VeChain's Technology to Tokenize and Authenticate UFC Fighters' Gloves: A Step Towards Fraud Prevention
Summary:
UFC fighters' gloves will soon be tokenized using VeChain's technology. Equipped with NFC chips, each glove will track fight data and verify the authenticity of each pair. The initiative is set to start from UFC 300 and aims to counter fraud in the resale market. This development received mixed reactions from VeChainThor (VTHO) token holders, with some questioning its impact on the token's value. VeThor's market cap was over $283 million as of April 12, while VeChain Foundation held $1.2 billion in its treasury as of May 2022.
Gloves worn by UFC competitors will soon have their identities digitized thanks to VeChain's technology, as revealed in a blog post on April 12. Embedded VeChain NFC chips in the gloves will accurately track fight data, thus ensuring every pair's genuineness. After each match, fighters will release their gloves to become symbols of their performance. Each glove's embedded chip allows a purchaser to confirm its validity utilizing a VeChainThor network smart contract. This novel initiative will commence from UFC 300 which is slated for April 13.
Source: VeChain's tokenized UFC gloves.
VeChain trumpets this technology's potential to counteract unscrupulous activities in the reselling market, a notorious vexation for enthusiasts seeking to possess gloves worn during specific fights. The gloves employ facets of VeChain's ToolChain system, a mechanism used by businesses to track products and ensure they reach their designated recipient.
VeChain has planned an inaugural set of 12 distinctive gloves, earmarked for prominent personalities such as Joe Rogan. The partnership will also include a live unveiling by Dana White, the CEO of UFC.
VeChainThor (VTHO) token holders on VeChain's Reddit page had varying reactions to the announcement. While some were thrilled by the novel application of the network, others questioned its impact on the VTHO's value. Some users taunted the announcement, suggesting that this innovation would barely influence the VTHO transaction costs.
Per CoinMarketCap's statistics, VeThor's market capitalization stood over $283 million as of April 12, placing it among the top 300 cryptocurrencies. The network's foundation had a staggering $1.2 billion in its coffer as of May 2022. June saw the initiation of a rewarding $100 million sponsorship deal between the VeChain Foundation and UFC.
Published At
4/13/2024 12:26:12 AM
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