The blockchain company VeChain is the first Web3 institution to sign a sponsorship deal with UFC. The deal is valued at almost $100 million. The VeChain’s logo will be displayed in the Octagon arena for the first time in the Teixeira vs. Prochazka match on Saturday.
VeChain is a public network compatible with Ethereum. It is used in various fields, including the medicine, energy, and automotive sector. Companies utilizing VeChain include Bayer and Walmart. Since 2015, the VeChain company has been growing and it now has offices in eight countries, such as the U.S., Singapore, and Ireland.
VeChain’s logo will be displayed during UFC matches, as well as on fighters’ apparel, and UFC’s content on social media and other digital platforms. VeChain will also have ownership over the rankings of UFC fighters, which are displayed during the live events.
This sponsorship deal is a part of the wider trend in the sports world in general. More and more blockchain projects are making advertisement deals with sports companies. UFC itself already does business with blockchain companies such as Crypto.com, Dapper Labs, and Socios.