One of VeChain’s recent announcements is that it plans to tokenize UFC fighters’ gloves.
The gloves used by UFC fighters will be tokenized on the VeChainThor network, according to an announcement made by VeChain. The site said in its Medium release that users would be able to trace the players’ identities on the network thanks to the tokenized gloves. Gloves equipped with near-field communication (NFC) chips will allow the network to monitor combat data, according to the article.
Users will be able to confirm the legitimacy of the pairings with the help of this monitored data. In the aftermath of the bout, the boxers would reportedly donate their used gloves, turning them into valuable collectibles. The smart contract on the network will allow the buyer to verify the legitimacy of each pair. The UFC 300 event on April 13 will feature the first ever chipped gloves.
In its article, VeChain detailed how this technology would aid in their fight against systemic fraud. The article pointed out that the secondary market is rife with scam artists preying on innocent customers looking for match-worn gloves. Also, the products will make use of VeChain’s ToolChain system, which is a supply chain system that businesses utilize to track products and make sure they reach their final destinations.
Joe Rogan is one of the famous people who will get one of the first twelve pairs of chipped, match-worn gloves from VeChain. Additionally, UFC CEO Dana White will make the announcement of the collaboration live on air. Members of the VeChain Reddit community who own the VTHO token have spoken out about the new collaboration. The news impressed some, but the partnership sceptics were in the minority.
The possibility of minting RWAs on the network at each UFC event was something that one user was very sure about. The need for QR codes to scan for events that burn VTHO was brought up by another user who discussed the tracking system that will be included in the gloves and other products. Another user, meanwhile, elaborated on why the gloves’ inability to burn up enough VTHO from transaction fees would prevent their value from rising.
Also Read: Elon Musk’s AI startup xAI wants to raise up to $4 billion and be valued at $18 billion
Wallets