The National Basketball Association team Sacramento Kings has partnered with blockchain developer Consensys to launch a new auction platform, the two companies said in a joint statement on Wednesday.
Blockchain To Help Fight Fraud
The Kings will use Consensys' Ethereum blockchain platform Treum to live-bid in-game sports gear. The move will help ensure that every auctioned item the fans purchase is "authenticated," Kings said.
The registration of the auctioned gear on blockchain will establish a clear trail of the item's history, according to the Kings, ensuring that the fans aren't duped during the resells.
"The total value of the [United States] sports memorabilia market has been valued at $5.4 billion annually, yet there are no industry standards for authenticating items and protecting fans from purchasing counterfeit merchandise," the companies said in a statement.
"Through this partnership, the Kings and ConsenSys are effectively increasing the resale potential for authenticated merchandise on secondary markets."
Proceeds To Go To Charity
The NBA team began the live auction on Wednesday with guard Buddy Hield's jersey from its game against the Dallas Mavericks.
At press time, 59 bids had been placed for the jersey, with the latest price of $730.
The proceeds from the auction will be donated to the victims of Hurricane Dorian, the Kings said. Money from future auctions will go to the Sacramento Kings Foundation unless specified otherwise.
Kings And Blockchain Go Far Back
The Kings has bet big on cryptocurrencies and blockchain technology for a long time. It began accepting Bitcoin (BTC) in 2014. In October last year, it launched a blockchain-based reward program.
Photo Credit: Public domain photo via Wikimedia.
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