Karate Combat will become the first sports league to transfer its governance to fans and athletes by forming a Decentralized Autonomous Organization (DAO) in December 2022.
In December, Karate Combat will begin distributing the $KARATE token for free, giving up to 50% of the company to fans and fighters.
Karate Combat launches a DAO
Under the DAO structure, holders of the $KARATE token will determine the league’s budget, resource allocation, vendor selection, marketing strategy, rule changes and, within the limits set by the league’s operations group, fighter contracts and match selection.
The token is provided by the HBAR Foundation, the exclusive blockchain sponsor of Karate Combat, and uses the Hedera network.
This sponsorship is one of the first deals announced under the HBAR Foundation’s recently announced $250 million metaverse fund.
Since its public debut in 2018, Karate Combat has turn out to be one of the fastest growing sports franchises within the international.
It has television distribution in more than 100 countries through partnerships with leading media properties such as CBS Sports, Globo, Globo, Eurosport, BeIN Sports and ESPN Deportes.
In addition, Karate Combat events are simultaneously streamed for free on major global platforms including Facebook, YouTube, Twitter and TikTok.
The league’s August occasion, “Karate Combat 35,” set a league document with approximately 6.6 million virtual views and Karate Combat passed 143 million virtual video perspectives in the same month.
The league has built an internet community of greater than 3.Five million lovers, with greater than 1.2 million fans on Instagram, 1.1 million on Facebook and 860,000 on TikTok.
“Since its inception, Karate Combat has pioneered new concepts in sports activities leisure, from our signature combating pit to our modern digital manufacturing with Unreal Engine. The sports world has to evolve to increase engagement with a new generation of fans who have grown up with social media and digital gaming. They expect to actively participate in the action, rather than be passive spectators. When DAO launches, Karate Combat fans and fighters will be involved in governance, providing unprecedented levels of interaction and participation at all levels of our community.” said Adam Kovacs, president of Karate Combat.
The launch of the DAO is part of Karate Combat’s major three-year sponsorship agreement with the HBAR Foundation, an organization that is driving the development of the Hedera ecosystem. Hedera’s major sponsorship kicked off in May 2022 as part of the league’s ‘Season 4’ programming.
The league has already partnered with SushiSwap and Epic Games Unreal Engine, which powers Karate Combat’s unique blend of live action and immersive CGI environments.
“Karate Combat’s swiftly developing fan base will carry a number of of new users to the Hedera community, who will enjoy the network’s low-cost transactions, real-time settlement, high security standards and unprecedented sustainability. By extending Hedera’s reach to new groups, we aim to include use cases with tangible and real impact for end users. Karate Combat’s utility of Web3 tools presents exactly that,” said Shayne Higdon, co-founder and CEO of the HBAR Foundation.
Karate Combat will give away half of Karate’s governance tokens over time to its community through an airdrop on the Hedera blockchain.
The airdrop will coincide with the release of Karate Combat’s movil app, with the intention to permit enthusiasts to seamlessly claim their tokens and participate within the league’s lossless gaming app, known as “Up Only Gaming.”
Great to hear that @thehbarbull and the #HBARBARIANS had a great time at #KC36
Be a part of history, get your $KARATE tokens for free by signing up at https://t.co/70ZKOdRQvj#Hedera #UpOnlyGaming pic.twitter.com/GwFDCbTh58
— Karate Combat (@KarateCombat) November 9, 2022
Fans will not have to make any purchases to download the league’s apps or to claim $KARATE tokens.
In sports betting, participants wager with their own capital and suffer potential losses. In contrast, Karate Combat token holders will be rewarded with additional $KARATE tokens for successfully predicting Karate Combat winners, but will not suffer losses for poor picks.
Earlier this year, the league was sold to the Sensei Foundation, a Cayman Islands-based foundation company and subsidiary of the Sensei Foundation BVI, a trust company created in the British Virgin Islands to promote the league and karate.
The league is committed to an open decentralization model that will feature unprecedented transparency, fan control over intellectual property and incentives for developers to promote a vast and emerging community-built Karate Combat universe.
Karate Combat fans can read the league’s draft whitepaper and sign up for the app and airdrop waitlist at karate.com/airdrop.
Karate Combat will be back on Saturday, December 17 live from the backlot at Universal Studios, Florida.
Tickets are on sale now at karate.com/tickets.
About Karate Combat
Karate Combat is the world’s first beat ’em up league and the primary sports activities league established as a DAO. The league is also the most effective league within the international to mix stay sports activities with immersive CGI environments using Epic Games’ Unreal sport engine.
World champions and Olympic medalists from around the world compete in 8 one of a kind weight divisions in pursuit of the Karate Combat World Championship belts.
Karate Combat is owned with the aid of the Sensei Foundation, a business enterprise based within the Cayman Islands, and a subsidiary of the Sensei Foundation BVI, a believe created in particular inside the British Virgin Islands to sell the league and the game of karate.
For extra facts, visit karate.com
About the HBAR Foundation
The HBAR Foundation helps the creation of Web3 communities built on the Hedera network via empowering and investment the builders who broaden these groups.
The Foundation’s six budget – targeted on cryptoeconomics, metaverse, sustainability, financial technology, privateness and ladies founders – every aid communities inside those regions, and the interconnectedness permits packages to participate as part of a broader environment.
The collective strength of these finances permits marketers, builders and groups of all sizes to tackle some of the sector’s biggest issues and create and manipulate their personal economies, all built on Hedera’s public network.
Whether you are building something new or migrating an EVM-primarily based utility and community, the HBAR Foundation is right here to guide you.
For more statistics, visit hbarfoundation.org
About Hedera
The Hedera community is the maximum vast, sustainable, corporation-wide public ledger for the decentralized economic system.
The platform is governed through a board of directors consisting of worldwide-leading agencies inclusive of Avery Dennison, Boeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, DBS Bank, EDF (Électricité de France), eftpos, Indian Institute of Technology (IIT), LG Electronics, London School of Economics, Magalu, FIS (WorldPay), Google, IBM, Nomura Holdings, Ubisoft, University College London (UCL), Wipro and Zain Group, ServiceNow, Shinhan Bank, Standard Bank Group and others
For extra records, go to hedera.com
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