NBA's Sacramento Kings partner with ConsenSys to launch sports gear auctions on Ethereum

Quick Take

  • The Sacramento Kings basketball team is releasing an Ethereum-based sports memorabilia auction platform, which uses Consensys-backed Treum to establish a trail of records for auctioned items
  • The team has put out a number of blockchain projects in recent years including a crypto collectible and a blockchain-based gaming app.
advertisement

NBA’s Sacramento Kings has partnered with blockchain software development studio ConsenSys to release a sports gear auction platform built on the Ethereum blockchain.

Launched on Jan. 15, the new system utilizes the Consensys-backed supply chain platform, Treum, to authenticate every auctioned item and establish a transparent audit trail recording the gear’s entire transaction history as well as any future sale, loan, or showroom exhibition of the gear, according to a press statement shared with The Block.

The system’s first live auction, featuring Kings guard Buddy Hield’s game-worn jersey, will take place today, starting just before the tip-off of tonight’s Dallas Mavericks vs. Sacramento Kings game and running through 11:59 p.m. PT.

Fans can participate via the team’s website. Proceeds will go to Hurricane Dorian relief efforts, according to the press release.

The highest bidder will receive the gear, a Certifications of Authority, as well as a digital token containing the item’s historical and future records.

ConsenSy's latest partnership with the Kings aims to use blockchain to bring the element of authenticity to America’s sports memorabilia market, which according to sports memorabilia database Collectable.com, boasts an estimated value of $5.4 billion per year.

In 2014, the Kings became the first NBA team to accept bitcoin as payment. In 2018, it founded a charity called MiningForGood to mine cryptocurrency and donate the money to community workforce training programs.

Last year, the team partnered with CryptoKaiju to launch a limited-edition crypto collectible and started the NBA’s first blockchain-powered gaming app.

“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,” Sacramento Kings chief technology officer Ryan Montoya said in a statement.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More