Sacramento Kings CTO: Fans Won't Spend Bitcoin When Prices Are Rising

In 2014, the NBA's Sacramento Kings became one of the first major sports teams to offer Bitcoin as a payment option to their fans. A recent interview revealed some interesting anecdotes about the Kings' involvement in the cryptocurrency startup process.

Extensive Involvement in the Blockchain Space

According to an interview on November 21st, Ryan Montoya, the Chief Technology Officer of the Kings, stated that when Bitcoin payments were first introduced, fans were very excited, but at that time the price of Bitcoin was only $800. He noted:

Fans from all over the world were buying jerseys, tickets, and various merchandise with Bitcoin. We even had Bitcoin ATMs on stage, but when the price of Bitcoin surged to $1,200, they would stop using Bitcoin for payments.

However, Montoya remains optimistic, stating that despite the appreciation of Bitcoin potentially reducing purchasing power, the Kings are still extensively involved in the cryptocurrency and blockchain space. He expressed:

Innovation is inevitable; it's part of our team's DNA.

Montoya also mentioned that fans continue to use Bitcoin to purchase season tickets and believes that integrating blockchain can reduce friction in fan engagement.

In addition to accepting Bitcoin payments, the Kings have partnered with the blockchain platform Blockparty to launch the predictive gaming app "Call the Shot" with an embedded rewards program.

Blockchain Education Promotion

In June 2018, the Kings collaborated with mining service provider MiningStore to launch a program called MiningForGood, mining Ethereum at the center of the arena as a promotion for blockchain education and workforce development, donating all proceeds to educational scholarships. Montoya stated:

We use this program to engage with the community and teach young people about the importance of STEM education and blockchain. Students in Sacramento should now understand that this is a cool technology.

Furthermore, the Kings have ventured into crypto collectibles through a partnership with CryptoKaiju, offering interactive treasure hunt games to their fans with 15 rare items, including perks like live Kings game seats and VIP tours.

It is understood that the Kings' blockchain-based rewards program was launched in October and has been integrated into the team's predictive game "Call the Shot." Fans can earn blockchain tokens and redeem them for related merchandise.

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