On Jan. 15, the Sacramento Kings announced its new live auction platform with blockchain development firm ConsenSys. Fans can bid live on in-game sports gear and the platform reportedly authenticates auction items.https://t.co/jQqsKLS4gH — OXBC – Oxford Blockchain Foundation (@OXBCfoundation) January 16, 2020
On January 15, it has been reported by the team, who announced its new LIVE auction platform with ConsenSys, the blockchain development firm. The platform reportedly authenticates auction items, patching problems that have long bedeviled gear-hungry fans.
It has been analyzed that fans can bid anywhere on game-worn gear with the new Kings + Golden 1 Center app.
Ryan Montoya, the CTO of Kings, said:
“We have integrated blockchain technology into our business across multiple platforms […] now our fans will have the opportunity to securely purchase authentic game-worn merchandise in real-time using an innovative blockchain-based solution.”
It has also been analyzed that in 2014, the franchise began accepting Bitcoin payment for merchandise. By 2018, it had partnered with a mining firm to fund scholarships. Last fall, the team and a maker of virtual toys launched the production of Ethereum-based crypto-collectibles.
In 2016, FastCompany named the Kings the “Most Innovative Team in Sports.”
However, U.S. sports memorabilia is a $5.4-billion industry. Yet, the industry lacks standards for authentication. Fans consequently can get stuck with counterfeit merchandise. The partnership between Kings and ConsenSys leverages the secondary sports gear market and the power of the blockchain to engage fans.
Thus, Constantin Kostenko, the Treum Product Architect, said:
“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.”