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Basketball team Cleveland Cavaliers to launch their fan token

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Indrani bose Follow

INDIA

Jul, 28 2021

Jul, 28 2021

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On Monday there was an official declaration about the partnership between National Basketball Association’s Cleveland Cavaliers and Socios.com, the leading global blockchain provider for the sports and entertainment industry.

The Cavaliers become the third NBA team to join Socios.com’s partnership list. This partnership started with focussing on the creation of brand awareness of Socios.com through the Cavaliers global asset platform, under the NBA’s International Team Marketing Program. Socios.com, being the first Cavaliers partner, has the ability to feature its logo prominently on Cavs practice jersey just below the player's numbers for season 2021-22. Along with that, Socios.com will have its brand presence in-venue with broadcast-visible LED courtside signage.

Outside the United States and Canada, the blockchain provider can use the Cavs marks and logos to have a global marketing presence. As per Alexandre Dreyfus, Socios and Chiliz CEO. “Socios.com is fast developing into a global fan engagement powerhouse, where passive fans are being transitioned into real players in the day-to-day activities of their favourite teams.” The “fan engagement elements” including tokens or digital collectibles for the team will be currently in review and development phase. 

Other basketball franchise went partnership with Socios

More than 40 strong leading sports organisations went partnership with Socios.com to launch Fan Tokens on Socios.com. In the beginning of July month, Socios joined hands with Boston Celtics for branding and digital presence. In the previous month, Philadelphia 76ers joined the fan token platform. Other major European soccer clubs partnered with Socios includes FC Barcelona, Paris Saint-Germain, Juventus, AC Milan, Atlético Madrid, Manchester City, Valencia, Inter Milan, Arsenal and the Argentina and Portugal national soccer teams, MMA giants UFC and a few leading teams from F1, esports and cricket.

Step taken to involve Sports into crypto world

As per reports for next five years, Portland Trail Blazers will have the logo of StormX, a crypto rewards company on its team jerseys. Last month, there was an official declaration by Canadian Elite Basketball League that starting from this season, its players from seven teams will be accepting a portion of their salaries in Bitcoin (BTC). 

About Socios and its future planning

Socia in the future is planning to open a regional office in North America and thereby going partnerships with United States-based sports teams. As per the report, Socios is planning to increase its presence through launches with many worlds’ leading sport unit from countries like Europe, USA, Asia, and South America. It has also opened new regional headquarters in Madrid, Istanbul, São Paulo, and Buenos Aires in 2021.


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Indrani bose

CBW - External Analyst

INDIA

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