Litecoin announced today that they will be the Official Cryptocurrency Partner of UFC 232: JONES vs. GUSTAFFSON 2.
Throughout the past year, Litecoin and the Litecoin Foundation have had the opportunity to partner with some great companies and brands.
The reasons behind the sponsorship:
- Community-driven: Over the last 25 years, UFC, the world’s premier mixed martial arts organization, has evolved from a tiny grassroots movement to a global phenomenon, largely based on the extremely passionate community it has cultivated along the way. There are many parallels to Litecoin in this way as our amazing community has been instrumental in our growth and providing unwavering passion and enthusiasm that continues to propel Litecoin forward.
- Achieving the next milestones: Litecoin’s been quiet in terms of news and this is another big milestone. No other coin has sponsored a UFC event to date. With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream.
- Global awareness: With UFC events like this receiving millions of viewers, having the Litecoin logo displayed on the Octagon’s canvas gives LTC global awareness that can spark interest and drive engagement with people from all walks of life who may have never heard of Litecoin or cryptocurrency before.
- Future potentials: Litecoin views this sponsorship as the first step to what will hopefully be a long and fruitful relationship with UFC. The foundation is looking forward to the possibility of doing some amazing things with this incredible organization.
Sports is huge
In 2017, the global sports market was valued around $557 billion, while North America was the biggest region in the sports market that year, with a 33 percent market share, according to market research and intelligence firm the Business Research Company. Raising funds through sponsorship purportedly attracts new sponsors to the market, with cryptocurrency-related support gradually expanding to date.
In December, Brazilian premier league soccer club Atletico Mineiro launched a fan token dubbed “GaloCoin” based on Footcoin — a platform for making utility tokens on the Ethereum blockchain. Atletico’s token will allow fans to purchase game tickets, official apparel, and participate in discount programs.
In September, French soccer club Paris Saint-Germain (PSG) partnered with blockchain platform Socios.com to launch a token ecosystem. The token will allow the club to launch a Fan Token Offering (FTO) that gives fans access to branded Saint German club tokens. The tokens will come with voting rights and can also confer VIP status and/or rewards to their holders.
In June, the world’s largest crypto exchange Binance made an undisclosed investment into blockchain-based esports voting platform chiliZ.
It’ll be a matter of time before we see more sports teams and companies adapt to blockchain technology.