Cryptocurrencies have been the most popular new trend in the world of finance in decades, and they are showing no sign of slowing down. The price of Bitcoin has gone up to over $40,000 in the last couple of weeks, which is a far cry from where it was just a year ago. Other cryptocurrencies have also seen a similar rise in price, which has led to a lot of interest in this space. The biggest indicator of the fact that cryptocurrencies are possibly here to stay is by the fact that organizations and businesses from outside the world of finance have shown interest, with sectors as diverse as sports, healthcare and shipping, to name just a few, having potential applications for blockchain and cryptocurrencies. These initiatives will only serve to increase the popularity of crypto among the general public, especially when tied to popular individuals, as UFC has done in recent months.
There is no doubt that Conor McGregor is the poster boy for the UFC, and that he is their most marketable athlete. Thus, it is no surprise that UFC has partnered with Cryptocurrencies on Ethereum to create blockchain collectibles, along with McGregor, in order to better sell these products. UFC is also working with Dapper Labs to make digital collections available on their blockchain networks. Dapper Labs is a company working on Ethereum-backed products and bringing them to global audiences, which makes them the perfect partner for the UFC. The company plans on making trading and sports cards, with the likes of McGregor and other UFC athletes, which will then be made available through the Dapper Labs Flow app. Fans will be able to buy these cards through the app, by using the company’s own digital tokens, which will also allow them access to a host of other products and services.
This is not the first instance where UFC has collaborated with crypto or blockchain developers. Litecoin has been associated with various promotional UFC events, and UFC 232 had the Litecoin logo on the canvas as well. This goes the other way as well, with various blockchain service providers showing interest in UFC as well as other sports. Another related area where litecoin has been very popular is the online gambling sector, where we are seeing many litecoin based sites and LTC casino games. Such litecoin casinos offer users the opportunity to place bets using cryptocurrencies, which increases their appeal significantly, and has proved to be very popular.
Blockchain-based apps and games are gaining traction, and Dapper Labs, through the Flow App, are allowing developers to create their own games to host on the app. The app will also allow UFC fans to be able to have a real stake in the sport they love, by giving them exclusive access to products, services and experiences, akin to a fan token, which will then also serve as an additional source of revenue for UFC.
We are also seeing other UFC fighters put their money in crypto. For example, Eddie Alvarez, one of McGregor’s former rivals, tweeted earlier this year that he had bought his first Bitcoin, based on the advice of fellow fighter Ben Escaren. This shows how much of an influence bitcoin and other cryptos have had on UFC, but by extension, on the general public as well, as fans of the sport will also begin to move towards cryptocurrencies as the UFC and their fighters continue to show interest and investment in this area publicly. Cryptocurrencies can be expected to change the way these sports organizations operate, and it will be interesting to see how they manage to engage with their fans in this respect.