The UFC is targeting the non-fungible tokens (NFT) and Cryptocurrency markets after reportedly filing new trademarks.
Josh Gerben was the first to report the news, revealing that the UFC has looked to trademark the term ‘UFC’ in relation to cryptocurrency and NFTs. Both cryptocurrency and NFTs are made on a blockchain, meaning they are digital assets that are created by banks of servers solving complex equations. Once one of these assets is created it is unique and impossible to copy.
The UFC has filed several new trademark applications indicating it has plans to launch:— Josh Gerben (@JoshGerben) April 28, 2021
1. A UFC-branded cryptocurrency.
2. An app for users to manage cryptocurrency and NFTs.
The filings were just made with the USPTO on April 23rd.#ufc pic.twitter.com/DKfumXWfqP
NFTs are block-chain created assets with are assigned other forms of media, like artwork. Because blockchain technology allows for this ‘cryptoart’ to be impossible to copy these NFTs can sell for eye-watering amounts of money. Cryptocurrencies, like Bitcoin, are solely online and are used to pay for items online.
The UFC could try to mimic the NBA's Top Shot program. Top Shot users pay cryptocurrency for digital packs of highlights. Each highlight was created in a limited batch and has its own serial number. A similar model could see UFC fights, moments, or fighter likenesses being turned into NFTs. The current UFC contracts would allow the UFC to do this without discussing with the fighters or giving them a share of what these NFTs could make. If a fighter were to make their own NFTs using footage of them during a UFC fight, they would risk being sued for piracy by the UFC.