VeChain announces tokenized gloves in partnership with UFC — community responds

In a blog post dated April 12, VeChain announced that UFC fighters’ gloves would soon be turned into digital tokens, allowing for their details to be traced on the VeChainThor blockchain.

At UFC 300 on April 13, fighters will start using gloves embedded with NFC chips from VeChain. These chips record fight data, ensuring authenticity. After a bout, athletes will gift their used gloves, turning them into valuable collectibles. Buyers can verify the gloves’ authenticity through a smart contract on the VeChainThor network by scanning the chips.

VeChain announces tokenized gloves in partnership with UFC — community responds

VeChain’s post announced that their system can effectively address fraud in the secondary market, which is a prevalent issue for buyers aiming to acquire gloves used in specific fights as authentic memorabilia. The innovative solution integrates elements of VeChain’s ToolChain system, an advanced supply-chain management tool utilized by certain enterprises to monitor items throughout their journey and ensure they reach their intended destination accurately.

VeChain announced that an initial set of 12 exclusive gloves will be given to “A-list” celebrities, including Joe Rogan. UFC CEO Dana White will also be making a live presentation to announce the partnership.

On the VeChain Reddit forum, responses from VTHO token owners varied regarding the recent announcement. Some enthusiasts, like pez86, were thrilled about the new application for the network: “We’ll be creating RWA [Real World Asset] gloves as NFTs at every UFC event!” Another user, VETterDaysAhead, shared similar optimism: “Tracking gloves and merchandise sounds wonderful. I’m hoping they implement QR code scanning during events that consumes VTHO as well.” 🔥🔥🔥

Not everyone was convinced by the new gloves’ capability to significantly impact VTHO prices through transaction fees. Some users argued that the minimal 10 VTHO burned annually was insignificant compared to larger entities like UFC or Walmart China in terms of usage. (tkim91321 jokingly commented on this overhyped announcement, saying “That’s only 10 VTHO burned a year. UFC will bring down Walmart China with that usage?”)

In a previous post, tkim91321 expressed their viewpoint by questioning, “How many VTHO would this consume each month?” to which they replied, “Not a great deal.”

Based on information from Coinmarketcap, the market value of VeThor exceeded $283 million by April 12, ranking it among the top 300 cryptocurrencies globally. In May 2022, the VeChain Foundation held a treasury amounting to $1.2 billion. Later in June of that year, the VeChain Foundation initiated a partnership with UFC, signing a $100 million sponsorship agreement with the renowned mixed martial arts organization.

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2024-04-13 00:47