The token is being facilitated by the HBAR Foundation, the exclusive blockchain sponsor of Karate Combat, and utilizes the Hedera network. This sponsorship is one of the first announced deals in the HBAR Foundation’s newly announced 0,000,000 Metaverse Fund.
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Unlike sports gambling, where a stake is required and may be lost, there is no staking involved: token holders simply make their choices and are rewarded with extra $KARATE tokens for successful predictions.Where traditional company structures concentrate power in the hands of a CEO and board of directors atop a pyramid, the DAO (Decentralized Autonomous Organization) model is ‘flat’ and democratic: power and ownership are distributed horizontally, giving considerable voice and voting power to all stakeholders who hold the DAO’s digital tokens.The move will give token holders the ability to participate in key Karate Combat decisions, such as matchmaking, fighter signings and rule changes. Fans can also nominate their favorite fighters to win extra cash performance bonuses for their fights.Roberto Villa is the CEO, Founder, Executive Writer, Senior Editor of FightBook MMA. Has a passion for Combat Sports and also a podcast host for Sitting Ringside. He’s also a former MMA fighter and Kickboxer.
- $KARATE is a digital token, not a cryptocurrency, but owners will be able to sell and trade it on crypto exchanges with no restrictions.
- $KARATE token holders can also win more tokens by successfully predicting the outcomes of fights at upcoming events.New York, New York – As first reported today by leading sports business journal SportBusiness.com, Karate Combat, the world’s premier full-contact striking league, is set to make fans around the world into part-owners in a move believed to be the biggest single giveaway by a major sports brand in the history of professional sports.
- The $KARATE token will launch in December on the Hedera and Ethereum networks and will be distributed free of charge during the initial launch phase.
- Registration for the Karate Combat App & Token Waiting List is now open at www.karate.com/airdrop
“We created a global professional league for karate and our groundbreaking production standards have won plaudits around the world. We’ve been pioneers in everything we do and now we’re doing it again. We are absolutely certain that the DAO model is the future of professional sports and we’re taking a bold step in becoming the first global sports brand to fully adopt it,” said Adam Kovacs, Karate Combat President.While numerous blue-chip sports teams such as the Chicago Bulls, Tampa Bay Buccaneers and Paris Saint-Germain currently utilize digital tokens as an enhanced form of fan club membership, Karate Combat will be the first global sports brand to expand tokens into an actual DAO ownership model.“Karate Combat’s large and rapidly growing fanbase will bring a number of new users to the Hedera network, all of whom will benefit from the network’s fixed low cost transactions, real-time settlement, high standards of security and unrivaled sustainability,” said Shayne Higdon, Co-Founder & CEO at The HBAR Foundation. “Our token giveaway in December will be the largest fan giveaway in the history of sports. We are literally handing out shares of ownership in a multi-million dollar company. Eventually half of the company will be owned by its own fans and fighters and I think that’s really exciting. The world is moving towards increased democracy and inclusiveness and I think the DAO model will play a central role in that.”
