SNEAK PEEK
- VeChain introduced tokenized gloves with NFC chips for UFC fighters, starting at UFC 300.
- Post-fight, gloves become collectibles, verifiable via VeChainThor smart contracts.
- The initiative aims to reduce fraud in the sports memorabilia market.
VeChain has announced a new partnership with the Ultimate Fighting Championship (UFC). This collaboration involves the use of tokenized gloves for fighters, starting with UFC 300 on April 13. The gloves will feature VeChain near-field communication (NFC) chips, which will record fight data and verify the authenticity of each pair.
After each fight, athletes will donate their gloves, turning them into collectible items. Buyers can verify the authenticity of these gloves through a smart contract on the VeChainThor network. This system aims to reduce fraud in the secondary market, a prevalent issue for collectors of fight memorabilia.
VeChain’s ToolChain system, a supply-chain management solution, supports this new functionality. The system ensures that items are tracked and reach their intended recipients. An initial set of 12 exclusive gloves will be given to A-list celebrities, including Joe Rogan. UFC CEO Dana White is set to make a live presentation to announce this initiative.
On VeChain’s Reddit board, reactions from VeChainThor (VTHO) token holders were mixed. While some users expressed enthusiasm about the new use case, others were skeptical about its impact on the token’s value. One user highlighted the minimal VTHO that would be burned through transactions, suggesting it would not significantly affect the token’s price.
Despite these concerns, the partnership marks a significant milestone for VeChain. It leverages their blockchain technology to bring new solutions to the sports memorabilia market. This move also follows a $100 million sponsorship deal between VeChain and UFC, initiated in June of the previous year.
The market cap of VeThor, as reported by Coinmarketcap on April 12, was over $283 million, ranking it among the top 300 cryptocurrencies globally. In May 2022, the VeChain Foundation reported having $1.2 billion in its treasury, emphasizing the scale and financial backing of its operations.
This initiative with the UFC could pave the way for broader adoption of blockchain technology in sports and memorabilia industries. It serves as a proof of concept for tracking and verifying the authenticity of physical goods through digital means, potentially expanding to other markets and industries.
