Cleveland Cavaliers Basketball Team Partners With Fan Token Program Socios

Socios, a blockchain-based platform that has tokenized numerous sports teams across the world, has partnered with the Cleveland Cavaliers of the National Basketball Association.

The Cleveland Cavaliers Partners With Socios

Socios said Monday through blockchain-based sports platform Chiliz that the Cavaliers’ practice jerseys will prominently display its brand this next season, which is set to begin later this year.

The site also stated that it was presently reviewing and developing “fan interaction elements” for the team, which might be a token or digital collectibles.

“This is the beginning of an amazing partnership that we hope will eventually lead to substantially increased fan interaction for Cavaliers fans all around the world,” said Socios and Chiliz CEO Alexandre Dreyfus. 

“Socios.com is quickly becoming a worldwide fan engagement powerhouse, where passive supporters are being transformed into actual players in the day-to-day operations of their favorite teams.”

Socios’ Statement Appear To Be Moving To Bring Sports Deeper Into The Crypto Realm

Many basketball teams have already signed partnership agreements with Socios. 

Earlier this month, the company signed a similar agreement with the Boston Celtics for branding and a digital presence, while the Philadelphia 76ers joined the fan token platform in June. 

The partnership with sports teams headquartered in the United States is part of Socios’ development into North America, where it aims to build a regional office soon.

The statement by Socios comes as basketball clubs in the United States and Canada appear to be moving to integrate sports into the cryptocurrency realm. 

The Portland Trail Blazers will allegedly use the StormX emblem on their squad shirts for the next five years, beginning with the current season. 

Last month, the Canadian Elite Basketball League announced that beginning this season, players from its seven teams will be able to take a part of their wages in Bitcoin (BTC).