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Sacramento Kings launched a blockchain-based app that allows fans to bid on game-worn gear. The NBA is at the forefront of crypto adoption.
The Sacramento Kings launched a blockchain-powered app that allows fans to bid on game-worn gear.
NBA is at the forefront of crypto adoption in professional sports.
The Kings must start winning big games to help raise awareness of the potential of blockchain technology.
Many people think that cryptocurrencies only serve as an alternative payment option. While there are coins that fit this bill, there are other cryptocurrencies that can perform a host of other functions.
I laud the efforts of one NBA team to help raise awareness on the potential of blockchain technology. The Sacramento Kings, in partnership with Consensys and Treum, launched a blockchain-powered platform that enables fans to purchase authentic in-game gear.
Kings Fans Can Now Bid On Game-Worn Sports Gear
During home games, Kings fans can participate in a live auction of game-worn gear through the award-winning + Golden 1 Center app. On Tuesday, the game-worn jersey of Kings guard Buddy Hield was auctioned off.
By using the blockchain-powered platform, all auctioned items will be authenticated. According to a Reddit user, a digital token will be minted once an item is sold. The buyer will receive the token in an Ethereum wallet. The token will serve as proof of the item’s authenticity.
Another advantage of using blockchain technology is that buyers can establish a trail of the item’s purchase history. Should the auction winner decide to sell the game-worn gear, the person can show the token to prove ownership and transfer it to the buyer. The process is designed to protect fans from counterfeit memorabilia.
NBA Is Spearheading Crypto Adoption In Professional Sports
The NBA can be considered an early adopter of crypto. In 2014, the Sacramento Kings became the first NBA franchise to accept bitcoin as payment for store products and season tickets. Four years later, the same team began mining Ethereum.
Recently, Nets guard Spencer Dinwiddie tokenized his contract to get a lump sum payment and reward token holders. Now, the Kings are once again ahead of the curve in combating fake NBA merchandise.