UFC, on Wednesday has signed an agreement with Crypto.com for a fight kit sponsorship deal over ten years for $175 million. CNBC report.
Endeavor, the majority stake owner in the Ultimate Fighting Championship, has signed a multi-year contract with cryptocurrency exchange platform Crypto.com for a fight kit sponsorship deal. The agreement will provide the cryptocurrency exchange with a brand presence on athletes and training staff apparels as ringside presence.
The cryptocurrency exchange will also own the rights to UFC’s newly created “Cryptocurrency Platform Rights” sponsorship category.
Although the terms of the agreement were not disclosed publicly, according to people familiar with the trade, the deal will give Crypto.com a brand presence costing them $175 million spanning over ten years.
UFC’s Bank On Blockchain And Cryptocurrencies With Crypto.com
On June 30, UFC launched its $UFC fan tokens partnering with blockchain sports company Chiliz and Socio.com. The UFC fan tokens help to foster better engagement with fans. Token holders can vote for certain aspects or fighters for upcoming events. The fan token is set to have a lifetime supply of twenty million.
A statement made by Crypto.com co-founder and CEO Kris Marszalek called the deal with UFC a “historic moment,” adding it would help the sport “accelerate the world’s transition to cryptocurrency.” Further stating “this is just the beginning of a long relationship with UFC, and we’re looking forward to what we will build together.”
Crypto Sponsorships And Blockchain Interaction In Sports
Crypto Sponsorships and porting over fan interactions in sports to the blockchain through fan tokens have skyrocketed this year and has increased Bitcoin and crypto interest among many demographics. This past week, the National Basketball Association closed its first jersey patch agreement with a crypto company when the Portland Trail Blazers signed a deal with StormX. Before the jersey patch agreement, Miami Heat struck an arena naming right pact with FTX.us, a cryptocurrency exchange.
For football fanatics, Socios.com and Chiliz have patterned with twenty-five football clubs including Manchester United and Saint Germain, launching fan tokens, giving special privileges, voting rites, and chance to become a super fan for token holders.
Motorsports teams and leagues have also received crypto sponsorships. Just yesterday, MotoGP announced a three-year Technology Partner deal with Bitci.com, which also holds title sponsorships of the 2021 Australian Grand Prix.
Trade The Chain, a global community of blockchain and cryptocurrency enthusiasts, has collectively sponsored a Nascar Sports car and partnered with driver Landon Cassill, who has had three crypto sponsors labeled previously.