The move, which follows similar agreements between Dabber Labs and the NBA and Warner Music, is the latest example of the sports and entertainment worlds turning to blockchain to reach out to fans.
In the case of sports, Dapper Labs projects are vaguely similar to an online version of baseball trading cards, allowing fans to save and collect memories of their favorite players in digital wallets. The basketball blockchain collectible, known as NBA Top Shot, allows collectors to “own” the game’s highlights or special attributes like Kevin Durant’s three-point shot.
Dapper Labs CEO Roham Gharegozlou told us that the UFC project will focus heavily on fighters and allow fans new ways to interact with the stars of the league.
“The UFC is proud to be an innovator in sports technology and [the blockchain] is another way to provide our fans with the best entertainment experience,” said Tracey Bleczinski, senior vice president of global consumer products at UFC, in a release.
However, Tuesday’s announcement provides few specific details on what exactly fans will be able to buy or how much the collectibles will cost.
This lack of clarity shows how blockchain collectibles are largely an untested market, driven by still nascent technology. While the concept has sparked excitement among investors, including a recent $ 11 million investment in Dapper Labs from venture capital firm Andreessen Horowitz and Warner Music, for fans, it remains an abstract concept.
The closest real example of sports league blockchain products is CryptoKitties, which became a fad in late 2017 and saw some digital cats sell for thousands of dollars. But the craze soon faded, in part because the buying and trading of cats relied on esoteric wallet technology.
Another major obstacle to widespread adoption has been the technological limits of the blockchain itself. In the case of CryptoKitties, Dapper Labs relied on the popular blockchain called Ethereum, only to find that the Ethereum network got bogged down with the volume of transactions from cats.
Gharegozlou says that Flow will offer a broader ecosystem where fans of all stripes can create digital tools to own and trade collectibles. “Flow is designed for Gen-Z. It is aimed at sneaker lovers, not just crypto assets,” he adds.
If Gharegozlou’s vision comes true, blockchain will not only offer fans a new way to own and interact with sports leagues, but will also provide new ways to monetize player talents.
