Former NBA Commissioner David Stern, has come out of retirement to campaign for the involvement of cryptocurrencies and blockchains in the sports industry.

Mr. Stern, who significantly increased the popularity of the NBA in the 1990s and 2000s, said that he used to believe that cryptocurrencies and blockchains were a “modern day version of the tulip frenzy that would come to nothing and fizzle out”. However, he later “came to understand that blockchain technology had much to offer with respect to a range of transactions in many different industries, like the sports sector”.

David Stern has backed FanChain, developed by SportsCastr, since it aims to connect sports fans to their passions. They recognized that many fans follow a specific team rather than a whole league. Thus, they want to ’embed’ fan loyalty into ERC20-compliant tokens and then “‘stamp’ with metadata to associate digital tokens with specific teams, leagues or events”. Their goal is to compensate fans for creating content for their teams, which is then associated with that token and can be spent on their team’s rewards, prizes, premium access, digital goods, and even physical tickets and memorabilia. The organization wants to connect individuals to their passions that have previously been hard to reach other than through social media likes, favorites, shares, etc.

Evolution of making connections

Before the most recent turn of the century, most individuals were cordoned off from athletes, celebrities, politicians, etc since the only way to access them was through gatekeepers such as the press. Social media changed that dynamic by allowing famous individuals to interact directly with their fans and vice versa. Now, cryptocurrencies are poised to take that to the next level by granting ever more connections between individuals.

Fans currently support their teams and favorite athletes via social media, but other than getting likes, favorites, or comments their applause, criticism, and content is otherwise forgotten in the void of the internet. Only after a fan has curated significant clout can they then capitalize on that momentum to economically benefit themselves and create improved content. However, involving cryptocurrencies allows fans, commentators, and athletes to receive real-time economic signals from the community on what is quality and appreciated commentary and thus replicate that content. Stemmit is a good comparison since the platform compensates content creators and curators, alike, for their work. Cryptocurrencies applied to sports have the ability to harness the raw passions that humans typically display with competitive events.

Dash is already servicing the sports sector through connections

Dash is very familiar with the sports sector since Dash has a wide range of partnerships throughout the industry. There is Dash Aerosports that bring Dash to thrill seeking flight show attendees as well as TV audiences. Dash sponsors MMA fighters Rory MacDonald and Davis Don Santos to introduce Dash to viewers around the world. Additionally, Dash sponsors development programs for younger individuals such as the Dash Leopards in Africa, which connects and helps individuals on a more personal level. Aside from Dash helping these athletes directly through new forms of funding, Dash is connecting the athletes to their consumers. In order to get funding, these athletes have to win budget proposals within the Dash treasury system and to do that, they have to convince the community that they are using the funds wisely and advancing Dash. This incentivizes the athletes to interact with their fan base to get feedback, make sure their fans are happy, and encourage them to use Dash.

In general, Dash is able to increase connections between individuals because of a unique combination of its community and blockchain attributes. First, the Dash community is very open and cooperative to fostering innovation, which leads to a willingness of communication between previously unknown individuals. Second, Dash has a unique governance and incentive system that allows and encourages a consensus to be achieved relatively easily, which blockades many negative emotions that are natural to humans. These combined features allow Dash to facilitate passionate cooperation and connections between individuals that were either unachievable or much harder without a proper economic incentive system.