Saturday, November 26, 2022
HomeCrypto NewsMarketVeChain Signs $100 Million Deal In Its First Ever Sports Sponsorship With...

VeChain Signs $100 Million Deal In Its First Ever Sports Sponsorship With UFC

- Advertisement -
Follow-Us-On-Google-News

 

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.

- Advertisement -
Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.