The Cleveland Cavaliers of the National Basketball Association have joined Socios, a blockchain-based platform that has tokenized various sports teams across the world.
Socios said the Cavaliers’ practice jerseys would prominently include its emblem this upcoming season, which is set to begin later this year, in a Monday statement via blockchain-based sports platform Chiliz. The company also stated that it was in the process of reviewing and developing “fan interaction elements” for the team, which might be tokens or digital collectibles.
“This is the beginning of an amazing relationship that we hope will lead to considerably better fan interaction for Cavaliers fans all over the world,” Socios and Chiliz CEO Alexandre Dreyfus stated. “Socios.com is quickly transforming into a worldwide fan engagement powerhouse, transforming passive supporters into active participants in their favorite teams’ day-to-day activities.”
Socios has already signed collaboration agreements with a number of NBA teams. The Boston Celtics signed a similar deal for branding and a digital presence earlier this month, and the Philadelphia 76ers joined the fan token platform in June. Socios’ expansion into North America, where it hopes to create a regional office in the near future, includes agreements with US-based sports teams.
Socios’ statement comes as basketball clubs in the United States and Canada appear to be moving further into the crypto area. Beginning with the 2019 season, the Portland Trail Blazers will wear the emblem of crypto rewards business StormX on their squad shirts for the next five years. Last month, the Canadian Elite Basketball League announced that starting this season, players from its seven teams will be able to receive a percentage of their pay in Bitcoin (BTC).