Cleveland Cavaliers Signs Deal with Socios to Release NFT Fan Tokens

Socios scored a major win on its roster after signing up Cleveland Cavaliers as the 3rd NBA franchise to release NFT Fan Tokens. The platform will create immersive experiences for the fans of the iconic NBA Franchise.

The Chiliz-owned platform is a direct-to-consumer (D2C) platform that uses blockchain to give fans unique engagement experiences. Additionally, the tools Socios provides allow for sports franchises to better engage with and monetize their fan bases.

Cleveland Cavaliers’ NFT Fan Tokens

To signal the start of the partnership, Socios will enjoy prominent media mileage. For example, the team will feature the platform’s logo on the Cavs practice jerseys for the 2021-22 NBA Season. Meanwhile, Socios will concentrate on developing the fan engagement elements of the project using NFT-backed fan tokens.

NBA will also prominently display the Socios brand on the LED courtside sign visible during home-game broadcasts. The team gave its thumbs up to the platform to use the Cavaliers logo in its global marketing campaign within the US and Canada.  The deal marks the first instance of an NBA team using the new “International Team Marketing Program.”

Senior Vice President of the Cavs, Mike Conley, identified fan engagement as the team’s priority. He said, “This partnership with Socios.com is another significant step forward as part of our ongoing exploration into blockchain technology and how it can be utilized within our business to grow and enhance fan engagement.”

Last month, Cleveland announced a partnership with ERCUR to mint the team’s first NFT Collection. The team handed out the “Cleveland Cavaliers Locker Room” NFTs to corporate partners as gifts. This time, the team is going all!