UFFS State of the Union Update Aug 12, 2021

Hey Everyone,

To improve communication between the UFFS team and our valued community, we plan on doing a monthly State of the Union report, so here we go.

UFAFL Auction

We had an incredible event in Las Vegas that connected us to many great people that will strengthen the overall UFFS platform and take it to the next level. These new partnerships are being finalized weekly and we are excited for new opportunities and ideas that are coming from them.

The auction itself experienced some issues due to the registration system we utilized. This resulted in a handful of fake bids that drove up the value of franchises. These oversights on the UFFS teams’ part contributed to the issues with measures being put in place to prevent them with future auctions. A past announcement listed bidders that failed to purchase their teams by name, in retrospect we should have stayed consistent with using the listed bid number to identify.

There was also a lack of communication on our team’s part regarding the VCC bid. These three star athletes negotiated SCO into their contracts and were paid their SCO prior to the auction — in part for promoting the auction as an endorsement deal.

As a result of the fake bids, we feel the integrity of that auction has been compromised and the current owners of UFAFL franchises have voted to redo the auction to create fair market value for franchises. As well, the VCC group will be awarded first pick in advance and removed from the live bidding to mitigate the debate that SCO paid to them as an endorsement deal shouldn’t have been used to buy a franchise — however, UFFS will contribute VCC’s share into the prize pool. This share will be based on the second pick’s value plus $1,000 USD. We have also doubled the prize pool share of the auction proceeds from 10% to 20%, with 5% going to our Chip-In Foundation charity account. The remaining 75% is going towards platform development. The auction will start at 12 p.m. (noon) EST on Sunday, August 15, 2021 on the UFFS site — americanfootball.uffsports.com. Contact us for more details to register. The structure of this auction has been set up by the current owners.

One last note on the auction, founding members have always been allowed to bid on franchises provided they are not a Head of Sport or in a commissioner role of the league. In fact, four founders involved groups won bids and that was public knowledge, one team involved 2 founders. A 6th founder is also a small minority owner. People have expressed concern that deposits/payments for franchises were made by founders which is 100% accurate for these 5 ownership groups.

UFFS Wallet Transactions

Just want to touch on this quickly. There have been questions raised about transactions out of UFFS wallets. These transactions are how the project pays our contractors who in turn will sell their SCO to pay their bills/living expenses. I can ensure the community that we have a legitimate detail for every transaction that is made and can give anyone that detail if they send us the transaction. That said, we have a project to run and a platform to build, so it isn’t practical for any project to explain every single wallet transaction.

Communication

UFFS has been growing quickly and has made many stumbles along the way, but we are very proud of what we have built and the amazing people that have supported us from Day 1, and those who have found us along the way. We have realized that we need to communicate to our supporters in a more concise way and we are putting measures in place to correct that. Mistakes made by myself, including saying that UFFS is a DAO — when in fact we are working towards being a DAO — shouldn’t have happened, and I should have taken the time to better explain. So, in saying this, we are working on a strategy to improve public relations from a personal standpoint and UFFS as a whole.
There have been times that I have spoken to people in DMs out of frustration and given a bad impression. I apologize. I will be taking a step back from communicating directly when we find a suitable community manager.

UFBA

We are very excited about our Ultimate Fantasy Basketball Association franchise auction upcoming in September. We have moved this auction back two weeks and it will now commence on Sept 25, 2021. The reason for moving it is that we have made some very promising contacts and we require a bit more time to finalize some player deals. Starting of the professional fantasy basketball and basketball scouting will bring a whole new community to our growing platform.

Staking/DEFI/NFT Marketplace

The staking is in test mode as we speak, however the hold-up is the auditing of the smart contracts. The auditors in this industry are extremely busy, and with the current hack of the Poly network, we want to do everything we can to ensure the product we put out there is as secure as possible. The launch is not far off, it is dependent on third party auditors at this point. The audit may not happen until November.

Sports Swap is also coming along very well and we hope to roll that out with staking or shortly after.

The UFFS NFT marketplace is slated to be functional in September and we are currently busy building Digital Athletes NFTs for all the star athletes that have signed up with the platform.

Thanks to everyone for their support, patience and understanding. We are working hard every day to build the best NFT/digital sports platform for the fans and athletes worldwide.

Tony