Sacramento Kings launch Ethereum-based auction platform

Linking blockchain technology to the real world is an important factor that can ensure increasing trust and continued adaptation. The Sacramento Kings basketball team from the United States of America is setting a good example.

The Sacramento Kings have teamed up with New York-based Blockchain software development company ConsenSys to create a new auction platform for fans to bid on in-game sports equipment. The technically savvy NBA players, who were the first sports team in the world to adopt Bitcoin in 2014, launched the blockchain-based platform for authentic memorabilia on Wednesday.

According to the official announcement, the total value of the US sports memorabilia market is estimated at $5.4 billion annually.

“By using this [Ethereum] platform, each auctioned item will be authenticated and a transparent audit trail of the product history will be created so that fans can be sure that each piece of equipment is authentic.”

Sacramento Kings fans will be able to auction off their equipment during all upcoming home matches of the team via the team’s auction website, the Sacramento Kings + Golden 1 Center App and the official Kings.com website. This partnership follows the recent launch of the Kings’ first physical crypto collectible in professional sports and the NBA’s first block-chain-based reward program for in-app gaming.

In 2018, the Kings became the first professional sports team in the world to sponsor crypto money, and announced a charitable program, MiningForGood, which will use the funds for employee development and community training. Last year, the Kings also unveiled the NBA’s first special room for a free, predictable gaming experience in the arena.

Ryan Montoya, Chief Technology Officer of the Sacramento Kings, describes (freely translated):

“We’ve integrated blockchain technology into our business across multiple platforms, including our rewards program, and now our fans have the ability to securely purchase authentic in-game merchandise in real time with an innovative blockchain-based solution.

The Kings were the first professional sports team in the world to sponsor Ethereum. Their latest initiative underscores their efforts to promote the digital economy and increase acceptance of blockchain technology, which can detect authentic items and effectively protect fans from fraud, scams and the flow of imitations sold in secondary markets.

Bradley Feinstein, ConSensys’ director of business development, added:

“As the Ethereum blockchain becomes increasingly important as a new basis for global collaboration through trust and transparency, we are developing deeper ways to provide insight into complex global supply chains and strengthen consumer behaviour.”