Sunday, February 5, 2023

Socios Welcomes Three IPL Team On Its Platform

Socios, a blockchain-based sports engagement platform which is being supported by Chiliz cryptocurrency, on May 13, announced its merger with three Indian Premier League (IPL) teams Punjab Kings, Royal Challengers Bangalore and Kolkata Knight Riders. 

The announcement was made soon after the IPL was suspended in India, due to the catastrophic coronavirus outbreak. 

While talking about Kolkata Knight Riders partnership with Socios, the CEO of the team, Venky Mysore, said, “The suspension of IPL was an unfortunate, but very much a necessary step to protect the safety of the players. We were keen to look at new ways of enhancing and optimizing how we engage with our fans, and seemed like the right fit.”

The aim of this partnership is to help the three IPL teams in engaging with and monetize their global fanbase. In simpler terms, the teams would now be able to sell their collectibles to the fans, globally. 

Socios, in its announcement, has mentioned that the people owning the tokens would be able to vote in the polls, participate in clubs and sponsor promotions. They would also receive VIP rewards and get access to AR-enabled features, chat forums, games and competitions.  

With this new partnership, the Socios family has expanded more, and now, it has over 30 teams on its platform. A few of the teams that have already exist on this Ethereum-based platform are FC Barcelona, Paris Saint-Germain, Juventus, AC Milan and Manchester City.

The CEO of Chiliz and Alexandre Dreyfus has recently said that it was important for India to suspend the IPL tournament but the three teams see this on-field inactivity situation as an opportunity to explore what all things could offer them.

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