#2) UFC 1 was promoted as no holds barred fighting
The UFC separated themselves from other combat sports in their first event. The one-night ultimate fighting tournament was billed as "no-holds barred combat" on the broadcast. There weren't any judges' scorecards or time constraints, and the only way to win was by knockout, submission, or corner stoppage.
The fights were bare-knuckle, which is the complete opposite of what it has developed into. There also weren't many restrictions to the fighters' attire. Gracie was allowed to wear his Gi, which could be viewed as an advantage.
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In Bloodsport, the referee was present to ensure the fight was stopped when the competitor was unable to continue. Obviously, the first ultimate fighting event or any other event following it didn't have the extremes of throwing substances to blind an opponent. But all things considered, the Kumite was a similar no-holds barred tournament.
#1) Royce Gracie honoring Gracie jiu-jitsu at UFC 1
UFC 1 saw the emergence of Royce Gracie and cemented his legacy as an MMA legend. The jiu-jitsu specialist won the tournament after defeating much larger opponents.
Gracie proved that his family's jiu-jitsu was the most effective form of martial arts and that size was never an advantage. It was a significant moment in his career as he became synonymous with the promotion. Based on what transpired, he proved that a smaller fighter could be successful in an openweight tournament, which generated interest in future events.
The results of the tournament indirectly share a similarity to the plot of Bloodsport. The reason Frank Dux entered the Kumite to begin with was to honor his Sensei, Senzo Tanaka, who lost his son at a previous Kumite tournament. He had an affection towards Dux and treated him like his own son by teaching him ninjitsu. Dux demonstrates skills such as the Dim Mak and honors the Tanaka family when he ultimately wins the Kumite.