The Ultimate Fighting Championship (UFC) has partnered with VeChain, a layer one blockchain focused on sustainability and logistics.
The world-renowned mixed martial arts organization will incorporate the network into a variety of live events and media platforms.
VeChain is the first-ever base blockchain to receive "unprecedented integration with UFC assets through this intensive collaboration," according to the official statement.
Throughout live broadcasts of UFC's major events, the initiative will gain access to a variety of "valuable brand visibility."
Furthermore, the two will work together on a variety of unique and original programming showcasing UFC athletes and talent. VeChain will own the UFC's official fighter rankings titles under the multi-year deal.
Because UFC has the ability to reach 900 million people in 175 countries, Sunny Lu, VeChain's co-founder and CEO, sees the new alliance as a "historic moment" for the company.
According to a source obtained by Sports Business Journal, the agreement is for around $100 million with a minimum five-year term.
A UFC Senior VP/Global Partnerships Paul Asencio said that the organization's sponsorship income are already up 30% over last year, following one of the MMA circuit's largest partnerships.
UFC's involvement with the cryptocurrency business dates back to last year's announcement of an official collaboration with Crypto.com.