VeChain and UFC Launch Tokenized Gloves, Sparking Mixed Community Reactions

VeChain has partnered with the UFC to introduce tokenized gloves featuring NFC technology that tracks fight data and authenticates each pair on the blockchain. The innovative gloves will debut at UFC 300, drawing both excitement and skepticism from the community.

VeChain Introduces Tokenized UFC Gloves with NFC Chips to Combat Fraud and Enhance Collector Value

According to a VeChain blog post dated April 12, gloves worn by UFC fighters will soon be tokenized, and their identities will be tracked on the VeChainThor network, per Cointelegraph.

According to the post, the gloves will include VeChain near-field communication (NFC) chips that record fight data and verify the authenticity of each pair. After the fight, the athletes will "donate and give away" their gloves, making them collectors' items. The chips inside each pair will allow a buyer to check the item's authenticity via a VeChainThor network smart contract. Fighters will start wearing the gloves at UFC 300 on April 13.

In its post, VeChain claimed that the system would help prevent secondary market fraud, a common issue for buyers looking to own gloves worn during specific fights. The new items incorporate VeChain's ToolChain system, a supply-chain management system that some businesses use to track items and ensure they reach their intended recipients.

VeChain has announced that 12 exclusive gloves will be distributed to "A-list" celebrities, including Joe Rogan. Dana White, CEO of the UFC, will also give a live presentation to announce the partnership.

VeChain Community Divided Over UFC Tokenized Gloves: Hype Versus Real-World Utility

On VeChain's Reddit board, VeChainThor (VTHO) token holders had mixed feelings about the news. Some were excited about the network's new use case. “[W]e're going to be minting rwa [real world asset] gloves as [non-fungible tokens] every UFC event!” said Pez86. Another user, VETterDaysAhead, viewed the announcement positively: "Gloves and merchandise tracking sound great. Hoping they do QR code scanning on TV for events that burn VTHO as well."

However, not everyone was impressed. Some users believed the new gloves would not generate enough VTHO from transaction fees to significantly impact the price. “Hey man, that's like a whole 10 VTHO burned per year. UFC is going to topple Walmart China in usage,” stated tkim91321 in a sarcastic reply to another user who had complained about the overhyped announcement.

In another post, tkim91321 elaborated on their position by asking rhetorically, “And this would burn how many VTHO per month?” and then answering, “Nothing materially significant.”

According to Coinmarketcap data, VeThor's market capitalization was more than $283 million as of April 12, placing it among the top 300 cryptocurrencies in the world. In May 2022, the network's foundation had $1.2 billion in its treasury. In June that year, the VeChain Foundation signed a $100 million sponsorship deal with the UFC.

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