Basketball team, the Sacramento Kings have announced that they will auction star, Buddy Hield’s jersey using blockchain tech. The auction which would hold after every home game is made possible by Treum, a ConsenSys product for blockchain-backed supply.
The basketball team’s first auction held after its home game on Wednesday, against the Dallas Mavericks.
According to Tyler Mulvihill, Treum’s co-founder, the platform he said would help ensure items sold are original. This would cast out doubts in the minds of buyers if the Jersey is really match worn.
“We’ve seen time and time again and instances of this exact problem, right? This is the jersey, [is it] real, was it game-worn, how do I know?” he said. “We’re working with the Kings to solve each and every one of those problems.”
Bradley Feinstein, head of business development at ConsenSys explained in an interview that the platform wants to improve fans’ experience. We wanted to create an application that does something real right now, [that] adds enthusiasm. Fans can “participate live in the game [and] ultimately give them this experience where they can participate with verifiable proof.
Reportedly, this is not the first time Kings have used blockchain tech. In the past, they have done the same. In 2014, the kings accepted bitcoin for payment and started mining crypto in 2018. The Kings even have their own ERC20 token to reward fans.
If the kings Buddy Shields jersey auction is successful, fans in the arena or at home can bid on the live auction item. The highest bidder gets the gear, complete with a certificate of authenticity and a time-stamped Ethereum token showing how the memorabilia has changed owners.
Earnings from the auctions are also going to be donated to victims of 2019’s Hurricane Dorian. However, proceeds from future auctions will go to the Sacramento Kings Foundation.
Kings Chief Technology Officer Ryan Montoya in an interview described ConsenSys the Andreessen Horowitz of crypto. He said further that the auction platform will transform business and economy. We just want to be a part of it and share this with our fans,” he said.
According to a statement released by the kings, they said that despite the American sports memorabilia market is worth more than $5 billion annually, “there are no industry standards for authenticating items and protecting fans from purchasing counterfeit merchandise.
With this partnership, however, the Kings and ConsenSys are effectively increasing the resale potential for authenticated merchandise on secondary markets.