VeChain enters sponsorship deal with UFC, VET price jumps 10%
- VeChain will activate its branding rights ahead of this week at the UFC 275 event in Singapore.
- The partnership will help the VeChain brand reach 900 million television households in 175 countries.
On Thursday, June 9, blockchain logistics firm VeChain Foundation signed a $100-million multi-year marketing partnership with the Ultimate Fighting Championship (UFC). This also makes VeChain the first-ever Layer-1 blockchain partner of UFC.
Additionally, this is also the first-ever sports sponsorship by VeChain since its inception. As part of the deal, VeChain gets UFC’s “official blockchain partner” designation. Besides, the partnership will also give VeChain a significant branding boost and global exposure.
During the UFC 275 event in Singapore ahead of this weekend, VeChain will activate its rights with branding in the Octagon. VeChain will also sponsor the circuit’s fight rankings now dubbed the UFC Rankings Powered by VeChain. UFC Senior VP/Global Partnerships Paul Asencio said:
There’s been a lot of focus on digital currency, but this is an example of how powerful blockchain technology can be in other areas. I can see many deals like this one coming across sports.
He further added that after a record-breaking 2021, UFC’s sponsorship revenue has already jumped 30% up. Over the last year, Blockchain remains the hottest category among sports sponsorships. Over the last year, UFC has been forming historic partnerships with several crypto and blockchain firms.
Last year, UFC also entered a sponsorship deal with crypto trading platform Crypto.com for a staggering $175 million.
About VeChain, VET price and the power of UFC
VeChain is a business-focused Layer-1 ecosystem that has its emphasis on supply chain tracking. Last month, blockchain logistics firm VeChain announced its financial standing for the first quarter of Q1 2022. As per VeChain’s financial report, the company amassed a staggering $1.2 billion in the financial war chest.
On the other hand, it spent only $4 million in Q1 with the marketing spend at less than $600,000. The recent UFC sponsorship deal shows a big jump in VeChain’s marketing budget. VeChain called it “one of the deepest integrations within premier UFC assets of any sponsor in UFC history”.
Soon following the announcement, VeChain’s native cryptocurrency VET saw a 10 percent jump in its price. The trading volume for VET also jumped 120 percent following the sponsorship deal.
On the other hand, UFC said that the sponsorship deal will give VeChain massive brand recognition worldwide. UFC also estimates that VeChain brand will reach 900 million television households in 175 countries.
UFC will also promote VeChain in-venue on prominent digital displays. Besides, both the companies will work to create content for the UFC’s social media and other digital platforms. This efforts will reportedly provide a reach of 200 million worldwide.
There’s also an “Annual Brand Ambassador fund” which will offer paid opportunities to UFC athletes that participate in marketing activities for VeChain.