Former NBA Commissioner David Stern Just Made a Bet on Cryptocurrency

Before stepping away in 2014, David Stern was the commissioner of the NBA for nearly 30 years.  He oversaw the league as it grew to heights in profits and popularity. David Stern knows as much as anyone about adapting a billion dollar company to a changing technological world.

During his time as commissioner, mass media was growing and fans became exponentially hungrier for content. As Stern began his career leading the NBA, the 24 hour news cycle was still a new concept. He then cultivated NBA broadcasting through the birth of the internet and witnessed first hand the growing demand for live unscripted content. By the time Stern was ready to retire the technological world was completely different than when he first started and cryptocurrencies had already burst onto the financial scene.

Now Stern is attempting to influence live sports and the way it is consumed in a new way. He is jumping on the blockchain train and backing SportsCastr, a sports media platform and its token FanChain.  According to the team at SportsCastr, the platform will provide users with means to not only connect with broadcasters, but also be the broadcaster.  FanChain will power this decentralized sports entertainment economy and allow users to pass value between each other and with teams and leagues as well.  

The former NBA Commissioner told Rachel Wolfson of Forbes:

“My initial thoughts about Bitcoin and blockchain were that we were witnessing a modern day version of the tulip frenzy that would come to nothing and fizzle out. I then 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. However, I still have trouble understanding why Bitcoin, Ethereum, Ripple — or the unlimited number of new issues — can have such untethered value.” 

Stern admits that he doesn’t fully understand the underlying technology behind bitcoin and other cryptocurrencies, but still believes that a giant tech boom is about to take place.  He also made it clear that he is aware of the pitfalls in the crypto space, and said that he welcomes regulatory action in the sector to weed out scams and offer some protection to investors.  

Recently while appearing on Bloomberg Markets, David Stern said that a coming tech explosion will disrupt multiple industries.  In regards to the broadcasting of sports and other live events, Stern suggested that in the not too distant future, viewers would be able to choose the commentary they wish to hear.  He explained that the viewers could personalize their experience and adjust the broadcast to the way they prefer to watch and listen. His prediction sounds like what SportsCastr is trying to accomplish.

SportsCastr aims to bring fans closer to the game by connecting them directly to broadcasters and athletes.  David Stern thinks the project will change the way live sports are consumed and that the token that powers it all, FanChain will be used for a multitude of features.

Stern asserted, “FanChain holds the promise of a currency for a specific industry, which can include everything from eSports to ticket purchases to rewards typically seen for broadcasters or players and even to sports betting.”

The company’s CEO and Co-founder Kevin April, said that the use of cryptocurrency allows a higher flexibility than traditional fiat methods of payment.  

“I believe that SportsCastr users should build value within the platform and cryptocurrency allows for compensating users, as opposed to what fiat currency has previously allowed.”

April said that the team at SportsCastr founded the project “to let sports fans provide color commentary on live games straight from their couches to anywhere in the world,” and  promises to “continue to add features to revolutionize the fan viewing experience.”

Writer, producer, cryptocurrency enthusiast.

Tagged

Leave a Reply

Your email address will not be published. Required fields are marked *