The UFC is getting an “Official Cryptocurrency Partner” for UFC 232 as Litecoin announced on its website that it has signed a sponsorship deal to appear in the Octagon at UFC 232: Jones Gustaffson 2 at the Forum in Inglewood, California. It is the first deal of its kind for the UFC.
Excited to announce that the Litecoin logo will be on the canvas as the Official Cryptocurrency Partner of @UFC 232 on 12/29 in Inglewood CA! Read more: https://t.co/y4yvPWb6rj pic.twitter.com/ddML54j5GH
— Charlie Lee [LTC⚡] (@SatoshiLite) December 26, 2018
According to its web site announcement, “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.”
The Litecoin Foundation is a non-profit organization registered in Singapore.
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets.
In a bit of irony, the New York Times ran an article on Thursday discussing the depletion of cryptocurrency. Notably, the article states that Litecoin was worth $366 a coin last year. It’s now $30.
Payout Perspective:
The deal seems like a “one off” where the company hopes to get some publicity for sponsoring this event. But, with the decline of cryptocurrency in general, I’m not sure how long it can sustain this type of media buy. While it may capture the young demo, I don’t know how many people it can convert to its product. It would be interesting to hear the plan for activation with the UFC.
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