Cleveland Cavaliers basketball team joins fan token platform Socios

Socios, the blockchain-based platform which has tokenized many sports activities franchises worldwide, has partnered with the Nationwide Basketball Affiliation’s Cleveland Cavaliers.

In a Monday announcement from blockchain-based sports activities platform Chiliz, Socios stated its brand might be prominently featured on Cavaliers’ crew jerseys for the upcoming season, scheduled to start later this yr. The platform additionally stated it was at the moment within the evaluate and growth section for “fan engagement parts” for the crew, purportedly referring to tokens or digital collectibles.

“That is the beginning of an thrilling partnership that we imagine can ultimately result in vastly enhanced fan engagement for followers of the Cavaliers world wide,” stated Socios and Chiliz CEO Alexandre Dreyfus. “ is quick growing into a worldwide fan engagement powerhouse, the place passive followers are being transitioned into actual gamers within the day-to-day actions of their favorite groups.”

Many basketball franchises have already inked partnership offers with Socios. Earlier this month the agency introduced an identical association for branding and a digital presence with the Boston Celtics basketball crew, and the Philadelphia 76ers joined the fan token platform in June. The partnerships with U.S.-based sports activities groups is a part of Socios’ growth into North America — the place it plans to open a regional workplace within the close to future.

Associated: Arsenal FC to launch AFC Fan Token on Socios

The Socios announcement comes as basketball groups in Canada and america have moved seemingly in an effort to deliver sports activities deeper into the crypto house. The Portland Path Blazers will reportedly have crypto rewards firm StormX’s brand on its crew jerseys for the subsequent 5 years, starting with the upcoming season. The Canadian Elite Basketball League additionally introduced final month it could be permitting gamers from its seven groups to simply accept a portion of their salaries in Bitcoin (BTC) beginning subsequent week.