Karate Combat Announced DAO With an Aim to Transfer Control to Fans and Athletes
Karate Combat has announced plans to launch its Decentralized Autonomous Organization by the end of this year, making it the first sports league to transition the governance to the community of fans and athletes. The timeline for the transition is December 2022, and DAO is expected to be launched by then.
The launch of DAO is a part of a three-year sponsorship deal signed with HBAR Foundation in May 2022.
Once the governance has been transferred, the holders of $KARATE will be able to determine the league’s resource allocation, budget, marketing strategy, supplier selection, and changes in rules within the boundaries set by the group.
Karate Combat’s three-year sponsorship deal with HBAR Foundation follows its previous partnerships established with SushiSwap and Unreal Engine.
Half of the governance tokens will be distributed within the community through airdrop on the Hedera blockchain. This will coincide with the launch of the mobile application of Karate Combat.
Adam Kovacs, the President of Karate Combat, highlighted the importance of evolution in the sporting world to increase engagement with the new generation of fans who expect to be active participants instead of passive viewers. Adam Kovacs added that the launch of the DAO will provide an unmatched level of interaction and engagement at all levels of the community.
Shayne Higdon, a Co-Founder & Chief Executive Officer of HBAR Foundation, noted how the launch of Karate Combat DAO would benefit the network. Shayne Higdon said that the rapidly growing fanbase of Karate Combat would come on the network, and they would be able to avail benefits like low-cost transactions, high security, and real-time settlement.
Shayne Higdon said that the Karate Combat Web3 capabilities would allow the HBAR network to onboard application cases with demonstrable and real-world effects for end-users.
The mobile application of Karate Combat will make it easier for the users to claim their tokens and seamlessly participate in the no-loss gaming application – Up Only Gaming.
The application differs from its competitors as players do not lose anything for picking an incorrect winner. They are rewarded for picking the correct winner but incur no loss if they pick an incorrect one. The airdrop list is currently live on the official website of Karate Combat.
Karate Combat is an eye-catching league that is currently the first to be established as a DAO. The Sensei Foundation owns the venture. Karate Combat is not gearing up for its upcoming event – Karate Combat 36. It is scheduled to take place on October 29, 2022, at the Backlot of Universal Studios in Orlando. Tickets for the same are available on the official website of Karate Combat.
The HBAR Foundation is designed to support developments in the Web3 sphere. It has been built on the Hedera network with a core focus on Crypto Economy, Sustainability, Metaverse, Privacy, Fintech, and Female Founders.