Karate Combat gives away 50% ownership to fans – for free
“FANS WILL OWN 50% OF THE LEAGUE”
KARATE COMBAT ANNOUNCES BIGGEST GIVEAWAY IN SPORTS HISTORY & TRANSITION TO NEW OWNERSHIP STRUCTURE
• Chicago Bulls, Tampa Bay Buccaneers, PSG + More Have Utilized Digital Tokens To Deepen Fan Relationships – Now Karate Combat Goes A Step Further By Making Token Holders Into Part-Owners
• $KARATE Token Will Be Issued To Registered Fans In December 2022, Giving Stakeholder Rights And Voice In Company Decisions
• “We’re pioneers in everything we do and we are convinced that this is the future of professional sports,” says league president Adam Kovacs.
– As first reported today by leading sports business journal SportBusiness.com, Karate Combat, the world’s premier full-contact striking league, is set to make fans around the world into part-owners in a move believed to be the biggest single giveaway by a major sports brand in the history of professional sports.
In December 2022, the new $KARATE digital token will be distributed for free to fans who have signed up to the waiting list.
While numerous blue-chip sports teams such as the Chicago Bulls, Tampa Bay Buccaneers and Paris Saint-Germain currently utilize digital tokens as an enhanced form of fan club membership, Karate Combat will be the first global sports brand to expand tokens into an actual DAO ownership model.
Where traditional company structures concentrate power in the hands of a CEO and board of directors atop a pyramid, the DAO (Decentralized Autonomous Organization) model is ‘flat’ and democratic: power and ownership are distributed horizontally, giving considerable voice and voting power to all stakeholders who hold the DAO’s digital tokens.
The move will give token holders the ability to participate in key Karate Combat decisions, such as matchmaking, fighter signings and rule changes. Fans can also nominate their favorite fighters to win extra cash performance bonuses for their fights.
• $KARATE is a digital token, not a cryptocurrency, but owners will be able to sell and trade it on crypto exchanges with no restrictions.
• $KARATE token holders can also win more tokens by successfully predicting the outcomes of fights at upcoming events.
Unlike sports gambling, where a stake is required and may be lost, there is no staking involved: token holders simply make their choices and are rewarded with extra $KARATE tokens for successful predictions.
• The $KARATE token will launch in December on the Hedera and Ethereum networks and will be distributed free of charge during the initial launch phase.
• Registration for the Karate Combat App & Token Waiting List is now open at www.karate.com/airdrop
“We created a global professional league for karate and our groundbreaking production standards have won plaudits around the world. We’ve been pioneers in everything we do and now we’re doing it again. We are absolutely certain that the DAO model is the future of professional sports and we’re taking a bold step in becoming the first global sports brand to fully adopt it,” said Adam Kovacs, Karate Combat President.
“Our token giveaway in December will be the largest fan giveaway in the history of sports. We are literally handing out shares of ownership in a multi-million-dollar company. Eventually half of the company will be owned by its own fans and fighters, and I think that’s really exciting. The world is moving towards increased democracy and inclusiveness, and I think the DAO model will play a central role in that.”
The token is being facilitated by the HBAR Foundation, the exclusive blockchain sponsor of Karate Combat, and utilizes the Hedera network. This sponsorship is one of the first announced deals in the HBAR Foundation’s newly announced $250,000,000 Metaverse Fund.
“Karate Combat’s large and rapidly growing fanbase will bring a number of new users to the Hedera network, all of whom will benefit from the network’s fixed low-cost transactions, real-time settlement, high standards of security and unrivaled sustainability,” said Shayne Higdon, Co-Founder & CEO at The HBAR Foundation.
Karate Combat will return to action on October 29th, live from The Backlot @ Universal Studios in Orlando, Florida. Tickets are on sale now at www.karate.com/tickets.
