an institution coming from the world of web3 Stepping into the octagon for the first time. Today, UFC announced a marketing partnership with VeChain, the company behind the Ethereum-compatible public network of the same name.
The outfit will make its mixed martial arts debut this Saturday during UFC 275: Teixeira vs Prochazka at the Singapore Indoor Stadium. It joins the likes of Crypto.com, Socios and Dapper Labs: blockchain Companies that do business with the UFC.
The sports world is becoming an advertising hub for companies using blockchain technology, and the UFC is no exception. Its agreement with VeChain is a multi-year deal, valued at approximately $100 million, according For Sports Business Journal.
Paul Asencio, Senior Vice President of Global Partnerships at UFC, said in the announcement of the deal, “VeChain is a globally recognized leader in blockchain technology, and we could not be more pleased to welcome them as the Official Marketing Partner of the UFC. “
VeChain began as a private network that transitioned to go public and is used across various supply chains and sectors that include the automotive sector, medicine and energy, particularly carbon management. The company’s technology is used by both governments and companies including Walmart and Bayer.
Since it was founded in 2015, the company has grown over time to have offices in eight different countries which include Ireland, the US and Singapore. This weekend’s event will be the UFC’s first pay-per-view event to be held in Southeast Asia.
The partnership emphasizes agreements to display the VeChain logo at UFC events in the octagon, on apparel fighters wear, and in content distributed across UFC’s social media accounts and other digital platforms.
It will also promote original content distributed by the UFC, including the presence of VeChains, and the company will own the UFC’s Fighter Rankings displayed at the live event.
This isn’t the first time the UFC has held a . has announced agreement with web3 company this year. Back in January the UFC announced a venture with Dapper Labs to accompany UFC Strike, a line of NFT collectibles that has reached $8.5 million in sales volume in the six-month period since its launch. according to Cryptoslam.
It followed the organization’s multi-year deal In the summer of 2021 with cryptocurrency exchange Crypto.com, which led to its lion-headed logo being included in the organization’s events and memorable battles.
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