The UFC will offer athletes bonuses in Bitcoins

Introduction

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

A bit about the UFC

With over 625 million fans and 187 million social media followers, the UFC is the most popular mixed martial arts (MMA) organization in the world. Each year, the organization hosts over 40 live events at some of the world’s most famous venues, broadcasting to nearly 900 million TV households in over 170 countries. The UFC athlete roster includes top MMA fighters from around the world, representing over 75 countries. One of the organization’s digital offerings is UFC FIGHT PASS, one of the world’s leading combat sports streaming programs. The UFC is based in Las Vegas, Nevada, and is owned by Endeavour, 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 bit 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, as well as being assessed for independent at level 4, as well as SOC (Service Organization Control) compliance 2.

Crypto.com is accelerating the world’s shift to cryptocurrency with over 4,000 employees in offices across the Americas, Europe and Asia.

Bitcoin Fight Night Bonus

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

In a statement, UFC President Dana White said: “Crypto.com has been an official partner of the UFC for less than a year, and I tell you they are already one of the most great partners we’ve ever had.” “This new Fan Bonus of the Night is a fantastic method of increasing fan engagement while rewarding fighters for outstanding performances.”

The UFC, which is owned by Endeavor (NYSE:EDR), is frequently criticized for the compensation of its fighters. While other major US leagues share about half of their money with their athletes, the UFC distributes only about 20%. It’s a tiered system that differs depending on the fighter. A novice can compete on a “10 and 10” deal – $10,000 just for showing up, plus an additional $10,000 if you win – while an experienced fighter like Conor McGregor will have far greater guarantees, as well as a reduction in PPV revenue. All fighters are paid for promotional appearances and week-long activities, including money to wear Venum apparel.

These bitcoin bonuses will be added to the two $50,000 performance bonuses the UFC awards each event, as well as the two $50,000 bonuses given to each fighter in the “Fight of the Night” bout. Thanks to the bonus structure, a fighter could theoretically earn $80,000 in US dollars and cryptocurrency, which would be significant for a fighter participating in a 10 and 10. Cheyanne Buys, a strawweight prospect, cried after learning that she won a $50,000 Performance of the Night bonus last year, telling reporters, “I’ve been so broke my whole life because of this sport.”

When the UFC switched from Reebok to Venum two years ago, fighters’ salaries went up, according to the organization. It has also increased the amount of money available to athletes in the growing field of NFTs. On branded apparel and merchandise, UFC fighters normally get around 30% of the UFC discount, which has been increased to 50% for NFTs. Nonetheless, it’s an issue that many fighters and critics of the MMA giant are still pondering.

Crypto-savvy fighters

Kevin Lee, an American professional mixed martial artist, extended his contract with Eagle FC at the end of 2021. He insisted on being paid in bitcoins rather than dollars, despite the fact that the asset helped him solve his financial problems a few years earlier. .

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

It should be mentioned 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 could become monetary tools that would improve people’s lives a few months ago.

Conclusion

Athletes have already embraced cryptocurrency, with stars of various sports opting to convert their earnings to 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 Lakers and Los Angeles Kings. The crypto industry is booming, start investing in cryptocurrencies through CEX.IO.