The UFC makes a sponsorship deal with the Vechain blockchain company and the multi-year deal will lead the company’s logo shown on the Octagon so let’s have a closer look at today’s latest Vechain news.
The institution hailing from the world of Web3 is entering the Octagon for the first time day as the UFC makes a sponsorship deal with VeChain, the company behind the ETH-compatible public network. The organization will make its debut in mixed martial arts during UFC 275 which will take place in Singapore this Saturday. It will join the likes of Crypto.com, Dapper Labs, and Socios as blockchain companies that do business with the UFC. The sports world is becoming quite the spotlight for companies using blockchain and UFC is not an exception. The new deal with Vechain is a multi-year deal that is valued at $100 million. Paul Asencio who is the senior vice president of the UFC global partnership added:
“VeChain is a globally recognized leader in blockchain technology, and we couldn’t be happier to welcome them as an Official Marketing Partner of UFC.”
Vechain started out as a private network which transitioned to being public and is used on different supply chains and in fields which include the automotive sector, energy, and medicine so the company’s technology is utilized by both the governments and the companies like Bayer and Walmart. Since it was founded in 2015, the company grew and now has offices in eight different countries which include the US, Singapore, and Ireland. The event is taking place this weekend and will be the UFC’s pay-per-view event that is held in Southeast Asia.
The partnership entails agreements to display the Vechain logo at the UFC events in the Octagon so also on the apparel fighters’ wear and in content distributed on the UFC social media accounts as well as other digital platforms. It will lead to original content distributed by the UFC like the Vechian presence and the company will gain ownership of the UFC fighter rankings shown at live events. It Is not the first time that the UFC announced an agreement with a Web3 company as back in January it announced a venture with DApper Labs for a line of NFT collectibles that reached $8.5 million in sales volume only six months after launching.
It followed the organization’s multi-year deal with crypto exchange Crypto.com during the summer of 2021 which led to the lion-head logo being shown on the organization’s events and fight memorabilia.
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