NBA Team Innovates with Blockchain! Kings Team Up with ConsenSys to Launch Memorabilia Auction Platform
The NBA Sacramento Kings announced a collaboration with blockchain software development company ConsenSys to launch a new real-time auction platform for sports memorabilia. Through ConsenSys-supported supply chain product Treum, each auction item can be verified and will have transparent product inspection records, ensuring authenticity for fans.
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How does an auction work?
During the Kings' home game, equipment used in the match is auctioned off live on site. For example, the game between the Kings and the Dallas Mavericks on the 16th can be bid on through the Kings' official website.
Building Fan Trust with Blockchain
Products from ConsenSys aim to establish trust between businesses and consumers through transparency, traceability, and tradability.
An interesting aspect is that besides the initial transactions being recorded, records of collectors selling, lending, or displaying items at physical or virtual exhibitions in the future will all be uploaded to the Ethereum blockchain.
The Most Innovative Company in Sports
The Kings seem to have a fondness for blockchain and cryptocurrency, having been named the most innovative company in sports by Fast Company in 2017. They started accepting Bitcoin payments through BitPay in 2014, began mining in 2018, introduced physical crypto collectibles (NFT figurines) in 2019. This year, they will launch the NBA's first blockchain-based rewards program through the predictive game "Call the Shot."
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