American professional basketball team Sacramento Kings launched NBA's first live blockchain-powered auction platform for authentic memorabilia in partnership with New York-based blockchain technology firm ConsenSys.
Sacramento Kings is using ConsenSys' Ethereum-powered supply chain product called Treum for fans to bid on in-game sports gear that is worn during matches. During Kings home games, fans will be able to participate in a live auction of game-worn gear. Anyone from the fans watching the game in the arena to the fans watching from home can bid on any Kings live auction item.
Kings guard Buddy Hield's game-worn jersey was the first to be auctioned off during the game with proceeds used for Hurricane Dorian relief efforts. Proceeds from future auctions will go toward the Sacramento Kings Foundation unless specified.
The total value of the U.S. sports memorabilia market has been valued at $5.4 billion annually. There are currently no industry standards for authenticating items and protecting fans from purchasing counterfeit merchandise.
The auction's highest bidders will receive the authenticated gear, tagged and verified, along with a token, representing proof of ownership and also serves as a Certificate of Authenticity (CoA).
This partnership follows the Kings recent launch of the NBA's first physical blockchain-powered range of crypto-collectible in professional sports.
The Sacramento Kings, one of the most tech-savvy ownership groups in the NBA, had partnered BitPay in 2014 to become the first sports team in the world to accept Bitcoin payments for match tickets and promotional products.
Recently, it teamed up with blockchain startup Blockparty to launch NBA's first blockchain-driven reward program for the NBA's first predictive gaming app called 'Call the Shot.'
In July 2018, Sacramento Kings had become probably the first professional sports team to foray into cryptocurrency mining and use the funds for charity program 'MiningForGood.' They installed crypto-mining machines inside their arena.
In August, Dallas Mavericks became the second NBA team after Sacramento Kings to accept cryptocurrency Bitcoin (BTC) as an additional method of payment for match tickets and merchandise. It teamed up with Bitcoin payment processor BitPay to process all the payments using Bitcoin.
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