The last few months have seen an increased awareness of cryptocurrency’s potential usage in sports and various industries, and recently, there have been multiple partnerships between various crypto firms and sporting giants.  To acquire traction and enhance brand recognition, sports teams are increasing their advertising budgets to incorporate new and upcoming crypto exchange platforms, and these partnerships have proven to be incredible.

The crypto world is acting as a bailout for the cash-strapped sporting industry. Because of the Covid-19 outbreak, sports teams are turning to cryptocurrency and blockchain technologies to boost income and improve the fan experience. Clubs are looking into crypto-sponsorships, non-fungible tokens (“NFTs”), and fan tokens as ways to improve their relationship with fans.

Lakers Announce a New Partnership

Like many other teams, The NBA’s Los Angeles Lakers have joined Socios.com’s network as the twenty-fourth team in the American basketball league as a partner. This collaboration, like most others in the NBA, will revolve around Socios sponsoring the Lakers and fostering a new relationship and experience for their fans.

Rather than the popular non-fungible token, Socios’ main offering is fan tokens, which are cryptocurrencies. To sell the teams’ tokens, Socios.com has agreements with numerous top global sports entities, including soccer clubs PSG, Barcelona, and Arsenal. These digital assets can be bought and sold with cryptocurrencies. Token holders can also trade them for benefits such as team experiences, poll voting privileges, and special items.

Socios.com will be the presenting sponsor of the Los Angeles Lakers Facebook Group, beginning with the 2021-22 season, where Lakers fans can interact with one another and discuss their favorite Lakers moments by posting and viewing content, as well as participate in virtual events sponsored by Socios.com. 

Furthermore, content sponsored by Socios.com will be shared on the Lakers’ Twitter Polls which would allow fans to vote on a variety of team-related topics. Also, Socios.com will be an official sponsor of the Lakers 2k gaming team and the South Bay Lakers, in addition to prominent broadcast signage.

Reaction to the Partnership

In a statement, Alexandre Dreyfus, CEO of Socios.com. expressed his excitement about the new partnership and was quoted saying, “The Los Angeles Lakers are one of the most prestigious brands in sport, and I’m thrilled to be working with them as Socios.com rapidly expands into the U.S. market. What an awesome way to round off another great week of growth.”

Similarly, Tim Harris, President of Business Operations, Lakers, said in a statement, “as an that Socios.com has a shared perspective and will help support our initiatives to serve the Lakers fanbase.”

The Lakers join a roster of more than 90 major worldwide sporting franchises on Socios.com, including soccer, Formula One, mixed martial arts, esports, and cricket. The sponsorship also helps Socios.com’s growing presence in the US sports market and spread cryptocurrency adoption.