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Regardless of the amount FUD that has been surrounding the cryptocurrency space the past few months, there is one thing that is for certain… blockchain technology is here to stay. With some of the juggernaut companies, such as Facebook and Starbucks, engaging in the implementation and utilization of the blockchain, it is apparent that we will continue to see an uptick in its usage. Being a former football coach and player, I have pondered how blockchain technology could be integrated in the sports sector.
Well, the time has come. A 52 year-old CEO of CrownThrown Inc by the name of Dan Nissanoff, is working to create the first professional fantasy football league that will be backed by the blockchain. Nissanoff is hoping to raise $100 million dollars to create the Crown League, a professional fantasy football league consisting 12 franchises representing key geographical markets throughout the United States.
The Crown League will have similarities to a traditional fantasy football league, in terms of drafting and selecting starters, but the major difference is that each of the 12 teams will be operated by professional managers and fractionally owned by communities of individual investors of the Crown League digital tokens. This approach will allow for fantasy football fans to come together through ownership stakes in the same professional teams. Those who hold these tokens will have the ability to collectively govern their respective team. Each “owner” will have specific access to their teams’ digital channels, that will allow them to collaborate in strategy with fellow owners. Each team will have a General Manager and front office staff responsible for the day-to-day operations.
The tokens needed for ownership will be listed and traded on regulated ATS exchanges where they can be bought and sold at any time. Each franchise will have the opportunity to earn more tokens by winning their weekly match ups, reaching statistical benchmarks, and their end of the season standings. At the close of every season, each owner will receive their share of profits generated from sponsorship, advertising, merchandising, licensing, event ticket sales, etc. The better your franchise performs, the more, tokens it will earn.
The Crown Leagues wants to leverage the blockchain to help evolve the game into a new paradigm that blends gaming, investing, being a fan, and franchise ownership. The blockchain “provides a foundational structure that allows a potentially massive population of participants to govern the league through consensus – including voting on management, team strategy, rules, distributions, and more”. Blockchain technology could also be utilized to record scores and team standings.
As mentioned earlier, the Crown League will be working towards raising $100 million dollars through an ICO. The pre-sale will begin this week for $1 a token through the Simple Agreement for Future Tokens fundraiser. Following the pre-sale, there will be a series of 12 “micro-ICO’s” of $5 million apiece.
The platform will launch it’s testnet in December of 2018 with the expectations of its season starting in fall of 2019. For more information you can visit the Crown League website.
I will not hold my breath for this project and will certainly not participate in the ICO, but I want to see if it has the interest and the legs to take off! Make sure to follow me on twitter, @CoachCryptos!