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UFC Plans to Launch Fan Tokens on Socio.com in June


coinfomania.com May 04 2021 20:03, UTC
Reading time: ~2 m

For the first time, the Ultimate Fighting Championship (UFC), an American mixed martial arts promotion company, will be launching a crypto token through its partnership with Chiliz, a leading blockchain provider for the sports and entertainment industries.

As per the announcement, the $UFC fan token will be launched on fan engagement and rewards mobile app Socios.com. The partners will launch the token in June with a maximum supply of 20 million $UFC tokens.

Last year, the world’s premier mixed martial arts organization (MMA) signed a partnership deal with Chiliz and the Socio.com app to utilize blockchain technology and mobile apps to shape the future of fan engagement in combat sports.

With the new partnership, the UFC will join the other 26 major sports entities that have partnered with Chiliz to launch Fan Tokens, including European soccer giants FC Barcelona, Paris Saint-Germain, AC Milan, and Manchester City, Atlético de Madrid, AS Roma, West Ham United, and other big teams.

Chiliz’s app Socios.com is the world’s first fan voting platform for sports fans fueled by the $CHZ cryptocurrency. The app is available for download for both Android and iOS. The platform has some notable companies sponsoring and backing it up. Some of them include Binance, OK Blockchain Capital, and Ceyuan Ventures 

While ownership of Fan Tokens does not equate to ownership of equity or shares in football clubs, it has other benefits. With the app, fans can use Chiliz to buy Fan Tokens to use on their favorite clubs and then exchange these tokens into access to voting rights and participation in club-specific polls and votes.

In addition, Fan Tokens makes it possible for token-holders to receive team-specific and platform-wide rewards and also be able to buy and sell Fan Tokens on the app’s marketplace. 

Just last month, the leading English Premier League professional soccer club Manchester City, launched a fan-based crypto token, $CITY, on Socio. The $CITY token (a non-fungible token) will give the club’s fans access to vote in some binding and non-binding club polls on Socios.com, participate in club games, and promotion among other benefits like VIP rewards.


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