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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Technology

Gameon Entertainment Technologies and Karate Combat put out NFTs

Fans will be able to pick up fighter NFTs, and craft a lineup all their own.

karate fighter
Photo by SOON SANTOS via Unsplash

Gameon Entertainment Technologies (CSE:GET) has partnered with the full-contact striking league, Karate Combat, for the launch of a branded and playable Karate Combat NFT collection and fantasy game.

Fans will be able to pick up fighter NFTs, and get involved in crafting a lineup they can stake ownership in. They can also win exclusive prizes like pit-side VIP tickets and $KARATE tokens. Gameon will get to keep 80 per cent of revenue generated by the NFTs and fantasy game, while 10 per cent will go to the fighters and 10 per cent will go to the Karate Combat community.

“Today’s announcement changes the game for web3 and fantasy sports. Gameon will launch, manage, and monetize the full stack of this product, from the NFT mint to the fantasy gameplay. We’re ready to flex our platform’s web3 muscles and show the world our most ambitious product yet,” said Matt Bailey, CEO of Gameon.

Gameon Entertainment Technologies connects with the world’s biggest sports, media and entertainment IPs and launches branded, money-making Web3 games. The idea here is the monetization of audiences, getting them to engage and return, and spend money playing games based on their favourite media outlets.

The team includes web3, gaming, sports and media vets with experience from outlets as diverse as Take-Two Interactive, Twitch, Electronic Arts, Dapper Labs and the Brooklyn Nets. Gameon works with broadcasters, TV networks, streaming platforms, sports leagues, tournaments and web3 companies to put out web3 games. Present customers include NBCUniversal, Bravo, MX Player, Karate Combat, and Gaming Society.

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Karate Combat

Karate Combat is the first professional sports league to launch its own decentralized autonomous organization (DAO) and offer governance to its fan and athletes. A DAO is a type of bottom-up governance structure with no central authority. Everyone participating gets a stake based on the amount of ownership tokens they possess. Ownerships essentially means being able to vote on initiatives undertaken by the organization. All of this is completely anonymous and decentralized. Smart contracts are used for the DAO, and the underlying code for the organization’s operations is publicly available.

“The Web3 industry has embraced new IP licensing models that leverage the creative forces of permissionless innovation and community to accelerate growth. Karate Combat recently announced that it is granting its community the right to use its IP in the categories of NFTs and video games. We couldn’t be more thrilled to launch the pilot program that empowers builders like Gameon from day zero,” said Robert Bryan, founder of Karate Combat.

The league debuted in 2018 and has become one of the world’s fastest growing sports franchises. It has a global reach of over 100 countries and includes partnerships with media outlets like CBS Sports, Globo, Eurosport, BeIN Sports, and ESPN Deportes. Also, social media such as Facebook, YouTube, Twitter and TikTok act as regular hosts for the league.

The organization put on Karate Combat 35 in August and pulled in 6.6 million livestreams using the C3 metric. It also also pulling in over 143 million digital video views for the month. Both of these are records for Karate Combat. So far, the league has a social media following of 3.6 million fans.

GameOn’s intends to capitalize on all avenues of the partnership. This includes upfront setup fees, recurring monthly licenses, and revenue sharing from the mint and secondary sales of NFTs.

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