A new blockchain fantasy football league has announced it intends to launch an ICO, in the hopes of raising as much as $100 million to launch its product.
Startup Crown League is to launch the ICO to support the development of a professional fantasy football league, which will see 12 teams collectively owned by fans through its on-platform crypto tokens.
Similar in many respects to existing fantasy sports leagues, Crown League will see professional managers run the teams as singular uniform entities, with ownership spread across its customer base.
Chief executive of CrownThrown Inc., Dan Nissanoff, said the model would fix the “incredibly fragmented” nature of fantasy football in its current form.
“Nobody cares about other teams. All you can do is prognosticate who you can trade, who you can start, but you’re talking to millions of people who have their own teams. The Crown League seeks to unite fantasy fans by giving them shared ownership of a single team on a blockchain, ensuring that “for the first time you can feel like an owner.”
“We are going to give you access to, as a fantasy enthusiast, and there are tens of millions of them in the United States alone; we are going to give you access to the people playing at the highest level. You can follow the experts.”
Each team will be run by professional game managers and a support team, similar to real-world sports teams. Token holders will have control over the team, including voting on hiring decisions, in order to more closely resemble sports ownership.
“We’re going to bring the league to life with events at the national level [such as] the draft. We’re going to bring together groups that share the same financial and emotional interest…At the local level we’re going to have events branded by the teams.”
The ICO will begin with a pre-sale event, which will run for up to 90 days. The firm expects to raise around $30 million from the pre-sale, which will be open to accredited investors under regulation D, and will see funds raised in exchange for SAFTs (Simple Agreements for Future Tokens).
From there, twelve distinct ‘micro-ICOs’ will be launched, which seek to raise around $5 million for each team in the league. The first public sales are expected to launch by the end of this year, with the firm hoping to have the league up and running ahead of the start of the 2019 NFL season.