- Legal States
Luke Thompson March 17, 2022 2 min read
UFC Sees Strong Upsurge in NFT Sales
The Ultimate Fighting Championship (UFC) is moving ahead with its plans to ramp up its sales of sports memorabilia and fans are lapping it all up. Yet, to be truly successful, the organization is gearing towards the digital space where non-fungible tokens are king. The Las Vegas MMA promoter has seen significant uptake in digital adoption since it teamed up with Dapper Labs in January and has been selling NFTs at a good clip.
NFTs Become Hot Sale Items for the UFC
NFTs have shown extraordinary resilience, too, with many of them exchanged and traded between consumers. Dana White, the promotion’s boss, has confirmed that the UFC has been benefiting greatly from the sales of NFTs, but he has not given any precise numbers. Dapper Labs, though, has done well in promoting the NBA Top Shot’s NFT and shown some remarkable results over the years.
Interest in NFTs has been growing steadily with many sports organizations adopting them. Mark Cuba, who owns the Dallas Mavericks, an NBA franchise, said that NFTs stand to drive strong revenues for the league which will translate into better overall results for everyone.
DraftKings, a company that teamed up with a Tom Brady-backed blockchain company, released its own DraftKings Marketplace and added the Primetime NFT Series for the March Madness season that is already underway. NFTs may prove particularly good for both fighters and the UFC, though, as the promotion has long been looking for ways to pay its fighters better.
Fighters Do Get a Cut Out of It
Now, NFT sales maybe just it and the UFC is prepared to split 50% of all sales revenue back with its most important asset. In fact, it already has been doing so, incentivizing fans to buy as well. This also means that fans will need to be buying more to support their favorite fighters, but this is already happening as the UFC is clearly seeing a surge in NFT adoption among fans.
NFTs have some advantages over traditional paraphernalia as well. They are minted on a blockchain, which expedites the process, reduces the carbon footprint, and ultimately makes them more flexible. A UFC fight may change just days before an actual bout, which means that the NFT blockchain may adapt whereas a collectible card would just go to waste, as it takes weeks to plan and manufacture.