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VeChain Partners with UFC to Launch Tokenized Gloves – Crypto News

Published

1 year ago

April 13, 2024

Dripp

VeChain has announced a partnership with the Ultimate Fighting Championship (UFC) to introduce tokenized gloves. These gloves, equipped with near-field communication (NFC) chips, will track fight data and authenticate the gloves’ genuineness through the VeChainThor network.

These gloves will debut at UFC 300 on April 13. They will be tokenized to record and preserve their history and data on VeChain’s blockchain. Post-fight, these gloves will serve as collectors’ items, the authenticity of which will be verified using smart contracts on the VeChainThor network. This step is considered an advance in sports memorabilia and also an improvement in fan engagement and sports integrity.

Community Reaction and Market Potential

The VeChain community has had a split reaction towards the launch of tokenized gloves. Some of the members are enthusiastic about the creative application of the VeChainThor network for real-life assets. In contrast, others doubt about the direct influence that this use will have on the consumption and price of the VTHO token. Skeptics argue that transaction fees generated by the tokenization of gloves might not be high enough to have a strong impact on the value of the tokens.

However, the demand for this kind of tokenized sports memorabilia market would be huge due to the worldwide popularity of UFC and interest in collectible and verifiable memorabilia catalyzed by blockchain technology. The success of this initiative might set an example for the broader use of blockchain for similar purposes also on the other areas like sports and entertainment.

VeChain’s Broader Blockchain Initiatives

Besides the UFC partnership, VeChain has been developing its blockchain solutions in different sectors. Recently, VeChain released a codeless asset tokenization platform called Marketplace-as-a-Service (MaaS) that makes the digital asset creation and management easier. This enables users to tokenize assets easily without needing much coding knowledge and can potentially expand the blockchain appeal and accessibility to a non-technical audience.

This trend springs from VeChain’s ongoing effort to make blockchain technology easier and more practical in real-life contexts. VeChain’s innovations are already being used by industries in areas such as supply chain management and sustainability efforts. These constant improvements contribute to VeChain solidifying its position in the blockchain world and increasing the usability and potential adoption of its native tokens, VET and VTHO.

Will the VET Price Rally?

The long-term impact of VeChain’s initiatives, including the UFC partnership and the launch of the MaaS platform, on the price of VET remains a topic of speculation among investors and analysts. While the immediate effect on token dynamics might be limited, the increased visibility and potential market expansion could foster greater confidence and investment in VET.

However, despite the launch, the VET price has gone down over 12%, trading at $0.04304 at press time. As reported by Coingape earlier, this decline is attributable to the massive crypto liquidations experienced in the last 24 hours, exceeding $885 million.