Introduction
UFC fighters competing in pay-per-view UFC events will soon be eligible for fan-based incentives paid out in Bitcoin. The UFC has unveiled a new reward scheme for UFC athletes called ‘Fight Night bonuses,’ in collaboration with Crypto.com, a cryptocurrency platform.
A Little 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. Every year, the organization stages more than 40 live events in some of the world’s most famous venues, broadcasting to almost 900 million TV households in more than 170 countries. The UFC’s athlete roster includes the top MMA fighters from across the world, representing more than 75 countries. UFC FIGHT PASS, one of the world’s premier combat sports streaming programs, is one of the organization’s digital offerings. UFC is based in Las Vegas, Nevada, and is owned by Endeavor, a multinational sports, and entertainment corporation. Visit UFC.com for additional 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 platform, was founded in 2016 and already serves over 10 million clients. 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, as well as being independently assessed at Tier 4, as well as Service Organization Control (SOC) 2 compliance.
Crypto.com is speeding the world’s shift to cryptocurrency 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, which is the largest in UFC history. Fans will vote on the most deserved competitors for each PPV event. The winner of the most votes will get $30,000 in bitcoin, with $20,000 going to second place and $10,000 going to third.
In a statement, UFC president Dana White noted, “Crypto.com has been an official UFC partner for less than a year, and I’m telling you they are already one of the greatest partners we’ve ever had.” “This new Fan Bonus of the Night is a fantastic method to increase fan engagement while also rewarding fighters for outstanding performances.”
The UFC, which is owned by Endeavor (NYSE: EDR), is frequently criticized for its fighter compensation. While other major U.S. leagues split roughly half of their money with their athletes, the UFC only distributes about 20%. It’s a multi-tiered system that differs depending on the fighter. A novice may compete on a “10-and-10” deal—$10,000 just to turn up, plus another $10,000 if you win — whereas an experienced fighter like Conor McGregor will have far greater guarantees, as well as a cut of PPV revenue. All fighters are compensated for promotional appearances and week-of activities, including money for wearing Venum apparel.
These bitcoin bonuses will be added 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” bout. Through the bonus structure, a fighter could theoretically win 80,000 in US dollars and cryptocurrency, which would be significant for a fighter participating on a 10-and-10. Cheyanne Buys, a strawweight prospect, cried after she learned she had won a $50,000 Performance of the Night bonus last year, telling reporters, “I’ve been so broke my entire life because of this sport.”
When the UFC switched from Reebok to Venum two years ago, the fighters’ pay rose, according to the organization. It has also raised the amount of money available to athletes in the rapidly expanding realm of NFTs. On branded clothes and goods, UFC fighters normally get roughly 30% of the UFC’s cut, which was increased to 50% for NFTs. Nonetheless, it’s an issue that many fighters and critics of the MMA giant are still thinking about.
Fighters Keen on Crypto
Kevin Lee, an American professional mixed martial artist, extended his contract with Eagle FC at the end of 2021. He insisted on getting paid in bitcoin rather than dollars, despite the fact that the asset had helped him address his financial problems a few years earlier.
Francis Ngannou, the reigning UFC heavyweight champion, announced plans to receive 50% of his next bout earnings in BTC in January of this year. The biggest digital asset, according to the Cameroonian, is “the future,” and it will have a significant influence on the African economy.
It’s 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 that digital assets may become monetary tools that would improve people’s lives a few months ago.
Conclusion
Athletes have already embraced cryptocurrency, with stars in a variety of sports opting to convert their earnings into bitcoin. It’s also become a lucrative sponsorship category for leagues and teams, with Crypto.com allegedly spending $700 million to have its name on the Los Angeles Lakers and Kings’ home. The crypto industry is on the rise, start investing in cryptocurrencies through CEX.IO.