Bahrain-based mixed martial arts (MMA) promotion company BRAVE Combat Federation (BRAVE CF) has struck a deal with Zamzam Token Company, a blockchain tech company, to launch the first sports NFT (Non-fungible token) collection in the Middle East.
The deal is seen as a strategic move by the Bahrain-based sports promotion company to cash in on the FIFA world cup-induced raging sports fever in the region.
This is also the first move by BRAVE CF to make MMA a money spinner by roping in investors and sponsors – an ambitious plan it revealed to Arabian Business last month.
“Through our collaboration with Zamzam, we strive to enter the world of NFT in a major way, embracing their innovative style of delivery with our global best practises,” Mohammed Shahid, President of Brave CF, told Arabian Business.
“As we leverage our individual strengths, we believe our global growth will be exponential,” Shahid said.
The two Bahrain-based firms – one a pioneer in fintech and the other an innovative and aggressive player in sports marketing – hope to strike gold in their first year of partnership itself, with an ambitious target of reaching a $20 million market for their proposed sports NFT collection.
The current NFT market, estimated at about $3 billion, is projected to reach $13.6 billion by 2027.
“We hope to retain a nice slice of that growing market, and we estimate the value at $20 million in the first year,” said Hamed Fakhro, founder and chief executive officer of Zamzam Token Co.
“This partnership will multiply our potential as an organisation, and as a sport,” Fakhro said.
NFTs allow investors to buy and hold unique items protected by blockchain technology.
Zamzam, which claims to be the first and only Sharia-compliant token, is currently listed on exchanges such as whiteBIT, PROBIT, LBank, AAX and DIGIFinex.
Fakhro said NFTs are a way to connect ideas with reality in an exciting way.
“Which is why we decided to launch our NFT project by rewarding the pioneers in sport and technology,” he said.
Zamzam minted the first Sharia-compliant NFT with a 40-year-old dagger NFT known as ‘AlSultan’ in May 2022, which traces back as a gift from Sultan Qaboos, the previous ruler of Oman.
The 24-carat dagger NFT began auction at $1 million.
Shahid said the partnership deal with Zamzam is part of BRAVE CF’s strategies to be at the technological forefront between sports and tech industry.
“We want to be at the forefront of innovation and best practises in all fields. It’s our aim to remain at the front lines on a regional and global level,” he said.
Shahid, who is nicknamed as ‘the Hawk’, earlier told Arabian Business that the promotion company would turn MMA into a major investor-friendly one like other popular sports in the Middle East and globally, even as it would continue to empower the grassroots development of the sport.
“The Federation’s vision is to change mixed martial arts from an event business to a sports business,” Shahid said.
BRAVE CF, which overtook UFC (Ultimate Fighting Championship) to become the global leader of the sports early last month, planned to commence its efforts to woo investors with its mega national league matches scheduled for next year.
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