Fan Tokens, and NFT’s, Are Coming to MMA
Fan Tokens are coming to the Professional Fighters League today and you might be wondering what they are, why you would want them, and what to do with them. The PFL announcement says, “$PFL Fan Tokens are collectible digital assets, minted on the Chiliz blockchain, that provide owners with access to voting rights in polls, VIP rewards, exclusive league, and sponsor promotions, AR-enabled features, chat forums, games, and competitions on Chiliz’ fan engagement and rewards mobile app Socios.com.”
Digital collectibles built on blockchain technology have been around for a while, and when it comes to anything blockchain, it’s just another form of cryptocurrency which can translate to some money for collectors. While the Fan Token design is for entertainment purposes only according to Socios, there are collectibles coming to MMA that can be worth something.
Enter the NFT (Non-Fungible Token) and if you are unfamiliar with NFT’s and what they mean for digital artists, collectors and the future of sports collectibles check out One37 PM’s “Beginner’s Guide” as they have been watching that space for a while. In short, an NFT is a digital collectible you can own (or mint if you are a creator) and anything worth collecting has a value attached to it.
So how does this fit in MMA?
Well, just recently when Francis Ngannou picked up his heavyweight title victory at UFC 260, an NFT designed by Bosslogic generated revenue for a little over $500,000 dollars on Makers Place.
This 1/1 NFT collab between @francis_ngannou and @Bosslogic hit $284k before the auction ended. The total revenue generated from all 4 drops combined for way over half a million dollars.
pic.twitter.com/Ru37JJODBA— Chamatkar Sandhu (@SandhuMMA) March 30, 2021
When you see numbers like that, you know the UFC wants to get involved, and they are. Dapper Labs is currently working with the UFC to develop NFT’s for them, and with their library of highlight-reel knockouts, submissions, and overall great moments in MMA there should be no shortage of fans that want to collect them. Something like this already exists for the NBA with NBA Top Shot which Dapper Labs has put out and seems to be having success with NBA fans.
This is not the first time we’re seeing blockchain and crypto in MMA, Litecoin has sponsored UFC events in the past and fighters like Rory MacDonald and Michael Chandler have also done partnerships in the cryptocurrency space. Cris Cyborg, Ben Askren, and other fighters have shown an interest in that space as well to generate more financial opportunities for themselves, but when it comes to collectibles, this is something both fans and fighters can get on board with.
With the UFC and PFL already taking advantage of blockchain technology, Bellator might not be far behind. So, are you ready to grab some digital collectibles?
