Share this article
<img alt="Follow crypto Briefing on Google News” width=”140″ height=”41″ src=”https://technicalterrence.com/wp-content/uploads/2024/04/HashKey-Group-to-Launch-Ethereum-Layer-2-Network.png”/><img src="https://technicalterrence.com/wp-content/uploads/2024/04/HashKey-Group-to-Launch-Ethereum-Layer-2-Network.png" alt="Follow crypto Briefing on Google News” width=”140″ height=”41″/>
A partnership between the VeChain Foundation and Ultimate Fighting Championship (UFC) was announced on April 12 to tokenize fighters' gloves during the UFC 300 global press conference. The effort involves tracking fight data using a Near Field Communication (NFC) installed. inside the gloves and recording comments using the VeChainThor network.
The VeChain Foundation has had a $100 million sponsorship deal with the UFC since 2022. Fabio Konder, Director of Activation at the VeChain Foundation, shared with crypto Briefing during UFC 301, which took place in Rio de Janeiro last Saturday, how blockchain came to be to the field of fighting sports.
“When we closed the sponsorship deal with the UFC, it was obvious to me that it would be a natural development,” Konder said. “A sponsorship deal is all about visibility, but Sunny's (Lu, founder of VeChain) intention was to go further and offer a platform for the community: create connections, incentivize projects and strengthen them. It became clear that the next step would be technological.”
Therefore, looking at previous collaborations with Louis Vuitton, Givenchy and Walmart, which consisted of strengthening the supply chain through the application of blockchain technology, the Director of Activation of the VeChain Foundation understood that this could be an avenue to work with UFC.
“Data tracking with blockchain is our daily bread. I worked with the UFC for seven years and knew they had issues with their gloves and that there was an innovation process going on. So I suggested the tracking chip combined with a blockchain registry.”
The problems mentioned by Konder are related to fighters breaking their hands during the fight and the ease of opening their fingers while using them, making accidental eye pokes more susceptible. This new glove will begin to be used at UFC 302.
The data recorded in VeChainThor serves two purposes: first, a reliable way to store new glove information; Secondly, it will prevent counterfeit gloves from being sold on the secondary market, as the chip is registered as a non-fungible token (nft) that can be easily verified with a smartphone.
Therefore, gloves used in UFC fights are now a tokenized real-world asset (RWA), making them “phygital” items with physical and digital versions.
“In this new initiative, fighters will donate their gloves after the fight, and the blockchain record makes it a more powerful keepsake as it will also have the athlete's fight data. Let's say Aldo retires after his fight today. The owner of the glove will be able to see how Aldo fought and the number of blows he gave.”
Additionally, Konder revealed that another initiative between VeChain and UFC aimed at preventing counterfeiting and tracking of stolen items is being developed in the background, although he explained that this will not be made public yet.
Share this article
<img alt="Follow crypto Briefing on Google News” width=”140″ height=”41″ src=”https://technicalterrence.com/wp-content/uploads/2024/04/HashKey-Group-to-Launch-Ethereum-Layer-2-Network.png”/><img src="https://technicalterrence.com/wp-content/uploads/2024/04/HashKey-Group-to-Launch-Ethereum-Layer-2-Network.png" alt="Follow crypto Briefing on Google News” width=”140″ height=”41″/>