The Sacramento Kings Partner With ConsenSys To Launch NBA’s First Live Blockchain-Powered Auction Platform For Authentic Memorabilia
The NBA’s Sacramento Kings partnered with ConsenSys, a blockchain software development studio, to release an Ethererum-based sports memorabilia auction platform.
The platform launched on January 15th, utilizing ConsenSys’s development knowledge in conjunction with the supply chain platform, Theum. Theum authenticated all auction items to create a transparent stocktaking trail listing the gear’s entire transaction history along with any futures sales information, loans, or showroom exhibitions of the gear.
The first live auction took place on January 15th featuring Kings guard Buddy Hield’s actual game-worn jersey. The highest bidder received, along with the gear, a Certificate of Authority and a digital token listing the jersey’s past and future records.
Fans can participate on the Kings website, and all proceeds will go to Hurricane Dorian relief work. The platform is available via Kings.com/Auction and the Sacramento Kings + Golden 1 Center app and Kings.com.
“According to our research, the total value of the U.S. sports memorabilia market amounts to $5.4 billion annually,” stated high-tech entrepreneur David Yoken, the founder and CEO at Boston-based Collectable.com. “This includes the total gross merchandise volume [GMV] from eBay, independent auction houses, online retail venues, and other sources.”
The Kings became the first team to accept bitcoin as a payment in 2014. Then in 2018, they founded a charity titled MiningForGood which mines cryptocurrency and then donates the money to various community workforce programs. And in 2019, the Kings partnered with CryptoKaiju launching the first physical limited edition crypto-collectible which started the league’s first blockchain-powered gaming app all to increase fan engagement.
“The more we utilize blockchain in our business, the more benefits we see for our fans,” stated Sacramento Kings Chief Technology Officer Ryan Montoya.
“We are thrilled to bring these unique, limited-edition collectibles and immersive experience to our fans. We are always looking for ways to be on the leading-edge of enhancing fan interaction, and this partnership with CryptoKaiju is an exciting opportunity to continue to employ technology that delivers innovative products and content to our fans.”
The Sacramento Kings have been at the forefront of the blockchain movement. They were named the and “Most Tech-Savvy Team of 2016” by Sport Techie, the “most innovative company in sports” by Fast Company and were a recipient of Sports Business Journal’s “Facility of the Year” both in 2017.
The Kings are dedicated to continuing to enhance the fan experience through the use of integrated blockchain technology across multiple platforms. As the digital era is drastically expanding, so does the opportunity for consumers. Accountability is vital, and blockchain technology allows the Kings and their fans to verify all memorabilia is authentic.
