Sacramento Kings Launch Ethereum-Powered Auction Platform Targeting $5.4 Billion Sports Memorabilia Market
The Sacramento Kings have teamed up with New York-based blockchain software development company ConsenSys to launch a new auction platform for fans to bid on in-game sports gear.
The tech-savvy NBA players, who were the first sports team in the world to accept Bitcoin back in 2014, launched the blockchain-powered platform for authentic memorabilia on Wednesday.
According to the official announcement, the total value of the US sports memorabilia market is valued at $5.4 billion annually.
“By using this [Ethereum-powered] platform, every auctioned item will be authenticated, and a transparent audit trail of product history will be established, so fans will be assured that each piece of gear is authentic.”
Sacramento Kings’ fans can auction game-worn gear during all of the team’s upcoming home games via the team’s auction webpage, the Sacramento Kings + Golden 1 Center app, and the official Kings.com website.
Ryan Montoya, Sacramento Kings chief technology officer, says,
“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.”
The Kings were the first professional sports team in the world to mine Ethereum. Their latest initiative highlights their efforts to grow the digital economy and increase adoption of blockchain technology which can track authentic items and effectively protect fans from fraud, scams and the stream of knock-offs sold on secondary markets.
Bradley Feinstein, the head of business development at ConSensys adds,
“As the Ethereum blockchain continues to gain traction as a new foundation for global collaboration by providing trust and transparency, we’re unlocking more profound ways to provide visibility into complex global supply chains and empower consumer behaviors.”
Featured Image: Shutterstock/Eugene Onischenko