Patriots team up with Blockchain App Socios, Inch NFL closer to crypto – Sportico.com

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While the NFL is still wary of aligning itself with cryptocurrency companies, that hasn’t stopped one of its big-name teams from getting a head start in the space.

The Kraft Group, owners of the New England Patriots and the MLS New England Revolution, have partnered with Socios.com. This is the first NFL deal for the blockchain fan token platform, which aims to engage fans with opportunities to earn rewards, access VIP experiences and more.

Patriots fans, however, won’t be able to immediately buy and redeem tokens in the Socios app, as the league keeps the crypto craze at bay. The deal, which makes Socios the official sponsor of the Patriots’ indoor training facility, will for now focus on marketing and branding activations in the stadium as the rules continue to evolve.

The NFL has banned teams from selling sponsorships to cryptocurrency exchanges, but it has left the door open for partnerships with adjacent crypto companies, like Socios. While the league has been slow to embrace emerging business categories, this new deal points to where the wind is blowing.

The NFL was the last of the Big Four professional sports leagues to partner with sports betting operators, for example, and now has deals with several gambling companies, including Caesars Entertainment, FanDuel and DraftKings.

Socios follows cryptocurrency asset manager Grayscale Investments, who partnered with the New York Giants in May, as the first companies to break into the NFL. Although TV rights holders like Fox sell crypto-related ads, the league remains cautious in its approach to these unique digital assets.

The NFL bans NFT team deals but allows crypto player sponsorship deals (quarterback Tom Brady signed a partnership with crypto firm FTX earlier this year). In coordination with the NFLPA, the league signed an equity agreement with Dapper Labs in September to create digital video collectibles. NBA maker Top Shot recently closed a $ 250 million funding round.

Socios’ partnership with The Kraft Group also marks its first in MLS (Inter Miami CF signed crypto-finance firm XBTO as a jersey sponsor in September). This is the latest move from the Chiliz-owned company as it seeks to gain a foothold in North American professional sports.

The company, which plans to expand into the NHL, is already dealing with a host of European football clubs like Juventus and FC Barcelona. He previously made a deal with Premier League club Leeds United, which is partly owned by 49ers Enterprises. It also has agreements with mixed martial arts properties and cricket teams. About two dozen NBA franchises have also partnered with Socios. But more importantly, the Malta-based company has finally planted its roots with the NFL.

Socios, which plans to open an office in North America, says its app now has more than one million downloads and more than 900,000 active users.

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