VeChain blockchain project became UFC league’s partner

As part of the contract, the platform’s advertising will be aired during sporting events

10.06.2022 - 10:55

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What’s new? The VeChain project has entered into a formal partnership agreement with the UFC Mixed Martial Arts League. VeChain’s logos and branding will be integrated into the league’s various online broadcasts and sporting events. This was reported by the representatives of the blockchain project on Twitter.

We're very excited to share that #Vechain has become the official Layer 1 #blockchain partner of @ufc in a historic global marketing partnership!With 900 million+ households across 175 countries, $VET will receive unprecedented brand/asset integration.https://t.co/WvVC7CeMTm— VeChain Foundation (@vechainofficial) June 9, 2022

What else is known about the deal? The partnership with the UFC will allow VeChain to increase the project’s visibility and conduct an advertising campaign for an audience of 900 million people from 175 countries. The parties do not disclose the financial part of the partnership, however, according to Sports Business Journal (SBJ), the deal could be as much as $100 million.

Information on the SBJ website

What is known about VeChain? It is a Layer 1 (L1) smart contract platform based on the VeChainThor blockchain, compatible with Ethereum Virtual Machine (EVM). The network has low transaction fees and the Proof-of-Authority (PoA) consensus algorithm for high throughput and scalability. VeChain is used by businesses and states in a variety of industries. As of June 10, 10:00 UTC, the platform’s native token (VET) is trading at $0,03.

In April, it became known that the UFC would begin paying bonuses to fighters in cryptocurrency. Payouts would be awarded to the top three athletes at each UFC event based on fan voting. A total of $60 000 would be distributed among the winners.

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