- UFC has committed to joining the Layer 1 blockchain system as VeChain’s official partner.
- The validity of the offer is five years.
- UFC’s networks will provide VeChain with exposure to a big mainstream audience.
- Besides the benefits for UFC fighters and athletes, the package agreed upon by both parties includes other perks.
According to a statement published on Thursday, the layer 1 blockchain VeChain and the sports giant Ultimate Fighting Championship have announced a marketing and worldwide promotion-focused cooperation.
According to reports, the arrangement is worth $100 million and will extend for five years.
VeChain is the first tier 1 blockchain network to partner with UFC. Sunny Lu, the protocol’s co-founder, and chief executive officer of the protocol, viewed the transaction as a strategic move to boost the chain’s brand exposure and global reach.
[DB] (1 Hour ago) VeChain has signed sponsorship agreement with the UFC, $100m over 5 years – Sports Business Journal
— db (@tier10k) June 9, 2022
“…joins forces with the fastest growing sport to raise awareness that blockchain technology is critical in helping deliver major global objectives, such as sustainability. This is just the beginning of a multi-year relationship with UFC, and we really look forward to changing the world together.”
Since its inception in 2015, the blockchain has forged collaborations with several industry-leading organisations, such as BMW Group and Walmart. The protocol maintains offices in many countries, including France, Japan, and the United States.
UFC offers a platform for VeChains’ expansion due to the franchise’s large fan base and global prominence. Approximately 900 million homes in 175 countries have access to UFC broadcasts and events.
The arrangement also grants VeChain the rights to UFC’s official fighter rankings. UFC 275 will also include sponsored material and assets supporting VeChain. This is the first event to take place in Southeast Asia.
Finally, the deal provides combatants with reward packages in the form of a yearly Brand Ambassador fund.
By use of sports sponsorships, crypto firms target mainstream audiences.
UFC also has a long-term fight kit partnership with the major cryptocurrency exchange crypto.com. Both deals are part of a rising trend of collaborations between blockchain-powered enterprises and players in the sports sector.
Algorand, Binance, and Tezos, among others, have established deals with sports organisations such as FIFA and football leagues.