VeChain Teams Up with UFC to Tokenize Fighter Gloves, Community Reacts
VeChain Teams Up with UFC to Tokenize Fighter Gloves, Neighborhood Reacts
Blockchain platform VeChain has announced its partnership with the Final Struggling with Championship (UFC) to tokenize fighter gloves and song their identities using the VeChainThor network.
In a most contemporary weblog put up, the firm said that the gloves broken-down by UFC warring parties would be embedded with VeChain shut to-discipline dialog (NFC) chips, enabling the recording of wrestle files and making sure the authenticity of every and every pair.
Following the fights, the gloves will seemingly be donated and given away, turning them into sought-after collectors’ objects.
Merchants can compare the authenticity of these gloves thru a VeChainThor network natty contract.
VeChain’s Tokenization to Take care of Fraud Trouble
The collaboration aims to manage with the peril of fraud within the secondary market, the put traders most regularly search to fetch gloves broken-down one day of particular fights.
By leveraging VeChain’s ToolChain machine, a provide-chain administration resolution, the system of monitoring and turning in objects to their supposed recipients is also streamlined.
The initial launch of 12 uncommon gloves will seemingly be dispensed to A-list celebrities, including Joe Rogan, with UFC CEO Dana White making a are living presentation to scream the partnership.
The VeChain neighborhood has replied with mixed reactions on the platform’s Reddit board.
Some customers expressed enthusiasm for this contemporary use case, highlighting the aptitude of minting proper-world asset gloves as non-fungible tokens (NFTs) for every UFC tournament.
Others welcomed the foundation of merchandise monitoring and suggested incorporating QR code scanning one day of televised occasions, which may perhaps further make a contribution to burning VeThor (VTHO) tokens.
Currently marks a huge step ahead in our relationship with the @UFC!#VeChain powered NFC and blockchain technology will seemingly be integrated into fighter gloves, offering an immutable file utilization, and ensures followers receive exact products, authenticated by blockchain. pic.twitter.com/XFqdlmWqTU
— vechain (@vechainofficial) April 12, 2024
Nonetheless, now not all neighborhood participants were impressed by the announcement.
Criticism centered right thru the realization that the transaction costs associated to the gloves would now not burn ample VTHO to have a most necessary impression on the token’s ticket.
As of April 12, VeThor’s market capitalization stood at over $283 million, positioning it amongst the tip 300 cryptocurrencies globally, basically based on Coinmarketcap files.
In Could impartial 2022, the VeChain Basis reported having $1.2 billion in its treasury.
The partnership between VeChain and UFC began in June of the the same one year with a $100 million sponsorship deal, solidifying their collaborative efforts one day of the mixed martial arts promotion.
Tokenized Funds Continue to Succeed in Recognition
In a describe earlier this one year, Moody’s, a number one investment likelihood review company, published the price of tokenized funds surged from $100 million at the starting of 2023 to roughly $800 million, driven by the rising tokenization of U.S. treasuries.
The describe highlighted that each and every personal and non-personal blockchains are witnessing the inclusion of a tall collection of assets.
Some of the extra essential examples consist of Franklin Templeton’s U.S. Executive Money Fund expanding from Stellar to Polygon, Backed Finance launching a tokenized momentary U.S. treasury bond alternate-traded fund (ETF), and UBS Asset Management deploying a tokenized money market fund (MMF) on the Ethereum blockchain.
Essentially basically based on Moody’s, the tokenization of MMFs affords the aptitude to combine their stability with the technological advantages of stablecoins.
Closing month, DigiFT, a Singapore-basically based fintech firm, also announced the launch of its US Treasury bill depository receipt (DR) tokens.
Source : cryptonews.com
