The MMA world seems to be more involved in the cryptocurrency world than ever before. The UFC has announced a huge partnership between the MMA organization and ‘crypto.com’, a cryptocurrency exchange app based in Singapore.
The sponsorship is a copromotion made possible by Cash App – mobile payment app from former Twitter Ceo Jack Dorsey led group. The app is primarily a payment app however it also allows users to buy bitcoin.
Thus far the app has been promoted by a number of prominent athletes and entertainers including Megan Thee Stallion and Gwyneth Paltrow.
?BIG NEWS?@UFC & https://t.co/vCNztABJoG announce historic partnership
✅ https://t.co/vCNztABJoG is UFC’s 1st Official Crypto Platform Partner ?
✅ https://t.co/vCNztABJoG is also UFC’s 1st Global Official Fight Kit Partner ?? See us at #UFC264!https://t.co/0fRyH4Vnkv pic.twitter.com/KirGbh3wIH
— Crypto.com (@cryptocom) July 7, 2021
Also, the UFC has recently teamed up with Dapper Labs to launch its Non-Fungible Token (NFT) collectible product by the name of UFC Strike.
On top of that, one of the biggest stars on the roster, heavyweight champion Francis Ngannou just announced that he would be taking half of his purse in bitcoin, as a promotional stunt with his new partnership with Cashapp, a mobile payment service available in the US and the UK.
I believe bitcoin can empower people everywhere. So I’m excited to partner w/ @CashApp to take half my #UFC270 purse in bitcoin. I want to make bitcoin more accessible to my fans, so I’m giving out $300K in bitcoin! Follow @CashApp + drop your $cashtag w/ #PaidInBitcoin pic.twitter.com/8JEvJ1UYu1
— Francis Ngannou (@francis_ngannou) January 18, 2022
With the MMA world seemingly jumping head first into the crypto frenzy, MMA journalist Luke Thomas raised an important question regarding fighters accepting payment purses in cryptocurrencies
I’ve seen a few folks (including athletes) make news by saying they’re going to get paid in crypto.
Take the normal check or cash, please. Invest in crypto or anything else you like after that, but don’t take a pay hit like this just to proselytize about the payment system. https://t.co/AvcC4F75HO
— Luke Thomas (@lthomasnews) January 22, 2022
Thomas used as an example the New York City Mayor Eric Adams, who advocated for receiving his next three salaries in Bitcoin and Ethereum. Eventually, as the crypto entered a major slump, Mayor Adams took a pay cut of his earnings.
Seemingly missing the point, UFC bantamweight Aiemann Zahabi replied to the tweet with an image of the fluctuations of the Bitcoin chart, demonstrating that the slump in the currency is still within acceptable margins.
Luke Thomas responded Zahabi’s tweet with:
“I’m not being anti-crypto. Invest all you like! But if the market is being volatile – down 47 percent at the moment – it’s senseless to take a pay hit. Love, invest and all that but don’t take a loss for PR grandstanding.”
I’m not being anti-crypto. Invest all you like! But if the market is being volatile – down 47 percent at the moment – it’s senseless to take a pay hit. Love, invest and all that but don’t take a loss for PR grandstanding.
— Luke Thomas🏋️♀️ (@lthomasnews) January 22, 2022
Bitcoin is currently going through one of the biggest slumps in its existence, so if you are looking to invest, please make sure of the risks and invest responsibly.
And while it might look like Ngannou is banking on cryptocurrency – it’s way more likely this is a calculated play and that Ngannou would be receiving an equal amount from his sponsor -Cashapp in return for promotion and all the good publicity he’s brought to the project.
Ngannou is not the first MMA fighter to promote bitcoin but it can be argued that he’s the highest profile fighter among them.
Bloomberg senior commodity strategist Mike McGlone, however, thinks bitcoin will dodge the risk of sell offs:
“I think it [bitcoin’s price] is building a good base here around $40,000, and I think it’s going to take it at that level. It’s more likely to accelerate towards $100,000,”