Karate Combat, a full-contact sports league that merges karate with immersive computer-generated environments and extended reality technology, has secured $18 million in a funding round led by Bitkraft Ventures. Delphi Digital, The Operating Group, Alpha Wave Global, Hashkey, RooxieXBT, and other investors also participated.
The league will use the funds to launch its Karate Combat "Up Only Gaming" app and a $KARATE token on the Ethereum and Hedera networks on May 10. The gaming model is designed to enable players worldwide to allocate $KARATE tokens to their preferred fighters, enhancing their potential prize pools beyond their contracted pay.
The players can earn more tokens if their chosen fighter wins. Tokens are not lost with a loss, however. Karate Combat has already attracted audiences from over 100 countries, with 4.5 million followers and over 10 million views per event from its partnerships with major sports broadcasters such as Eurosport, Globo's Combate, BeIN Sports, CBS Sports, and ESPN Deportes. The mainstream return of karate is attributed to the Netflix series "Cobra Kai," which is the spin-off of the "Karate Kid" franchise. In January, Karate Combat became a decentralized autonomous organization (DAO), enabling $KARATE token holders to influence the league's direction, including future fights and events.
Robert Bryan, co-founder of Karate Combat, stated that this is the first crypto league, where fans have input into every part of the league, from management to who fights who. The transition to a DAO structure was motivated by the desire to have control spread out instead of being hierarchical. Bryan added that there is no outside equity, and there are no other places where league assets are located, making it an extremely attractive proposition.
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