Singapore-based crypto startup Sportzchain has announced plans to create a platform for Indian kabaddi fan communities to interact, as well as issuing Pro Kabaddi League fan tokens.
The national sport, with its thousand-year history dating back to ancient India and South Asia, has become the second largest spectator sport in the country, just behind the Indian Premier League in cricket. Since 2014, regular competitions have been held in the country for professional teams that are part of the Indian Pro Kabaddi League clubs.
Given the popularity of the sport among millions of Indian fans, Singapore-based crypto startup Sportzchain plans to “empower” kabaddi fans to actively interact with teams and participate in fan events.
“We want to create a decentralized platform for the kabaddi community to interact, where fans can influence team decisions, and the sports team will implement fan suggestions,” said Siddharth Jaiswal, co-founder of Sportzchain.
The startup is partnering with four Pro Kabaddi League teams – Tamil Thalaivas, Dabang Delhi, Bengal Warriors and Gujarat Giants. The fan engagement platform is built on the Polygon blockchain and operates on a B2B model. In July, the startup launched an alpha version of the app and began testing it with a focus group of kabaddi fans.
At the end of the test period, Sportzchain will publicly launch its own $SPN sports fan token, which is expected to list in September. 80% of the proceeds from the sale of $SPN will go to the teams’ budgets, while Sportzchain’s share will be 20%. Then it is planned to introduce elements of gamification, when users will be able to receive rewards during Pro Kabaddi League matches.
The global market capitalization of fan tokens is already exceeds $350 million. Alpine F1, Paris Saint-Germain, SS Lazio, Manchester City, FC Porto, and FC Barcelona were the most popular tokens in the industry as of August 11, according to CoinMarketCap.
As a reminder, this week leading UEFA Champions League football clubs, in particular Arsenal FC, received a warning from the UK Advertising Standards Authority (ASA), which advised football clubs to refrain from misleading promotion of fan tokens.
Source: Bits
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