NBA team Sacramento Kings auction player’s shirt on Ethereum
The collaboration between the Sacramento Kings, ConsenSys and Treum represents a blockchain first, where blockchain technology is used to support the provision of a transparent supply chain for sports gear worn during the National Basketball Association (NBA) games.
The Sacramento Kings will provide fans with the opportunity to bid on gear worn by players during a game as it progresses. Due to the leveraging of blockchain technology, fans who purchase items through the platform will be assured of the authenticity of their gear.
Each item sold through the platform will be authenticated prior to the sale. This is important because it provides the buyer with a provable history of the item which, in turn, comes with significant benefits. Buyers purchase an item that confers them the necessary bragging rights, with provable authenticity. Additionally, should they decide to resell the item in the future, the provenance provided by the platform increases the value of the item.
All details pertaining to the items sold through the platform will be recorded and saved on the Ethereum blockchain through the Treum platform. All details post-sale, such as any loans or exhibitions, will also be recorded on Ethereum, with the consent of the owner.
During the live auctions, fans are able to finalize their purchase with credit or debit cards and set the shipping of the item to an address of their choosing.
The platform is simplified, with most of the complex functions obscured from the view of the buyer, only working behind the scenes to facilitate the experience.
Constantin Kostenko, the Product Architect at Treum, explained, “We chose to design this specific implementation with a Kings fan in mind. The Ethereum blockchain technology provides transparency, authenticity, and fraud protection to the fan, but the technical details are hidden to offer a familiar user experience.”
Kings continue to innovate
The first item sold through the Treum platform was the jersey worn by Kings guard Buddy Hield. The proceeds from the sale were donated to efforts dedicated to Hurricane Dorian relief because Hield was born and bred in the Bahamas. In the future, the Kings plan to donate all proceeds from the live auctioning process through the Sacramento Kings Foundation.
The live auctioning will only apply to home games in the initial phase of the collaboration. The platform is available via the team’s website as well as its accompanying app. Both fans watching the game live in the arena as well as those at home are able to participate in the live bidding, which runs the entire day of the game. The party with the highest bid wins the item.
Ryan Montoya, Sacramento Kings Chief Technology Officer, explained the team’s motivations for the collaboration. He said: “We are excited to announce another blockchain first as we strive to continue to enhance the fan experience. We have integrated blockchain technology into our business across multiple platforms, including our reward program, and now our fans will have the opportunity to securely purchase authentic game-worn merchandise in real-time using an innovative blockchain-based solution.”
Montoya is alluding to the Sacramento Kings’ continued adoption of blockchain-based solutions. The Kings were the first NBA team to accept bitcoin as a payment method in their arena in 2014. Since then, the Kings have become the first team to mine cryptocurrency, launch a blockchain-based reward program and provide its fans with the first physical crypto-collectible in professional sports.
OhNoCrypto
via https://www.ohnocrypto.com
, Khareem Sudlow
