VeChain & UFC Partner for Tokenized Gloves: Community Response

VeChain, a blockchain-enabled supply chain management platform, recently announced that it will tokenize the gloves worn by UFC fighters. The gloves will be embedded with VeChain near-field communication (NFC) chips, which will record fight data and prove the authenticity of each pair. After the fight, the fighters will donate or give away their gloves, turning them into collectors’ items. The NFC chips will allow buyers to verify the authenticity of the gloves through a VeChainThor network smart contract. The gloves will make their debut at UFC 300 on April 13, and VeChain claims that this system will help combat fraud in the secondary market.

VeChain will leverage aspects of its ToolChain system, which is a supply chain management system used by some enterprises, to track the gloves and ensure they reach the intended recipients. The company also revealed that it will distribute an exclusive set of 12 gloves to A-list celebrities, including Joe Rogan, and UFC CEO Dana White will make a live presentation to announce the partnership.

The news received mixed reactions from VeChainThor token holders on the Reddit board. Some were excited about the new application of the network, seeing it as an opportunity to tokenize real-world assets. Others highlighted the potential for merchandise tracking, suggesting that QR code scanning during televised events could further promote the use of VeChainThor. Not everyone was impressed, as some believed that the transaction fees generated by the gloves would not have a significant impact on the price of VTHO, the VeThor token.

As of April 12, VeThor had a market cap of over $283 million, placing it among the top 300 cryptocurrencies globally, according to CoinMarketCap. The VeChain Foundation had $1.2 billion in its treasury as of May 2022. The foundation’s partnership with UFC began in June of that year with a $100 million sponsorship deal.

VeChain has announced plans to tokenize the gloves worn by UFC fighters using NFC chips. These gloves will be tracked on the VeChainThor network and will serve as collectors’ items after the fights. The system aims to prevent fraud in the secondary market. The news received mixed reactions from VeThor token holders, some seeing it as a promising use case for the network, while others questioned its impact on VTHO transaction fees. VeChain’s market cap has grown steadily, and its partnership with UFC has been ongoing since June 2022.