The Litecoin Foundation is the first cryptocurrency to be the ‘Official Cryptocurrency Partner’ of the Ultimate Fighting Championship (UFC), according to an announcement on its official website on December 27.
Charlie Lee, the creator of Litecoin (LTC), announced on his Twitter account on December 26 that Litecoin Logo would be displayed at UFC-232 light heavyweight title fight between Jon Jones and Alexander Gustafsson, which is to be held on December 29.
According to market research and intelligence firm, the Business Research Company, the global sports market was valued around $557 billion in 2017, while North America was the largest region in the sports market last year, with a 33 percent market share.
Litecoin foundation encashed the opportunity to promote UFC, which is the world’s premier mixed martial arts championship. According to the announcement, the company noted that
“It is a milestone for Litecoin and cryptocurrency in general as no other coin has sponsored a UFC event to date. With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream.”
With Litecoin (LTC) sponsoring a major sporting event such as the UFC, this indicates the growing interest in blockchain technology and cryptocurrencies within mainstream sporting events.
UFC has millions of viewers across the globe and having Litecoin advertised as the logo on the Octagon’s canvas, will allow these viewers to see the LTC logo.
We had also noticed recently that soccer clubs like Paris Saint-Germain (PSG) and Atletico Mineiro had partnered with blockchain platform to issue Fan Tokens during September’18 and December’18 respectively.
The Fan Tokens will allow fans to purchase official apparel, game tickets, rewards to their holders, and participate in discount programs.
Looking at the future possibilities the Litecoin foundation said “We view this sponsorship as the first step to what will hopefully be a long and fruitful relationship with UFC. We look forward to the possibility of doing some amazing things with this incredible organization.”
With Litecoin sponsoring UFC, create more awareness and space for cryptos in sporting events? Share your thoughts in the comments?