The Sacramento Kings, an NBA team, recently announced that they would launch an auction platform where fans will be able to buy in-game gear such as balls and game-worn jerseys. The platform is going to leverage the Ethereum blockchain to improve the experience for their fans.
Sacramento Kings and the Blockchain
As per the press release, they created the platform in collaboration with ConsenSys, which is an Ethereum-focused blockchain development firm. It has created a solution called Treum, which utilizes the blockchain for the supply chain management.
According to the team, they are using the blockchain to ensure that every auction is authenticated. Besides that, it will bring transparency to the audit trail of the product. This way, fans can be sure that the gear they purchase is authenticated. The result is that this partnership could help to improve the resale value of in-game merchandise.
The release noted that the sports memorabilia market in the US was worth about $5.4 billion annually. However, it noted that there was no system, which could help to ensure all merchandise was 100% authentic.
It is worth pointing out that this Ethereum-based solution is not going to support purchases in crypto. The goods can only be bought using fiat. This is not the first time the Sacramento Kings are delving into the crypto sector. In 2014, the team announced that it would accept Bitcoin as payment for those coming to its arena. In 2019, the team announced that it would start offering vinyl collectible figurines that would be powered by the Ethereum blockchain. Each item would be paired with a non-fungible token to as authentication. They also have a blockchain-powered platform that lets fans predict outcomes for rewards.
Sports and the Blockchain
The Kings’ embrace of the blockchain is in line with a trend in the sports world to utilize blockchain technology. Outside of the sports world, JP Morgan, the banking giant, launched the JPM Coin. This coin is based on Quorum, which a private blockchain based on Ethereum. Another banking giant that has embraced the blockchain is Santander, based in Spain. A while back, the bank issued a $20 million bond via Ethereum smart contracts and ERC20 tokens.