Kings Launches Blockchain-Powered Auction Platform

Sacramento Kings, a professional US basketball team, has entered into partnership with ConsenSys, a blockchain software development company, to launch a new auction platform, said the National Basketball Association (NBA) in a release.

The association explained the reason of using this digital auctioning platform instead of the other traditional systems, saying, “Every auctioned item will be authenticated, and a transparent audit trail of product history will be established, so fans will be assured that each piece of gear is authentic.”

The deal is mainly aimed at boosting the resale of original goods on secondary markets.

The new platform will allow fans to bid for in-game sports gear through ConsenSys’s blockchain-based Treum product.

Constantin Kostenko, developer of Treum, said, “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.”

The platform records all details of the merchandise, including its origin. In addition, it allows users to pay through credit card.

Ryan Montoya, Kings’ chief technology officer, said, “We have integrated blockchain technology into our business across multiple platforms, including our reward program.” “Our fans will have the opportunity to securely purchase authentic game-worn merchandise in real-time using an innovative blockchain-based solution.”

Kings was the first NBA team to accept Bitcoin payments in 2014. It also showed more interest in the blockchain industry through mining several digital assets for non-profit program in 2018.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.