Blockchain startup Socios has added the Professional Fighters League to the roster of sports organizations on its platform, paving the way for broader cryptocurrency adoption in the MMA, a combat sport.
The PFL, which is known for organizing MMA fighters into a sports-season format, joins a lineup that includes FC Barcelona, Juventus, and Paris Saint-Germain, to name a few sports organizations that have also partnered with Socios.
The PFL deal represents the maiden league partnership that Socios has scored. The news is timely with the bitcoin price currently on a bull run.
The Professional Sports League and Socios are launching Fan Tokens, the official name for which has yet to be decided but the tokens are akin to cryptocurrencies that MMA fans can use to participate in the ecosystem.
The new partners will launch what’s known as a Fan Token Offering (FTO), which has the potential to familiarize a whole new demographic with digital currencies and the blockchain.
PFL CEO Pete Murray told BeInCrypto,
“There is incredible demand for MMA, it is the growth sport of the decade with over 450 million fans worldwide. These fans are young, passionate and digitally-savvy. PFL is leading the way in taking fan engagement to the next level, empowering them, and ensuring their voices are heard through cutting edge technology.”
The token sale will begin ahead of the 2021 season, which begins in April 2021. Sportico reports that previous Fan Token Offerings have generated sales in the range of $700K to $1.5 million at a price of approximately $2.50 per token.
The MMA boasts some 450 million fans, and the PFL’s social media profile has been on the rise, with the following YoY growth across its channels:
- Instagram followers up 68%
- Audience growth across digital = 30%
- Social engagement increase of 200%
Token holders reportedly gain access to certain benefits, such as the right to vote on decisions and earn rewards via the Socios app, which is available on Apple and Android. Fans can participate in decisions such as fighter bonuses across the “regular season, playoffs and championship.”
MMA fans can also earn PFL-themed rewards and get to test-drive some new features, including a “leaderboard, chat and games,” all of which are meant to fuel fan engagement.
— Socios.com (@socios) October 22, 2020
MMA fans might already be well versed in cryptocurrencies. Retired MMA fighter Ben Askren first came on the cryptocurrency scene with his involvement in the Litecoin project. Last year, Litecoin sponsored Askren for UFC 235, a fight he won.
Since then, Askren has become even more engaged with the cryptocurrency community, from touting the latest bitcoin halving to hosting his own podcast with Litecoin Foundation Chief Evangelist John Kim.
Dubbed the Funky Crypto Podcast, its mission is to “educate the masses about Bitcoin, Litecoin, and cryptocurrencies.”
#LiteCoin up almost 20% on the DAY!!!!
— Bitcoin Ben (@Benaskren) October 22, 2020
— MMA History Today (@MMAHistoryToday) October 22, 2020
There are no immediate plans for the Fan Token to be sold on exchanges.