According to a report by VentureBeat on Aug. 13, the new venture dubbed “Fight to Fame” will use blockchain technology to underpin a new, multi-pronged platform that aims to catapult aspiring fighters to success via social media, reality TV, film, games, live matches and betting.
Per the report, Tyson will serve as the founder and chairman of the sports and competition committee for Fight to Fame, while Farzam Kamalabadi as its CEO, the two-time Emmy award winner Tim Smithe as its television producer and Stan Larimer as its cryptocurrency and blockchain expert.
In a statement Tyson said that:
“As a seasoned fighter, I want to mentor future generations, especially future action stars and make sure there’s a path to career success and fair compensation. Building this global platform for them is a passion of mine.”
According to Kamalabadi, fair compensation is driven by a blockchain ecosystem that “solves the empowerment that didn’t exist in the internet era”:
“This is about wealth generation from the masses, but back to the masses through all the participants and stakeholders. So it is not just win-win. This is multiple wins for all the stakeholders.”
A fan token economy will be launched in order to drive engagement as well as to reap the project’s gains for the fighters, fans and company alike.
Kamalbadi and Smithe noted that in the case of industry titans such as the Ultimate Fighting Championship (UFC), fighters often walk away with just 15% of their take after fees.
More details about Fight to Fame’s planned fan token offering are due to be released in future; the tokens will apparently confer betting and voting rights on their holders and form part of a transparent blockchain-based economy for the entire ecosystem.