VeChain hasn’t signed any sports-related logistics deal in its seven years of existence – until now.
VeChain, a blockchain-based logistics company, has inked a deal with the UFC. The deal will see VeChain manage MMA fighter rankings and be part of a sports sponsorship program. This is the first sports-related deal VeChain has signed in its seven years in the market.
Largest Ever MMA Sponsorship Deal
Apparently, this deal between UFC and VeChain is the largest ever in MMA history. The $100 million contract will run for a minimum of 5 years. With the agreement, VeChain became UFC’s “official blockchain partner.” This will translate into vast global exposure for the blockchain company and possibly bring more similar deals it’s the way.
For instance, VeChain will activate its new branding rights during the coming UFC events slated for this weekend in Singapore. The company will also be sponsoring fighter ranking for the MMA, which will now be referred to as “UFC Rankings Powered by VeChain.” This will be an excellent opportunity for VeCahin to showcase its works to the world and attract more crypto and blockchain industry attention.
VeChain new rights will be highlighted in broadcast and social media integrations along with branding in the Octagon.
More Blockchain-Related Deals To Be Made In Sports
VeChain’s debut into the sports sector serves to break the ice for more blockchain-based companies to get involved in sports. For the record, UFC already has other deals with Crypto.com and Socios. However, it’s the first time it has employed blockchain technology in a capacity such as VeChain’s logistics capability.
Speaking about the deal, UFC’s head of global partnerships, Paul Asencio, said,
“There’s been a lot of focus on digital currency, but this is an example of how powerful blockchain technology can be in other areas. “I can see many deals like this one coming across sports.”
UFC Revenues Are Up 30%
The deal is already affecting UFC revenues positively, with a 30% increase already recorded. This supports the notion that integrating blockchain technology in sports could revolutionize the sector and boost revenue. Technology is expected to grow the sports sector by over 700% in the next five years.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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