By
Temitope Olatunji
April 18th, 2024
After tokenizing major sports franchises, Socios, a blockchain-based platform, will now be partnering with the Cleveland Cavaliers basketball team.
Socios, a blockchain-inspired sports platform has recently announced that the Cleveland Cavaliers basketball team will now feature special practice jerseys with the company logos on them and will also be hosting some tokens or digitized collectibles as “fan engagement elements”
Socios and Chiliz CEO Alexandre Dreyfus has referred to this partnership as a beginning of a new chapter that will closely enhance fan engagement and interaction in the major sports league competitions.
NBA’s Cleveland Cavaliers and Blockchain-Based Platform Socios Partnership
Socios has been integrating blockchain-based technology-inspired tokens and has established significant partnerships with leading sports franchises of the world. In an announcement made on Monday, the company will now be associating itself with NBA’s Cleveland Cavaliers basketball team as a sponsoring partner.
As an integral part of the growing partnership, the team will be wearing special practice jerseys with the company’s logo being printed on the top in the upcoming tournament. The platform will also be tending to the fans this time with special tokens and digital collectibles to be made available as an element to increase fan interactions and engagement with the sports franchise.
Socios has been predominantly partnering with many leading sports franchises of the world. Earlier, the company had announced a branding-inspired partnership with Boston Celtics. The company has also established an active partnership with the US-based sports team and now intends to open a new office in the USA to scale its operations and work holistically.
The announcement made on Chiliz has ushered in a new era of sports being utilized in the crypto domain to seek expansion. There has been a surge of leading sports franchises and teams who have now started to acknowledge cryptocurrency and are working in sync with crypto trading units to make them more popular and mainstream in the eyes of the masses. US and Canadian teams have openly expressed their support to crypto-based trading platforms.
The Portland Trail Blazers team will be wearing a team jersey featuring the logo of StormX, which is a crypto rewards unit company, for the next five years. Similarly, the Elite basketball team will now be accepting a portion of their salary in bitcoin to accelerate cryptocurrency transactions in the country.