Football league partners with blockchain company
Blockchain technology has started to be implemented — or set to be implemented — in many industries, such as finance and retail to name a few, and more will industries are set to jump on the bandwagon. And now it seems the technology is going to be implemented in sports, more specifically, in arena football.
The Fan-Controlled Football League (FCFL) an arena football league that bills itself as the sports league for the digital age, has partnered with New Alchemy, a Seattle-based blockchain consulting group to implement a blockchain token system. The FCFL and New Alchemy will work jointly to launch the league’s token, called the FAN token, and help it develop its blockchain ecosystem.
The tokens are of grand importance as the football league — which launches in early 2019 — will be controlled by fans, meaning the fans pick the general managers, players and even call the plays. And this is where the tokens come into play the more tokens a fan collects, the more decision power they’ll have to make decisions.
Speaking to GeekWire, Sohrob Farudi, one of the co-founders of FCFL said there were three reasons why the league wanted to implement blockchain.
- Voting transparency
- Digital collectibles
“We’re letting fans dictate the careers of coaches and players, and the plays on the field. We need to be able to provide true transparency in the voting process so there are no questions about the results,” Farudi said on the matter of voting transparency.
For tokenization purposes, Farudi said since FCFL is a real-life video game, it made sense to use blockchain technology to power the tokens adding that the league is “tokenizing voting power in the league so the more FAN tokens a fan owns/earns, the more voting power the fan will have.”
As it relates to digital collectibles, blockchain will assist FCFL in “creating non-fungible digital ‘collectible tokens’ for each player, similar to trading cards.”
Farudi added that FCFL is working with New Alchemy to incorporate the collectible player tokens into fantasy sports games for the league.
“We are thrilled to be working with the FCFL to help bring their ideas to life,” Managing Director of New Alchemy Peter Vessenes said in the press release. “As a strategic partner and investor, we are excited to help trailblaze the future of sports by enabling fans from all over the world to experience managing a real team and see a direct impact from their decisions.”
Aside from working on the blockchain, Farudi said New Alchemy is also an investor in the league making a low seven-figure investment.