The Ultimate Fighting Championship or UFC, has delved into the world of cryptocurrency with its "UFC Fan Tokens" that would be fulfilled by Socios blockchain, to serve as the sports' currency for stakes in matches. This means that people can now have a say or control over the match-ups and other elements within the Octagon, provided that they use fan tokens to purchase it.

(Photo : Socios)

Cryptocurrencies are now integrated into almost all industries in the world, and the latest thing they penetrated is the world of sports, an industry that is known to generate massive profits from its fans and enthusiasts.

What makes cryptocurrencies different from real-world money like US Dollars (USD) or British Pounds (GBP) is that it is foolproof because it is written in the so-called "Blockchain." This means that purchases would be even more secure despite the digital footprint, compared to the online payment using cash or one's account in the different currencies of the world.

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UFC Cryptocurrency: Fan Tokens with Socios Blockchain

Instead of creating a cryptocurrency under its name, UFC opted for a more sensible track, and this is by partnering up with a known cryptocurrency and blockchain provider called "Socios" and "Chiliz." According to Socios Fighting, UFC's fan tokens are coming soon, and it is the latest sports body that would join the world of crypto and blockchains.

The UFC fan tokens are slated to come by Summer 2021, which is nearing its release as summer is approaching in less than a month for June. These fan tokens have a maximum lifetime supply of 20 million and would be accessible via Socios's application or platforms where it buys, trades, and sells cryptocurrencies. Moreover, $UFC fan tokens would also be fulfilled by a blockchain company called "Chiliz" who are known to be the top providers of fin-tech blockchain for sports and entertainment, where UFC falls under. The UFC fan tokens may be the first cryptocurrency for the world of combat sports, but it has been around for other sporting events in the world.

How would UFC Fan Tokens Work?

The UFC Fan Tokens are said to be the exclusive cryptocurrency of the mixed-martial-arts (MMA) world, which gives the fans and enthusiasts of the sport the ability to purchase unique content from the company. Moreover, it also promises the joy of being able to dictate how a fight would go, using fan tokens to put certain elements in an MMA match-up.

Other Sports with Cryptocurrency

While UFC's move into cryptocurrency is a massive one, it certainly is not the first one to dive into it. Sport cryptos have been present for quite some time now, and it is most prominent in Europe's Football action, particularly with Sp ain's FC Barcelona and France's Paris Saint-Germain. These football clubs use fan tokens as well for the different exclusive content and offers available for their cryptocurrency.

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Written by Isaiah Richard