Blockchain’s emergence has opened a multitude of doors in the sports universe for applications in fitness, ticket exchanges, and buying concessions at venues. On Thursday, a company called Unblockable announced plans to launch new crypto coins whose value will be tied to real athletes and their performances.
The startup announced in a press release that fans will be able to buy tokens representing individual athletes, and then collect, trade, and use those tokens to play games and engage in experiences.
“What we’re trying to do is bring sports to the blockchain in a very thoughtful, authentic approach by sports experts and serial entrepreneurs who are looking at this new category as a way to really enhance and empower the fan-athlete relationship,” said Jeb Terry, Unblockable‘s CEO.
Terry, a former FOX Sports emerging technologies executive, is one of a number of experts leading the charge. He is joined by Greg Dean, Eben Smith, and Kedric Van de Carr, who have years of tech and finance experience, as well as Ronnie Lott, who will lead the company’s advisory panel. Lott is an NFL Hall of Famer and four-time Super Bowl winner with the 49ers. Initial funding of $5 million comes jointly from Shasta Ventures and Lightspeed Venture Partners.
According to Terry, the tokens, which will launch later this year, are designed for utility and engagement with games such as fantasy. The tokens will exist in the blockchain, an encrypted register which will verify each coin.
“[The blockchain] is really able to authenticate and verify that this virtual good is a scarce, unique, virtual asset,” Terry said.
“We’re not looking at trying to change the way fans can buy a jersey or buy a bat,” Terry said. “It’s a new type of collectible where fans can actually share and show off their fandom in a more virtual way.”
The tokens will represent individual athletes. They will perform in the virtual ecosystem depending on how their corresponding athlete performs on the field. And fans will be able to buy, sell, and trade tokens in the soon-to-launch marketplace.
Unblockable is currently focused on developing out its own gaming environment. Terry envisions fans will have to own a player’s token to use that player in the games. Partnerships with mainstream fantasy games could come further down the road.