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Crypto.com has taken the sports world by storm, landing major deals like naming rights to the famous Staples Centre in Los Angeles, and becoming a brand partner of the UFC. Not only do you see “Crypto.com” across the chest of every major UFC fighter, but you will also now see it from the skies of Los Angeles for the next 20 years. Reports came out soon after that this was the largest naming rights deal in sports history, valued at over $700 million.
As for the UFC, Crypto.com purchased branding rights to fighters’ uniforms in 2021 for a reported 9-figure sum (USD), making Crypto.com the UFC’s official “kit partner”. It’s one of the most lucrative sponsorship deals of all time and all fighters will have the Crypto.com logo on their walkout and fight gear.
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This, we now know, was just the beginning. As the nonfungible token (NFT) marketplace evolves, Crypto.com and the UFC are teaming up to release their own unique collectible line. Image: Supplied
What are UFC NFT collectibles?
Crypto.com is getting into the NFT game, and unveiled its NFT marketplace in 2021, including open markets for everything from collectibles to music.
An obvious entry point for newcomers to the space is the traditional collectibles market, like sports cards. The value of physical sports cards rises over time based on qualities like rarity traits and design.
The same is now true of the digital art market, and blockchain technology makes it possible to ensure the quantity and authenticity of digital collectibles via the creation of NFTs. Creators mint X number of unique collectibles of any and every genre, thereby proving their authenticity and originality (that they are “non-fungible” or “one-of-one”).
Sports seems to be a niche market that Crypto.com is quickly cornering, unveiling unique UFC collectibles. Each NFT is a token whose utility is defined based on its unique qualities, like rarity and what action they perform (utility of NFTs is defined and automated using smart contracts).
NFTs solve many real-world problems, including retaining recurring revenue on secondary sales using the power of smart contracts. In the case of Crypto.com’s exclusive deal with the UFC, this includes royalty earnings for the athletes themselves, something that would be much more difficult in traditional collectible markets.
What are the different kinds of UFC NFTs?
NFTs come in all shapes and sizes, and we’re truly in the innovation stage of NFT utility. Some, like Bored Ape Yacht Club, promise status and virality, where projects like CryptoCollege use their unique NFTs as exclusive access to courses and community.
The UFC itself reports that it will “offer a wide variety of UFC digital collectibles that will include unique fighter collections, fight night artwork, event posters, championship belts, avatars, artist collaborations, mystery boxes, athlete profiles, and more.”
Let’s take a look at the UFC collection and the three current types of unique NFTs listed on the marketplace.
Digital Posters
The Crypto.com UFC NFT collection includes a clear analog to the traditional collectible market: fan posters. Crypto.com and the UFC teamed up to create animated posters and a famous quote from the athlete themselves. In the case below, Rose “Thug” Namajunas, the current UFC Women’s Strawweight Champion, says “I’m definitely a scary person to stand across from. I’m the best!”. At the time of writing, 296 editions of this NFT have been minted.
Event Shards
The second type of unique UFC NFT is an “Event Shard”. The first event that featured this approach to Crypto.com’s UFC NFTs was UFC268: Usman vs Covington, which took place on 6 November 2021. Again, this is a dynamic NFT that has animation and theme music associated with it, which claims to allow you to “Own a piece of UFC268”.
Some will ask, what is the utility of this NFT? In “Additional terms”, associated with the NFT, Crypto.com makes it clear that its NFTs are not meant to be used as speculative investments, but are simply limited edition collectibles. 326 editions of this NFT have been minted and 82 are currently for sale, with the very first edition being listed for as high as US$19,999.
Event Belts
The third type of Crypto.com UFC NFT is event belts. This is an animated NFT and states the event, the date, the weight class and where the event was held. This is the rarest form of UFC NFT, with only 100 editions of this collectible being minted.
Where can I buy UFC NFT collectibles?
To buy these unique UFC NFTs, you will need to go to Crypto.com’s NFT marketplace. If you don’t already have an account, sign up using the function in the top right corner. You will be asked to fill in your information and choose a username.
Once you’ve registered, you will be prompted to confirm your email, sign in, and enter a one-time verification code.
You will also be asked to connect Crypto.com’s NFT marketplace to the Crypto.com app. You can skip that for now if you like, but it does recommend making the connection to unlock the full experience of the marketplace.
Priorities security with a $750 million insurance fund
User-friendly user interface
Long list of features such as lending, borrowing, staking and crypto debit cards
Poorly rated customer service
Certain cryptocurrency support is geographically restricted
High withdrawal fees
Crypto.com supports a wide range of cryptocurrencies and features. Its user-friendly interface makes it a good choice for both inexperienced and experienced users.
Fees for trading are competitive, though can be high when withdrawing to an external wallet from the exchange.
There is a detailed knowledge base available on how features work, as well as Crypto.com university that teaches about various assets.
The company prioritizes security, marketing and design, but reviews suggest that customer service is lacking.
Deposit Methods
Bank transfer Credit card Cryptocurrency Debit card PayPal Wire transfer Apple Pay Google Pay SWIFT
Deposit Fees
None
Withdrawal Fees
Cryptocurrency: Fees vary
Trading Fees
Maker - 0-0.075% Taker - 0.05-0.075%
How to buy a UFC NFT collectible
Once you’re officially connected and in the Crypto.com NFT marketplace, you can either type “UFC” in the search bar or select it as one of its key brands. From there, you will see the full marketplace of UFC NFTs, and you can even filter based on key metrics such as price.
Buy from auction
The first way to buy a Crypto.com UFC NFT is via auction. You will see that each item has an auction price and associated timer that tracks the end date of the auction.
If you are an interested buyer, simply scroll to the bottom of your screen and place your bid.
You will be prompted with 2 different options for payment. You can either deposit dollars directly to your Crypto.com account, or you can pay with various cryptocurrencies in your Crypto.com wallet.
Buy outright
There is also the option to buy NFTs outright. Each NFT has an associated auction price, or a higher listing price that allows you to skip the auction and buy immediately.
For example, when you click “82 for Sale”, you will be able to select which edition of the above item you are most interested in. You will see the list price to buy now, and the option to “Make an Offer”. Below is an example of the very first edition.
Compare NFT marketplaces
Bottom line
This is certainly only the beginning of this historic NFT partnership. UFC Espanol reports that this is a “multi-year licensing agreement for an exclusive series of UFC NFTs and a revenue share component. In addition, UFC athletes will receive fifty percent of UFC’s revenue from NFT sales.” We will see many more developments on this front before this deal has come to an end.
Crypto.com’s NFT marketplace is technically separate from the main Crypto.com app, but connecting your NFT marketplace account to your Crypto.com account allows you to seamlessly buy and store your UFC NFTs.
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Matt George is a cryptocurrency writer for Finder. Matt is a podcast producer and writer, studying the intersections of culture, business, and technology. His current fascination is unpacking the most recent iteration of the Internet, Web3 and its cultural implications. He works in the technology space in Atlantic Canada.
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