NBA Team Auctioning Basketball Star's Jersey on Ethereum Blockchain

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The Sacramento Kings will auction off starting guard Buddy Hield's jersey from Wednesday's game against the Dallas Mavericks using a blockchain-powered marketplace.

Working with ethereum project incubator ConsenSys, the Kings said Wednesday it would be live-auctioning team memorabilia using an ethereum-based platform operated by Treum, a supply-chain product.

The platform will be used to verify the provenance of athletic collectibles, with auctions running during and after NBA games.

He told CoinDesk in a phone call the platform wants to heighten fan experiences, noting that a relatively small number of basketball aficionados are able to make it to games at present.

If the Buddy Hield game jersey auction is successful, here's how future auctions will work: During home games, Kings fans can bid on gear worn by players on the team.

Each auction would run from right before tip-off to 11:59 p.m. Pacific Time, with all items authenticated and recorded on Treum.

Proceeds from auctioning Hield's jersey will benefit the victims of 2019's Hurricane Dorian while proceeds from future auctions will generally go to the Sacramento Kings Foundation.

Kings Chief Technology Officer Ryan Montoya told CoinDesk the move is only the Kings' latest foray into blockchain, noting that the team has accepted bitcoin since 2014 and offers other blockchain-based fan experience products.

Calling ConsenSys the "Andreessen Horowitz of crypto," Montoya said the new auction platform "Is going to transform businesses, economy."

The Kings chose to use a blockchain as part of an effort to promote transparency around how the items entered the market and help verify authenticity in secondary markets.

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