The pair have announced the launch of Treum, an auction platform which facilitates live bidding on in-game sports items.
The platform is backed by Ethereum and serves as a supply chain product. Every item listed will be authenticated with a transparent audit trail of history to ensure everything purchased is legitimate.
During Sacramento Kings basketball games, fans will be able to participate in a live auction of clothing and gear worn by the stars on the court.
Treum launched last night while the Kings played the Dallas Mavericks. The first piece on offer was star player Buddy Hield’s match jersey.
The proceeds raised from the sale were donated to Hurricane Dorian relief efforts. Proceeds earned from future auctions will go towards the team’s foundation, unless otherwise specified.
“We have integrated blockchain technology into our business across multiple platforms, including our reward program, and now our fans will have the opportunity to securely purchase authentic game-worn merchandise in real time using an innovative blockchain-based solution.”
The US sports memorabilia market is worth a staggering $5.4 billion annually, yet there are no industry standards for authenticating items and preventing the sale of counterfeit gear.
Fans do not need to be in attendance at games to take part in auctions as they will be able to bid from home. The winner will receive the tagged and verified item alongside a token which represents proof of ownership and serves as a certificate of authenticity.
The token is coded with verified data including the data on the game, season, and player. It will be time-stamped as additional proof it is legitimate.
— ConsenSys (@ConsenSys) January 15, 2020
Elsewhere, Brooklyn Nets star Spencer Dinwiddie has launched his own project to turn his three-year contract into a tokenised investment vehicle, while the general manager of the Houston Rockets has also revealed he invests in Bitcoin.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.