UFC will give athletes bonuses in bitcoins

introduction

UFC fighters competing in pay-per-view UFC events will soon be eligible for fan-based incentives paid in Bitcoin. The UFC, in partnership with Crypto.com, a cryptocurrency platform, has unveiled a new rewards system for UFC athletes called “Fight Night Bonuses.”

A little bit about UFC

With over 625 million fans and 187 million social media followers, the UFC is the world’s most popular mixed martial arts (MMA) organization. Each year, the organization hosts more than 40 live events in some of the world’s most iconic venues, broadcast to nearly 900 million television homes in more than 170 countries. The UFC’s roster of athletes includes the best MMA fighters from around the world, representing more than 75 countries. UFC FIGHT PASS, one of the world’s leading martial arts streaming programs, is one of the organization’s digital offerings. Based in Las Vegas, Nevada, UFC is owned by Endeavor, a multinational sports and entertainment company. Visit UFC.com for more information and follow the organization on Facebook, Twitter, Snapchat, Instagram and TikTok: @UFC.

A little about Crypto.com

Crypto.com, one of the fastest growing cryptocurrency platforms, was founded in 2016 and already serves over 10 million customers. Crypto.com is the first cryptocurrency company in the world to achieve ISO/IEC 27701:2019, ISO22301:2019, ISO27001:2013 and PCI DSS (3.2.1) Level 1 compliance and be independently assessed at Tier 4. and compliance with Service Organization Control (SOC) 2.

Crypto.com is accelerating the global cryptocurrency transition with over 4,000 employees in offices across the Americas, Europe and Asia.

Fight Night Bonuses in Bitcoin

The new bonus is part of a 10-year, $175 million sponsorship deal between the MMA company and Crypto.com, the largest in UFC history. Fans will vote for the most deserving entrants for each PPV event. The winner of the most votes will receive $30,000 in Bitcoin, with $20,000 going to second place and $10,000 going to third place.

In a statement, UFC President Dana White noted, “Crypto.com has been an official UFC affiliate for less than a year and I’m telling you, they are already one of the biggest affiliates we’ve ever had.” “This new fan -Bonus of the Night is a fantastic way to increase fan engagement while also rewarding fighters for outstanding performances.”

The UFC, owned by Endeavor (NYSE:EDR), is widely criticized for its fighter compensation. While other major US leagues share about half of their money with their athletes, the UFC only pays out about 20 percent. It’s a tiered system that differs per fighter. A beginner can take part in a “10-and-10” deal – $10,000 just to show up, plus another $10,000 if you win – while a seasoned fighter like Conor McGregor will have far greater guarantees as well as a cut in the has PPV earnings. All fighters are compensated for promotional appearances and week-long activities, including money for wearing Venum clothing.

These bitcoin bonuses are in addition to the two $50,000 performance bonuses that the UFC awards at each event, as well as the two $50,000 bonuses given to each fighter in the Fight of the Night match. Through the bonus structure, a fighter could theoretically win $80,000 and cryptocurrency, which would matter for a fighter participating in a 10-and-10. Cheyanne Buys, a strawweight prospect, cried after learning she won a $50,000 Performance of the Night bonus last year, telling reporters, “I’ve been because of this sport my entire life so broke.”

When the UFC switched from Reebok to Venum two years ago, fighter salaries increased, according to the organization. It has also increased the amount of money available to athletes in the fast-growing field of NFTs. For branded apparel and merchandise, UFC fighters typically receive around 30% of the UFC’s cut, which has increased to 50% for NFTs. Still, it’s a topic that many of the MMA giant’s fighters and critics are still pondering.

Fighters keen on crypto

Kevin Lee, an American professional mixed martial artist, renewed his contract with Eagle FC in late 2021. He insisted on being paid in bitcoin instead of dollars, even though the asset had helped him solve his financial woes a few years earlier.

Francis Ngannou, the reigning UFC heavyweight champion, announced plans to receive 50% of his earnings from the next fight in BTC this January. According to the Cameroonian, the greatest digital asset is “the future” and it will have a significant impact on the African economy.

It is worth mentioning that Joe Rogan, a well-known UFC analyst and broadcaster of one of the most popular Spotify podcasts, is a crypto enthusiast. He predicted a few months ago that digital assets could become monetary instruments that would improve people’s lives.

Conclusion

Athletes have already embraced cryptocurrency, and stars across a variety of sports are choosing to convert their earnings into bitcoin. It has also become a lucrative sponsorship category for leagues and teams, with Crypto.com reportedly spending $700 million to have its name on the home of the Los Angeles Lakers and Kings. Crypto industry is on the rise, start investing in cryptocurrencies via CEX.IO.

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