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The gloves worn by fighters at the UFC 300 event will be tokenized on the VeChainThor blockchain. In the future, the tokenization of gloves will take place following each tournament.
The VeChain team has announced the launch of the initial set of tokenized gloves for UFC fighters. This initiative is in collaboration with the Ultimate Fighting Championship organization, as confirmed by Dana White, President of the UFC, during a press briefing prior to the UFC 300 event.
VeChain is a blockchain platform that operates on smart contracts within the energy-efficient VeChainThor L1 network. The platform offers B2B solutions for supply chain management, anti-counterfeiting, and various forms of business process automation.
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The initiative plans for each pair of gloves to include NFC chips that will gather data during the fight and subsequently enable the verification of each pair’s authenticity through a smart contract on the VeChainThor blockchain network. Additionally, the ToolChain supply chain management system will be employed to mitigate fraud in the secondary market. The creators of the project highlight that this initiative serves as a private example of real-world asset (RWA) tokenization.
The creators anticipate that following the UFC 300 event, athletes will donate their gloves to charitable causes, transforming them into collectibles in both physical and NFT formats. The first 12 pairs of tokenized gloves will be presented to various celebrities as gifts, with Joe Rogan mentioned among them. In the future, VeChain will tokenize fighters’ gloves after each UFC event, allowing collectors and fans to acquire them.
VeChain and the Ultimate Fighting Championship are executing this project as partners. The organizations have been collaborating on marketing efforts since May 2022, when they entered into a $100 million sponsorship agreement to promote mixed martial arts.
Experts surveyed by CP Media identified tokenization as one of the key trends in the Web3 industry for 2024. This perspective has been consistently validated in practice. The European Central Bank has recently begun investigating the potential of DLT systems in relation to tokenized assets. Major international financial conglomerates are showing significant interest in the tokenization sector.
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