Thu. Apr 2nd, 2020

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NBA’s Kings Launches Another Blockchain Project

2 min read

NBA’s Sacramento Kings are making crypto news again. The team is this time partnering with ConsenSys, a Brooklyn-based blockchain incubation company, to bring a whole new blockchain experience to NBA fans.

On Wednesday, the Kings announced their new collaboration with ConsenSys that will see them come up with a blockchain-based auction platform that enables live bidding on sports gears. This platform is built on a Consensys-backed supply chain platform Treum.

According to Treum’s founder, Tyler Mulvihill, the platform will go a great deal in helping ensure items being sold are authentic while heightening fans’ experience.

“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?” said Tyler. “We’re working with the Kings to solve each and every one of those problems.”

In his part, Consensys’ head of business development, Bradley Feinstein had this to say about the innovation:

“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…They understand that what they are about to get is real.”

Buddy Hield’s garb will be the first to hit the platform.

The fans will bid on the garb worn by Hield. Each auction will run from the right with all items verified and recorded on the Treum. As a proof-of-ownership, a digital token with details on the game, season, player and timestamp will be held by the item’s owner, Buddy Hield in this case.

The proceedings from auctioning will go to Sacramento Kings Charity Foundation. But since Buddy Hield grew up in the Bahamas, the proceeds from this initial auction will go to the victims of 2019’s Hurricane Dorian.

NBA’s Most Innovative Team

This latest news item comes as a continuation of Kings’ efforts to transform the NBA through blockchain technology. In 2014, Kings accepted bitcoin as a means of payment for its merchandise. In 2016, it was named “the most innovative team in sports” by FastCompany. In 2018, Kings entered into a partnership with a mining firm to fund scholarships. Kings also collaborated with CryptoKaiju in the production of Ethereum-based crypto-collectibles.

“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,” said Kings’ CTO Ryan Montoya.

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Cryptomute | 2020