CrownThrown Inc., a new Blockchain startup, looks to raise about $100 million to make a new fantasy football platform.
Dubbed the Crown League, the project aims to create a professional fantasy football league, first with 12 teams each of which can be owned by fans using crypto tokens native to the platform. While it will be like other fantasy leagues, it seeks to be the first of its kind to be owned by the general public. This is all the more important considering, as Dan Nissanoff, CEO of CrownThrown Inc., says, currently fantasy football is very “fragmented”.
“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,” he stated. This new league aims to bring together fans by providing them shared team ownership using Blockchain, making sure that “for the first time you can feel like an owner.”
The teams will be managed and staffed by real professionals in the field, will the coin holders will be able to influence individual team decisions and settlements. They will also be able to influence the hiring or replacement of coaches.
Nissanoff explained to reporters, “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.”
The startup has also made an announcement for a pre-sale of tokens, anticipated to take in about $30 million over 2-3 months. To be effected as a Simple Agreement for Future Tokens fundraiser, this sale will be available to verified investors.
Following the pre-sale, there are plans for 12 “micro-ICOs” of $5 million per sale. Each ICO will represent a different team, and will be available to the common masses through an exemption of regulation A+, which means it will require approval from the US SEC. The firm anticipates the sales to be held sometime between the end of this year and this first 4 months of the next.