team(s). Fans can then use their FanChain tokens to purchase goods, receive rewards, and access content from, for example, leagues, teams and media platforms.
Leagues And Teams Can Engage Fans In New Ways
Teams and leagues can offer rewards and access to their most engaged fans by targeting holders of their respective team-stamped FanChain tokens, and can accept FanChain tokens for merchandise or access.
Media And Sports Platforms Can Increase Fan Engagement
Online publishers, OTT platforms and social networks can distribute FanChain tokens to encourage participation and user-generated-content (“UGC”) that increases viewership, revenue and adoption.
The FanChain Ecosystem
The core FanChain ecosystem consists of FanChain ICO tokens, Mints, the FanWallet, FanExchange and FanPay. In simplest terms, FanChain works as follows:
A user creates content, or some other value, for a specific sport, team(s), game, league or related event on a UGC platform that is approved to be a Mint.
Note: The role of a Mint is to categorize content and stamp tokens. It cannot issue new tokens – only distribute tokens that are already in its possession.
The user receives FanChain tokens containing metadata that are “stamped” with the team(s), league(s) or sporting event that the user created content or value for as a reward.
FanChain token compatible wallets will show a user’s total balance of FanChain tokens, and additionally provide a visual breakdown of the stamps that are associated with their tokens.
This results in content/value-producers being rewarded with FanChain tokens that are unique to their favorite sports, teams, leagues (or other sports-related event).
Third-parties can then offer special discounts, access, digital goods, promotions and features to FanChain users who hold a certain number of stamped tokens of a particular team, league, or other sport related events and organizations
SportsCastr is in no way sponsoring or paying me to create this article, however, by entering the FanChain bounty program, I’m eligible to receive 200 FanChain Tokens from SportsCastr.
FanChain cryptocurrency is aimed at facilitating transactions in the global sports market. The NBA Commissioner Emeritus David Stern-backed project will launch its private token sale on June 30, 2018.
With FanChain, sports fans will get crypto rewards when they produce sports content such as live color commentary during sports events.
The FanChain private token sale event will be hosted QUOINE owned cryptocurrency exchange, QRYPTOS.
Interested participants are required to register and complete KYC processes on QRYPTOS to be eligible to participate. More information about the token sale can be found at https://qryptos.com/ico/FANZ
CEO of SportsCastr, Kevin April reiterated that:
“We are excited to offer the cryptocurrency community an early opportunity to participate in FanChain’s token sale through one of the leading licensed global exchanges. Our partnership with QRYPTOS provides us advantages that many token sales do not have the ability to reach thousands of potential contributors streamline participation, and provide access to an exchange soon after the conclusion of the public token sale.”
FanChain will, first of all, go live on the SportsCastr platform and users will be able to tip color commentators in Twitch style.
Sports leagues, media outlets, and others can take advantage of the FanChain platform to reward loyal audiences. They will be able to collect souvenirs, have access to exclusive content and more, with the FanChain token.
CEO and Co-founder of QUOINE, Mike Kayamori said that:
“FanChain aims to bring transparency and value to fans in the sports space using blockchain technology, and we’re excited to provide our customers with this exclusive opportunity to gain early access to their private token sale on QRYPTOS.”
Existing users of the QRYPTOS exchange will have a chance to purchase FanChain tokens at a very cheap rate.
Notably, US residents are not eligible to participate in the FanChain presale and details of the event can only be viewed by QRYPTOS users with a minimum of $1,000 equivalent in BTC, ETH, BCH or QASH.
The FanChain token was created for the SportsCastr platform and the global sports market. The token has both fungible and non-fungible features, which makes it an excellent choice for firms in the sports industry to use in rewarding fans and users. For more, visit www.fanchain.com.
The QRYPTOS exchange is the brainchild of the Quoine global Fintech firm. The firm has offices in Singapore, Japan and various other regions across the globe.
QUOINE launched the QRYPTOS exchange in June 2017, in a bid to serve its clients better. For more, visit www.qryptos.com
Website: www.fanchain.com/
Twitter: https://twitter.com/sportscastrlive
The Team: https://www.linkedin.com/company/sportscastr/
Email: molly@transform.pr
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