UFC has agreed to onboard the protocol as its official Layer 1 blockchain partner.
The deal is valid for five years.
VeChain will receive exposure to a massive mainstream audience through UFC’s platforms.
Benefits for UFC fighters and athletes are also included in the package agreed on between both entities.
According to an official announcement released on Thursday, layer 1 blockchain VeChain and sports powerhouse Ultimate Fighting Championship have signed a partnership centered around marketing and global promotions.
The agreement is reportedly worth $100 million and will last over a period of five years.
VeChain becomes the first layer 1 blockchain network to partner with UFC. The protocol’s co-founder and CEO Sunny Lu opined that the deal is a strategic move to increase the chain’s brand visibility and extend its reach across the globe.
Lu added that:
…joins forces with the fastest growing sport to raise awareness that blockchain technology is critical in helping deliver major global objectives, such as sustainability. This is just the beginning of a multi-year relationship with UFC, and we really look forward to changing the world together.
Followings its launch back in 2015, the blockchain has secured several partnerships with a plethora of industry-leading institutions like BMW Group and Walmart. The protocol also has offices in multiple jurisdictions like Japan, France, and the U.S.
UFC offers a unique platform for VeChains growth as the franchise boasts a massive following with a presence across multiple countries. An estimated 900 million TV households in 175 countries supposedly have access to UFC’s broadcasts and events.
VeChain also receives the rights to UFC’s official fighter rankings per the partnership. In addition, branded content and assets featuring VeChain will feature in UFC 275. The event is the first of its kind to hold in Southeast Asia.
Finally, the agreement offers benefit packages for fighters in the form of an annual Brand Ambassador fund.
Crypto Companies Target Mainstream Audiences Through Sports Partnerships
UFC also has a shirt deal with major exchange crypto.com. Both agreements are one of many in a growing trend of partnerships between blockchain-powered companies and sports industry stakeholders.
Algorand, Binance, and Tezos to name a few have also reached agreements with sports entities like FIFA and football leagues.