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UFC Continues To Bet Big On Crypto Despite Market Downturn
The UFC’s decision to promote blockchain technologies during a market crash raises a variety of concerns.
Ankita K.
12:18 14th Jul, 2022
Markets

The Ultimate Fighting Championships is no stranger when it comes to cryptocurrencies and companies using blockchain technology.

Last month, the leading mixed martial arts organization announced a marketing partnership with VeChain, the public network utilized across different supply chains. The agreement, which enlists VeChain as the UFC’s “Official Layer 1 Blockchain Partner,” is reportedly valued at nearly $100 million.

As part of the deal, VeChain, which has international offices in nine countries including the United States, Singapore, Ireland, Italy and France, will be prominently featured and integrated into UFC live events and broadcasts, as well as promoted in original content across social media. VeChain will also be featured on the official fighter rankings, as well as at the Performance Institute and APEX.

“VeChain is a globally recognized leader in blockchain technology, and we couldn’t be happier to welcome them as an Official Marketing Partner of UFC,” said Paul Asencio, UFC Senior Vice President of Global Partnerships, in the official release.

“VeChain’s expertise in using real-world blockchain applications to help the public and private sector achieve their carbon-neutral goals is an effort we are proud to support. We’re looking forward to working with VeChain to leverage UFC’s worldwide popularity to promote a positive message that blockchain technology can be used to protect our environment for future generations.”

VeChain debuted in the Octagon at UFC 275 in Singapore, one of the first numbered Pay-Per-View events to take place in Southeast Asia, and has since featured prominently on subsequent shows.

Nevertheless, the UFC’s newfound partnership with VeChain—a partnership announced during a significant crypto market downturn that saw the industry lose more than $2 trillion in value—marks the latest agreement between the MMA organization and a cryptocurrency or blockchain-related company. The crypto sector has been a huge windfall for the UFC, which has managed to secure several lucrative deals and opportunities in what is quickly becoming the hottest category across sports sponsorships.

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