NASHVILLE, TN, UNITED STATES
May 24, 2023/EINPresswire.com/ — Nashville-based STAKS has recently filed three patents with the U.S. Patent & Trademark Office, marking the next step in the company’s commitment to transformative solutions for the sports and entertainment industries. This milestone solidifies their status as the platform for fans, athletes, teams, and others in the community to engage with fans and monetize the experience.
The three patents that were filed are centered around several key developments in the overlap of technology, payment, and engagement. Utilizing NFTs, blockchain tech, and rewards systems, these patents unlock new streams of revenue for all parties involved in the fan dynamic.
1. Non-Fungible Tokens for Stadium Seats and Tickets
Venues, teams, and operators currently miss out on after-market sales for tickets they provide while fans struggle to confidently navigate these markets that host fraudulent offerings. By minting each ticket associated with a seat into a non-fungible token (NFT), each ticket’s authenticity can be guaranteed, and original providers receive a percentage of all subsequent sales through secondary markets. The result is a dramatic increase in revenue for providers, especially for notable events, and greater buying confidence for fans. This system also unlocks new methods of engagement detailed in the second patent filing.
2. Systems and Methods for Attributing Value to Objects and User Incentive Points Using Blockchain Monetization Techniques
Building off STAKS’ blockchain capabilities, the company will connect cryptocurrency exchanges into a universal rewards program housed under the STAKS platform. These rewards programs will support athletes, teams, and athletic departments by allowing fans to earn from brand engagement, further driving loyalty and a sense of community. This also provides additional streams of income to ticket providers via NFT Stadium Seats & Tickets by offering additional value and utilities for fans that purchase their tickets.
3. Systems and Methods for Facilitating Discovery and Interaction Between Entertainment Providers and Their Patrons
Following the trend of reduced use of fiat currency in favor of electronic payments and overall accessibility via mobile apps, the STAKS platform will provide several functions and benefits in one convenient location. These include artist and creator discovery, tipping and revenue management, along with fan engagement (including the aforementioned rewards system). Currently athletes, creators, and brands must rely on multiple applications, platforms, and systems to track payments, engage with fans, and account for earnings. This third patent provides a convenient solution by integrating these tools into one system where they interact with ease to drive fan engagement.
These patents are essential in the company’s development towards solutions for sports industry participants. Chief Operating Officer Cory D. Raines celebrated this achievement, commenting “Our 3 patents provide firm foundation for STAKS to solidify itself as a company and allow us to provide new value to fans, teams, and athletes.” Asked about what comes next, COO Raines directed any interested parties to follow them on social media @officialstaks and stay tuned.
STAKS is a sports-tech company whose vision is to be the leading provider of transformative digital assets, artificial intelligence, and mobile payment solutions to the sports industry. Their mission is to provide participants with the ability to create new and profitable digital economies while increasing fan engagement. With STAKS, athletes, teams, leagues, conferences, and sports industry participants can remove friction, build trust, and unlock new value with their fan base.
STAKS is led by a talented team of information technology and software industry veterans. The team brings combined experience in sports, entertainment, payments, cybersecurity, mobile apps, and AWS-based enterprise grade software architecture and strategy.
If you’d like to learn more about the STAKS platform, you can do so at www.stakssports.com
STAKS Sports, Inc.
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