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VeChain Partners with UFC for Tokenization of Fighter Gloves
Blockchain platform VeChain has announced a partnership with the Ultimate Fighting Championship (UFC) to tokenize fighter gloves and track their identities using the VeChainThor network.
Tokenization of Fighter Gloves
In a recent blog post, VeChain revealed that UFC fighter gloves will be embedded with VeChain near-field communication (NFC) chips. This technology will enable the recording of fight data and ensure the authenticity of each pair of gloves.
Authenticity Verification and Collectors’ Items
After the fights, the gloves will be donated and given away, turning them into sought-after collectors’ items. Buyers can verify the authenticity of these gloves through a VeChainThor network smart contract.
Addressing Fraud in the Secondary Market
The collaboration aims to tackle fraud in the secondary market, where buyers often seek to own gloves worn during specific fights. By leveraging VeChain’s ToolChain system, the tracking and delivery process can be streamlined.
Community Reactions
The VeChain community has shown mixed reactions to the partnership. Some users are excited about the potential of minting real-world asset gloves as non-fungible tokens (NFTs) for every UFC event. Others suggest incorporating QR code scanning during televised events to enhance merchandise tracking.
Tokenized Funds on the Rise
In a recent report by Moody’s, the value of tokenized funds has surged, driven by the increasing tokenization of assets like U.S. treasuries. Public and private blockchains are witnessing the inclusion of various assets, with examples such as Franklin Templeton’s U.S. Government Money Fund expanding to Polygon and Backed Finance launching a tokenized short-term U.S. treasury bond ETF.
UBS Asset Management has also deployed a tokenized money market fund on the Ethereum blockchain. Moody’s highlights the potential of tokenized MMFs to combine stability with the technological advantages of stablecoins.
Last month, DigiFT announced the launch of its US Treasury bill depository receipt (DR) tokens.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
