Blockchain logistics company VeChain Foundation has signed a multi-year marketing partnership with the Ultimate Fighting Championship (UFC) worth nearly $100 million, becoming the UFC’s first-ever level 1 blockchain partner.
The UFC is the largest promoter and organizer of mixed martial arts (MMA) events, and VeChain’s marketing assets and brand will be integrated into the UFC through live events, arena promotions, social media and other areas.
The deal is valued at nearly $100 million, with a minimum five-year partnership, according to an anonymous source. quoted by the Sports Business Journal. UFC senior vice president of global partnerships Paul Asensio said the deal saw a 30% increase in UFC sponsorship revenue from an already record-breaking 2021.
The partnership starts immediately, and VeChain assets will start showing up this Saturday, June 11th during the UFC event in Singapore.
VeChain is a Tier 1 business driven ecosystem with a focus on supply chain tracking. The partnership marks a big shift from Vechain’s modest first quarter. A financial report released in May shows that the VeChain Foundation only spent about $4 million in the first quarter, with less than $660,000 spent on marketing, but has amassed a massive $1.2 billion war chest.
VeChain said the partnership is “one of the deepest integrations with UFC flagship assets of any sponsor in UFC history”, with the UFC estimating that the VeChain brand will reach 900 million TV households in 175 countries.
As part of the deal, VeChain will own the title of the official UFC Fighter Rankings, now called “UFC Rankings Powered by VeChain”, as well as the brand’s presence in the fight ring at all events.
VeChain will continue to be promoted on high-profile digital displays, and both companies will create content for UFC social media and other digital platforms that the UFC estimates will reach 200 million people.
The annual Brand Ambassador Fund will also offer paid opportunities to UFC athletes participating in VeChain marketing activities.
Blockchain and Cryptocurrency Will Take the Sports Industry Beyond NFT Collectibles
The UFC has been partnering with blockchain companies and crypto companies for a long time. One of the UFC’s biggest partnerships is a $175 million deal with Crypto.com, which sees the crypto exchange become the “UFC Cryptocurrency Platform Partner” and fighters receive fan bonuses in bitcoin (BTC) through the partnership.
Crypto.com also released the first authorized UFC non-fungible token (NFT) collection in November 2021, and the UFC continues to release more licensed NFTs with NFT developer Dapper Labs.
In March 2021, crypto casino and sports betting platform Stake became the “UFC’s first official betting partner” in the Asian and Latin American markets.
Credit : cointelegraph.com