Charlotte Hornets turn to tokens as way to drive fan engagement

CHARLOTTE, N.C. — The Charlotte Hornets have signed an international sponsorship and financial partnership with Socios.com that includes the introduction of digital tokens.

Malta-based Socios uses blockchain technology and cryptocurrency to help sports teams sell tokens to fans, who can then use those tokens to influence decisions on game-day entertainment and merchandise, among other things. Socios already has an extensive roster of sports clients in Europe, including soccer powers Manchester United, FC Barcelona, Paris Saint-Germain, AC Milan and Arsenal. Other alliances include Formula 1 race teams, esports and cricket.

Jacob Gallagher, Hornets chief revenue officer, told CBJ that the first iteration of the partnership fans will see will be traditional marketing and advertising elements. Those include digital signs at Spectrum Center as well as on the NBA team’s website, mobile app and social-media channels.

Digital fan tokens are likely to go on sale later this year or early in 2022.

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