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World Famous UFC legend Jorge Masvidal recently became the first fight promoter to award contestants with Bitcoin. Masvidal immediately paid fighters following the event through ledgers pre-loaded with Bitcoin.
Cryptocurrency Meets The MMA World
The fighting event– Gamebred Fighting Championships– was held Friday, October 1st, and featured a new fighting format: Bare-Knuckle fighting. Fighters were free to utilize a range of fighting styles from boxing to Jiu-jitsu – without glove protection.
At the end of the night, event organizers awarded Bitcoin ledgers to winners of specific categories. Categories included “Submission of the Night,” “Knockout of the Night,” and other related categories. Masvidal presented the ledgers in partnership with Legacy Records– the first recording label to pay its artists in cryptocurrency.
As CEO of Gamebred fighting championship, Masvidal had this to say about the partnership:
Being that we are the ﬁrst MMA promotion that brought in cryptocurrency as part of our ﬁght bonus for these ﬁghters helps secure their future and brings more excitement to the sport.
“Gamebred” is the fighting nickname used by Jorge Masvidal. According to the fighter, ‘Game’ is the ability to fight through fatigue. Also, “Gamebred” refers to people born with that trait. His name suits the nature of his event, which required more excellent toughness from fighters to withstand bare-knuckle punches.
This would be the second time Legacy has partnered with the Gamebred Fighting Championship to award its fighters. The first Gamebred event took place on June 18th and featured the same reward from Legacy CEO Keyshia McLeod. Also, the latter awarded one of the ledgers to bitcoin supporter Joel Bauman for a first-round knockout at that event.
Cryptocurrency as Means of Payment
Masvidal adds that the Gamebred Fighting Championship is proud to partner with Legacy. Also, it is glad to hand out ledgers directly to fighters right after the event. Conversely, many criticize the UFC for not appropriately compensating their soldiers or for paying them too late. However, by using a simple Bitcoin ledger, or a 10-minute settlement on the network, helps solve this issue.
After many years, people are finally utilizing cryptocurrency as a means of payment for products and labor. Today, many would prefer to see their salaries paid in cryptocurrency, so Coinbase has launched a product allowing for that.
The ease of transfer and unprecedented gains presented by cryptocurrencies make them a tempting alternative to fiat.