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VeChain unveils tokenized gloves in UFC partnership

In this post:

  • VeChain has announced its intention to tokenize gloves worn by UFC fighters on its network.
  • Reddit Community reacts to the announcement.

VeChain has announced that it will tokenize gloves worn by Ultimate Fighting Championship (UFC) fighters on the VeChainThor network. According to the announcement on Medium, the platform said that the tokenized gloves will enable users to track the player’s identities on the network. The post also stated that the gloves will be fitted with near-field communication (NFC) chips that will help the network track the fight data.

VeChain set to tokenize UFC fighter’s gloves

This tracked data will enable users to verify the authenticity of the pairs. The announcement stated that the fighters would donate the worn pairs of gloves after the fight, converting them into collector’s items. The buyer of each pair will be able to check their authenticity through the network’s smart contract. The first pair of chipped gloves will be won at the UFC 300 event scheduled for April 13.

VeChain explained in its post that this system will help them eliminate fraud in the system. It noted that it is common for users in search of match-worn gloves to be defrauded in the secondary market. The items will also leverage VeChain’s ToolChain system, a supply chain system that industries use to ensure that the items sent are delivered to the intended customers.

Reddit Community reacts to the announcement

VeChain mentioned that the first 12 pairs of chipped match-worn gloves will be given to popular celebrities including Joe Rogan. The partnership between the two entities will also be announced in a live broadcast by UFC CEO Dana White. Users in the VeChain Reddit community who hold the VeChainThor (VTHO) token have reacted to the recently announced partnership. While some were impressed with the news, others were skeptical about the partnership.

One user was confident about the opportunity to mint real-world assets (RWAs) on the network at every UFC event. Another user also talked about the tracking system that would be used in the gloves and other merchandise, noting the need for QR codes to scan for events that burn VTHO. Meanwhile, another user explained that the gloves would not be able to burn enough VTHO from its transaction fees, limiting the price from appreciating.

This story was sourced from VeChain on Medium.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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