Socios – the blockchain-powered platform behind numerous tokenization of sports franchises globally – has reportedly entered a partnership with the National Basketball Association’s Cleveland Cavaliers.
Specifically, as disclosed by blockchain-based entity Chilliz, Socios logo will be visible in a prominent manner on Cavaliers’ team jerseys throughout the next season, slated to be underway in the later half of 2021.
The platform additionally revealed details of its ongoing review and development stage for “fan engagement elements” for the team, purportedly talking about tokens or digital collectibles.
“This is the start of an exciting partnership that we believe can eventually lead to greatly enhanced fan engagement for fans of the Cavaliers around the world. Chiliz.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.” Head of Socios and Chiliz, Alexandre Dreyfus, reportedly remarked.
A variety of franchises in basketball has reportedly formed an alliance with Socios. In early July, the company revealed specifics for a collaboration of the same kind, focusing on branding and a digital presence with the Boston Celtics basketball team.
The Philadelphia 76ers hopped aboard the train with the token platform in June.
The collaborations with sports teams throughout the US is reportedly included in the scope of Socios’ expansion into North America – with a primary goal of establishing a regional office in the near future.
The Socios announcement reportedly surfaced when basketball teams in Canada and the United States are trying to get sports more involved in the crypto sphere.