The new gloves will come with NFC chips that track battle information and offer blockchain verification of their authenticity.
Gloves worn by UFC fighters will soon be tokenized, and their identities will be monitored on the VeChainThor network, according to a blog post published by VeChain on April 12.
According to the post, the gloves will have VeChain near-field communication (NFC) chips that capture combat data and verify each pair’s authenticity. The sportsmen will “donate and give away” their gloves following the fight, turning them into valuable collectibles. Through the use of a VeChainThor network smart contract, the chips within each pair will enable a buyer to verify the item’s authenticity. At UFC 300 on April 13, fighters will don the gloves for the first time.
VeChain stated in its post that the technology will assist in preventing secondary market fraud, which is a prevalent issue for purchasers wishing to possess the gloves used during specific fights. The new products make use of features from VeChain’s ToolChain supply-chain management system, which certain businesses employ to track products and ensure they reach their intended destination.
Joe Rogan and other “A-list” celebs will receive the first batch of 12 special gloves, according to a statement from VeChain. Additionally, a live presentation announcing the relationship will be made by UFC CEO Dana White.
Owners of the VeChainThor (VTHO) cryptocurrency responded to the news in a variety of ways on VeChain’s Reddit board. The novel use case for the network excited some people. “Every UFCC event, [we] will be minting rwa [real world asset] gloves as [non-fungible tokens]!” exclaimed Pez86. VETterDaysAhead, a different user, expressed gratitude for the announcement as well, saying, “Merchandise tracking and gloves seem fantastic. I hope that QR code scanning is implemented on TV for events that also burn VTHO.” 🔥🎥🎥
However, not everybody was won over. Some users believed that the pricing would not be significantly affected by the new gloves since they would not burn enough VTHO from transaction fees. That’s almost 10 VTHO burned annually, dude. UFC is going to surpass Walmart China in terms of utilization, tkim91321 joked in response to a different user who had voiced concerns about the much-awaited news.
Tkim91321 clarified their stance in a another post, posing the hypothetical question, “And this would burn how many VTHO per month?” and responding, “Nothing materially significant,” after that.
VeThor is among the top 300 cryptocurrencies in the world with a market worth of nearly $283 million as of April 12, according to Coinmarketcap data. The network’s foundation had $1.2 billion in cash on hand as of May 2022. The VeChain Foundation signed a $100 million sponsorship agreement with the mixed martial arts company, UFC, in June of that same year.
