VeChain, a blockchain technology company, recently announced that it will be tokenizing the gloves worn by UFC fighters. These gloves will be embedded with VeChain near-field communication (NFC) chips, which will record fight data and authenticate the pairs. After the fights, the athletes will donate or give away their gloves, turning them into coveted collectors’ items. By utilizing the VeChainThor network smart contract, buyers will be able to verify the authenticity of the gloves through the NFC chips. The gloves will make their debut at UFC 300, set to take place on April 13.
VeChain stated in a blog post that this new system will address the issue of fraud in the secondary market, a problem that often arises when buyers try to acquire gloves worn during specific fights. To achieve this, VeChain incorporates elements of its ToolChain system, a supply-chain management system that many businesses use to track and ensure the delivery of goods to their intended recipients.
To kick off this initiative, VeChain plans to distribute an initial set of 12 exclusive gloves to A-list celebrities, including Joe Rogan. Additionally, UFC CEO Dana White will make a live presentation to announce the partnership.
The news received mixed reactions from holders of VeChainThor (VTHO) tokens on VeChain’s Reddit board. Some expressed excitement about the new application of the network, praising the idea of minting real-world asset gloves as non-fungible tokens (NFTs) at every UFC event. Another user welcomed the introduction of glove and merchandise tracking, suggesting the possibility of QR code scanning during televised events that also consume VTHO.
However, not everyone was impressed. Some users believed that the gloves would not generate enough transaction fees to significantly impact the price of VTHO. In a sarcastic response to a fellow user’s complaint about the announcement being overhyped, one user stated, “Hey man, that’s like a whole 10 VTHO burned per year. UFC gonna topple Walmart China in usage.”
VeThor’s market capitalization stood at over $283 million as of April 12, according to Coinmarketcap data, making it one of the top 300 cryptocurrencies globally. In May 2022, the VeChain Foundation had $1.2 billion in its treasury. The foundation established its partnership with UFC in June of the same year, entering into a $100 million sponsorship agreement with the mixed martial arts promotion.