The UFC plans to launch a “fan token” next month. After a year of cooperation with the sports-focused blockchain platform, Chiliz, the two parties will now issue $ UFC on blockchain.
It is worth remembering that Chiliz and its Socios platform initially focused on clubs of great expression in European football, allowing them to have their own fan tokens.
According to MoneyTimes, this type of token is used by fans of sports or teams to give their contribution in votes to decisions of the team in question and also serves as a new method of revenue. From now on, this integration will also be explored by the UFC.
The $UFC token will allow access to VIP rewards, special promotional actions, discussion and voting forums on certain issues. This system is already being used by traditional teams at a global level, such as Barcelona, from Spain, and Manchester City, from England.
“UFC has more than 625 million fans worldwide, and“ fan tokens ”are a unique way to connect the two parties through an engaging and authentic product that brings fans closer to the UFC and gives them influence, while while rewarding them for their passion for the sport, ”said Tracey Bleczinski, senior global vice president of consumer products for the UFC.
With this launch, Chiliz will seek to take its service offering to other locations in the world, in addition to the European market. The company is planning to make the “fan tokens” available in the United States by the end of 2021, investing around 50 million dollars.https://twitter.com/socios/status/1389566280462651393
UFC wants to take advantage of blockchain to expand its brand
This project came about thanks to a sealed deal last year, which gives Chiliz’s native token owners access to exclusive promotions from the mixed martial arts league. At the time, the UFC stressed that it intended to take advantage of blockchain operations that would collaborate with the expansion of its brand.
And recently, Chiliz reported that it closed a commercial deal similar to the New Jersey Devils team, of the National Hockey League (NHL). Even though this partnership is limited to marketing at the moment, the team is also evaluating how blockchain applications can contribute to increasing its visibility.
Increase in cryptocurrency bets
The UFC is showing increasing interest in the blockchain sector. In addition to this arrangement with Chiliz to create its own cryptocurrency, the organization also closed an association with the bookmaker Stake, which explores cryptocurrency betting. This industry is growing significantly day by day.
The proof of this is that the American state of Wyoming recently approved a measure, allowing players to fund their accounts with betting sites using cryptocurrencies. In this way, the state government recognized cryptocurrencies as an appropriate way to make deposits into online platform accounts.
Therefore, the state has become the first in the United States to release deposits in cryptocurrencies for online gambling and betting. However, this option is not exactly a novelty for British players, as they can make deposits in cryptocurrencies to bet online since 2016.