Live streaming platform SportsCastr today announced the token sale launch of FanChain, a cryptocurrency developed for the multi-billion dollar sports industry.

The FanChain token powers a decentralized sports entertainment ecosystem to align the interests of fans, athletes, teams, leagues, and media entities. The project is backed by NBA Commissioner Emeritus David Stern, NFL Tight End Vernon Davis, Syracuse Men’s Basketball Coach Jim Boeheim, NBA All-Star Steve Smith and more. SportsCastr’s FanChain token will be available to early contributors through a private token sale beginning June 30, 2018, on QRYPTOS.

Fans rely on social media for authentic reactions during sporting events, and market research shows that younger demographics prefer receiving commentary directly from other fans versus on traditional broadcasts. The cable broadcast market has experienced a massive shift as digital natives increasingly rely on YouTube, Facebook, Twitter, and Amazon to watch live sports.

This shift toward digital-first distribution platforms allows for commentary from fans to be integrated directly into sports live streams through SportsCastr, opening the door for cryptocurrency-based incentives and solutions.

Built specifically for the global sports market, the FanChain token has the ability to be “stamped” with metadata that associates it with teams, leagues or sporting events. This allows SportsCastr and other members of the FanChain ecosystem to reward fans for creating value for their favorite teams and enables brands and organizations to target and reward their most passionate fans. Users will be able to exchange their tokens for rewards, prizes, and access, including subscriptions to premium channels and content, digital goods, and sports memorabilia for the teams and leagues they follow.

FanChain will be integrated first on the SportsCastr platform, allowing users to tip color commentators, pay for premium subscriptions, and access exclusive content. FanChain’s enterprise-grade SDK will allow its technology to be integrated with online publications, fantasy sports, social networks, sports teams, leagues, and stadiums.