VeChain has inked a five-year deal with UFC worth $100 million to become the first Layer 1 blockchain to partner with the sports franchise
VeChain inks $100 million deal with UFC
According to an official announcement on Thursday, VeChain and UFC, have inked a collaboration based on marketing and global promotions.
According to reports, the deal between VeChain and UFC is worth $100 million and will span five years.
With this deal, VeChain becomes the first layer 1 blockchain network to partner with UFC. Sunny Lu believes the transaction is a deliberate step to boost the chain’s brand visibility and global reach.
Since its inception in 2015, the blockchain has formed agreements with a number of industry-leading companies, including BMW Group and Walmart. The protocol has offices in a number of countries, including Japan, France, and the United States.
Benefits of the partnership
The UFC provides a unique platform for VeChains growth due to the franchise’s large popularity and global prominence. UFC broadcasts and events are reportedly available to 900 million TV households in 175 countries.
As part of the deal, VeChain will get access to the UFC’s official fighter rankings. In addition, VeChain-branded material and assets will be featured in UFC 275. This is the first event of its sort in Southeast Asia.
Finally, the deal provides fighters with benefits through an annual Brand Ambassador fund.
VeChain Foundation Q1 2022 report
The VeChain Foundation released its financial report for Q1 2022 last month, revealing that the project accumulated $1.2 billion in crypto treasury but only spent $4.1 million owing to low expenditures throughout the quarter.
Partnerships, custodians, wallet providers, brokers, community gatherings, and ecosystem project collaboration are all examples of this.
The Treasury started the year with $1.37 billion in assets spread over stablecoins, Bitcoin (BTC), Ether (ETH), and VET, but by the end of the year, it had only $1.2 billion.
Crypto companies and sports partnerships
UFC also has a shirt contract with Crypto.com, a major exchange. Both deals are part of a rising trend of blockchain-powered enterprises partnering with sports sector stakeholders.
Algorand, Binance, and Tezos, to mention a few, have partnered with sporting organizations such as FIFA and football leagues.
