The Ultimate Fighting Championship (UFC) is a USA-based martial arts promotion business that organizes mixed martial arts events and trains athletes of the industry. Over the last decade, many boxing and WWE fans have switched to events like kick-boxing organized by UFC. The sports enterprise has recently announced that it is going to launch a fan token service powered by Chiliz.
Chiliz blockchain has been around since 2016. Its native token $CHZ was launched in 2018. The UFC fan token would follow the same launch pattern as Socios.com. In 2019, Chiliz helped European Soccer teams to mint their first fan tokens. These fan tokens can be used for casting votes, bonuses, performance incentives, defining ranks in clubs, and as a source of remuneration. The UFC sports fans would also be able to have the same utility with their tokens.
Do Sports Tokens have the Potential to Change the Face of E-sports Forever?
The modern way of life has become robotic and free from physical activities. Furthermore, the current pandemic has restricted people within their homes. Under these circumstances, sports play an important role in inspiring people to be more active and stay fit. Chiliz is helping the professional sports industry with programs like Socios.com. Socios.com allows the sports teams like soccer clubs to issue personalized digital tokens.
Socios.com has partnered with 19 official partners, and 11 of these soccer clubs have been able to connect with their global fan base and incentivized the interaction. The mixed martial arts fan token $UFC would have offered more utilities like chat forum facilitation, fandom elections, VIP incentives, global promotions, and much more. Famed soccer clubs like FC Barcelona and Manchester City already use similar fan token models.
More Sports Moving into the Cryptocurrency Zone
Chiliz was able to raise $66 million through private placement after introducing its business model. The number points towards the great potential in the fintech markets and blockchain sector. While European markets have proven fertile for sports fan tokens, the company is looking to expand in the American sports markets.
Tracey Blenzinski, VP of Global consumer products at Chiliz, explained that UFC alone boasts about 625 million fans across the globe. $UFC would provide fans the opportunity to interact with their favorite athletes and teams personally. The blockchain enterprise wishes to expand to football leagues and e-sports. National Hockey league’s (NHL) team, New Jersey Devils, had also signed a marketing contract with Chiliz last week.