NBA team puts physical collectibles on blockchain marketplace

NBA basketball team Sacramento Kings is using a blockchain marketplace to auction physical collectibles from their team. The basketball team is working with blockchain incubator Consensys and supply-chain product Treum to put for example jerseys up for auction. These auctions will happen live during or after a match.

The platform adds authenticity to the collectibles. For example, it’s quite hard to tell for collectors whether a jersey has actually been worn by a player. The blockchain marketplace delivers authenticity for buyers and NBA collectors.

With the owner’s consent all future sales, loans and exhibitions will also be registered on the Treum platform. This platform is build on Ethereum, and therefore everything is transparent.

The first auctioned product was a match-worn jersey from Kings player Buddy Hield. This jersey was worn during the match against the Dallas Mavericks. The winning offer was $1090, and it received a total of 73 bids.

Physical collectibles on the blockchain

The Kings aren’t the first organization to put collectible items on the blockchain. Collectible card company Panini started auctioning its own physical collectibles together with a digital copy. However, Panini claims to use its own in-house blockchain. Treum however, is using Ethereum and therefore provides much more transparency.

In recent months several fashion brands have announced to put some of their products on the blockchain. This way they can make sure their products are authentic. In addition they can show customers whether the products are produced in an environment-friendly way. For example, New Balance is putting some shoes on the Cardano blockchain to battle counterfeits. At the same time Nike is also working with blockchain technology. They have plans to gamify the blockchain by allowing owners to breed their shoes.

Originally published at NEDEROB.