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People like to own something others don’t, but NFTs are increasingly being entwined with ‘pop culture,’ becoming conversation starters at social events in the process. Every day, new players join the NFT arena, with the Ultimate Fighting Championship, UFC, being the most recent.
Founder of Gerben Intellectual Property, Josh Gerben, recently reported that the American mixed martial arts organization is intending to launch its own “UFC-branded” cryptocurrency. He tweeted,
“The UFC has filed several new trademark applications indicating it has plans to launch:
1. A UFC-branded cryptocurrency.
2. An app for users to manage cryptocurrency and NFTs.
The filings were just made with the USPTO on April 23rd.”
Endeavor, the UFC’s parent company, went public on 29 April thanks to which, people from the community are now drawing parallels between these two developments. As a matter of fact, the group’s shares surged by around 12 percent on its trading debut before corrections set in.
Highlighting the same, one user said,
“Very suspect the week of their IPO. A few thousand in legal fees to pump the stock. It may be true but the timing is suspect. The UFC have used trademarking IP for earned media in the past.”
The user went on to add,
“Although they are in a great spot to make money on the NFT space as the UFC owns all the fighters rights anyway.”
Ripple CEO Brad Garlinghouse was one of those to recently reiterate his bullish stance on such tokens. In reality, he mentioned Ripple’s efforts to support NFTs on its platform.
Billionaire businessman Mark Cuban has a similar perspective on NFTs, and he is aggressively searching at opportunities to use this technology to boost sales and earnings for his NBA team, the Dallas Mavericks.
The market cap of NFTs has grown rapidly in recent months since sports teams began using NFTs and blockchain technologies to recognise the contributions of “legendary” stars. WWE published its novel NFT collection in April, following the well-known Beeple art auction.
Even if it is too early to say whether or not NFTs are a fad, one thing is certain: they have the potential to shift the way possession and rights are traded.