Sports live-streaming service SportsCastr is launching its own cryptocurrency to encourage engagement and reward viewers.
SportsCastr announced on Wednesday that it has teamed up with the FanWide platform to create its own cryptocurrency. The new FanChain token will be made available on FanWide, which a free service for sports fans to use to find watch parties for pro and college games and events across the United States. The live-streaming service is supported by the NFL Players Association.
SportsCastr says the tokens can be earned at sports bars on FanWide’s network in the United States and will be redeemable for cash. A wallet for the tokens, called FanWallet has also been set up by the company.
FanWide has created more than 1.5 million watch parties and is the official fan club network of teams in the NFL, LaLiga and a variety of other sports. This rollout represents one of the largest real-world deployments of blockchain, and it’s only the beginning.
SportsCastr and FanWide hope to grow the usage of FANZ to local bars and venues in future, where they would accept the tokens in exchange for discounts, drinks .
According to the FanChain website, “FANZ can also be sent from any ethereum wallet and that the token is ERC-20 standard compliant.” It is also stated by FanChain on their website that the supply has been capped at 600 million tokens.