UFC partners with cryptocurrency company to produce ‘digital collectables’

Dana White, UFC, UFC Fight Island 3
Image: Fight Sports

Dapper Labs, the company responsible for CryptoKitties, has announced a partnership with the UFC to provide a “new digital experience” for MMA fans around the world.

Dapper Labs is a cryptocurrency company, best known for creating CryptoKitties: a blockchain game on Ethereum which allows players to purchase, breed, collect and sell virtual cats.

Usually, blockchain technology is used to buy and exchange digital assets for monetary gain. CryptoKitties was one of the earliest examples that utilized cryptocurrency technology for recreational purposes.

Now the organization plans to do the same again with the UFC. Dapper Labs intends on producing UFC digital branded collectables, giving fans the chance to have their very own virtual UFC fighters. These crypto-backed digital assets will allow fans to keep, sell or exchange them on the Dapper Labs’ Flow platform.

Unlike CryptoKitties which operates on the Ethereum platform, Flow is the new blockchain being created by Dapper Labs. The company has already raised $11 million in funding for the blockchain technology which is expected to launch before 2021. Dapper Labs have chosen to create their own blockchain to deal with scalability issues present in current blockchain technologies. To understand the scalability limitations in the world of crypto, (such as Bitcoin), click here.

The result is a platform that will hold MMA fan’s “tokenized representations of their favourite fighters”. They will operate like Tamagotchis, so fans will be able to train, level up and even manage their fighter’s nutrition to ensure they make weight for their division.

A representative at Dapper Labs confirmed that users will have full autonomous ownership over their digital tokens (quote via Aaron Bronsteter):

“Spending money in Flow apps is more like collecting sneakers or signed gloves you can sell on eBay anytime, rather than spending money in video games.”

Dapper Labs CEO Roham Gharegozlou believes the new platform will create a new and unique experience for UFC fans. He believes it gives, “a real ownership stake in the game they love and the communities they’re a part of.”

UFC senior vice president of global consumer products, Tracey Bleczinski, stated: “UFC is thrilled to partner with Dapper Labs to offer a new form of digital collectables to our global fanbase. UFC prides itself on being innovators in sports technology, and Flow is another way to provide our fans with the best entertainment experience.”

Do you like the idea of buying, selling or trading your favourite MMA fighters in digital form?

This article first appeared on BJPENN.com on 2/26/2020. 

This article appeared first on BJPENN.COM