American Boxing Legend Mike Tyson has decided to spearhead a cross-entertainment platform that is based on blockchain with the aim of benefiting the upcoming fighters.
VentureBeat reported on Aug. 13 that “Fight to Fame” — the new venture — will catapult a new generation of fighters to success via social media, film, games, reality TV, betting and live matches. The new, multi-pronged platform will rely on blockchain technology — which many consider to be a safe and transparent decentralized ledger — to make this happen.
Support for the project
Besides Tyson, the Fight to Fame’s founder and chairman of the sports and competition committee, Farzam Kamalabadi its CEO, Stan Larimer, the blockchain and cryptocurrency expert, and Tim Smithe, the two-time Emmy award winner, the television producer, are the executives who also steer the project forward.
Tyson gave the following statement:
“As a seasoned fighter, I want to mentor future generations, especially future action stars and make sure there’s a path to career success and fair compensation. Building this global platform for them is a passion of mine.”
Kamalabadi added that blockchain ecosystem is able to solve the empowerment that was not existing in the internet era leading to fair compensation:
“This is about wealth generation from the masses, but back to the masses through all the participants and stakeholders. So it is not just win-win. This is multiple wins for all the stakeholders.”
For fighters, fans as well as the company to drive engagement and reap substantial gains from the project, a fan token economy is expected to be launched.
After fees are chopped off, fighters will only obtain 15 % of their stake from industry titans like the Ultimate Fighting Championship (UFC), as Smithe and Kamalbadi noted.
Blockchain adoption in sports industry
In the future, the company will release fan token for the Fight to Fame. Holders will get to see how the entire ecosystem is a transparent blockchain-based economy as they will benefit from voting and betting rights.
This winter, the Litecoin Foundation entered into a partnership with Glory — a premier kickboxing league — intending to become the official cryptocurrency for international events and its online merchandise platform.
Paris Saint-Germain (PSG) entered into a joint partnership with Socios.com blockchain platform in fall 2018, to enable the use of a token ecosystem to monetize and incentivize fan engagement and experiences. Besides being the country’s “most popular” team, the giant French soccer club, PSG, is one of the successful clubs around Europe. In modern times, sports has become increasingly tokenized.