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The UFC is expanding its reach beyond the world of mixed martial arts as the organization gets involved in the booming economy of cryptocurrency.
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The world's largest MMA promotion recently teamed up with cryptocurrency and blockchain provider Chiliz, with plans in place to mint its own tokens. The UFC, through its website, announced that it's planning to launch the "$UFC Fan Token" on fan engagement and rewards mobile application Socios.com next month.
"The $UFC Fan Token is scheduled for launch on Socios.com in June and will have a maximum lifetime supply of 20 million," the company wrote in a statement.
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What can fans expect from the UFC's new cryptocurrency?
The development is expected to increase fan engagement and enhance the viewing experience of UFC fans around the world. Through Socios.com, fight fans with tokens will be able to participate in UFC-related polls and surveys. On top of that, those who purchase $UFC Fan Tokens will gain access to VIP rewards, exclusive promotions, AR-enabled features, chat forums, and games.
“By partnering with Chiliz, UFC now has access to a captive audience of fans from some of the biggest sporting organizations on the planet, creating an unprecedented opportunity to attract new followers,” Alexandre Dreyfus, CEO of Chiliz and Socios, stated in a press release.
Chiliz has been providing cryptocurrency and blockchain services to the sports and entertainment industries since 2016. The UFC will be among the 26 major sporting entities to partner with the provider. The MMA promotion will join European football franchises FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, and Manchester City.
How UFC Fan Tokens will work
The UFC-exclusive cryptocurrency will give fans the ability to purchase unique content from the MMA company. In addition, the cryptocurrency will allow UFC enthusiasts to dictate some elements of a fight by using their tokens to vote.
