Does any body know the name of this martial arts movie ?

I remeber there was a group of fighters, and each one of them got to choose a weapon, before fighting each other, and this one guy said i dont need a weapon, and after the fight was over a guy runs in, and throws a ring to one of the grand master who catches it, and then some where threw the movie, he falls in love with this girl, who betrays him, by telling the enemy where his location is ?

sounds very familier, shoot know i want to know the answer.

Grand Master Flash – Museum of Fine Arts Houston – Basquiat

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