I don't know if you all saw the announcement from VE Chain with their partnership/sponsorship with the UFC. Any sponsorship is good news for crypto when it opens you up to so much publicity. 900 million households in 175 plus countries apparently tune into the UFC so that is or should be decent for awareness.
What is confusing to me is why the UFC as the VE Chain is not an exchange, but has been designed for the supply chain. Is there going to be real benefit with this type of partnership other than making people aware? I think any business needs to be careful where they spend their advertising budget as there always has to be a benefit justifying the spend.
What is VeChain used for?
Vechain is a cryptocurrency system dedicated to supplying blockchain and logistics needs. VeChain software works as part of the VeChainThor blockchain platform designed to improve real-world supply chain management and business processes. This real-world utility gives it an intrinsic value outside market fluctuation
I say this as with many blockchains they have an identity as they are specialised. Travala (AVA) is travel and everything associated with travelling like hotels,flights and car hire. COTI is all about finance and banking offering payment solutions for businesses and personal. Ve Chain is all about the supply chain from origin of goods to shipping and tracking/tracing. Ve Chain is specialised from what I understand so they are unlike AVA and COTI who are after the mass market.
This is where this sponsorship/partnership deal kind of loses me as who is their target market? The people seeing the Ve Chain advertisements on the UFC shows will possibly research who and what it is, but will they use it?
The other angle is just making it into a household name I suppose so whatever business may need to have a use case would automatically think of them first. I personally think they are confusing their identity by going down this road.
I have invested in VE Chain and still not sold on this idea as it is good on the one side making everyone aware, but there is no real benefit other than that for the chain. I think I am lost as how does this have benefits for the chain itself as the 900 million users are not going to be using the chain or is it to attract investors?
A crypto exchange like Crypto.com or FTX is different as it doesn't have an identity like a blockchain and their target market is everyone involved or those still to join crypto.
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I lean to think they are playing on the household name for a select market. UFC events, like the recent UFC275, are PPVs with decent price tags. I think their assumptive play is that the UFC audience is presumably earning enough for those PPVs and is also predominantly male. That surely leaves a lot of crossover eyeballs with business decision makers that would be potential decision makers on future company deployments.
If that was the thinking I'm not sure how I feel about if that would actually be an effective strategy. I see some of the logic but I think those funds could probably be used more effectively in other ways.
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That is what I was thinking as even if 1 percent of the 900 million are business decision makers then that is still worthwhile. Just seems an odd fit for VE Chain and think they could have done better with the spend.
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You make a valid point here, as a UFC lover and a cryptocurrency enthusiast myself, I see your point. Maybe the reason for this partnership is mainly to reach out to the large audience of UFC, cos one thing I learnt about marketing is trying to convert the 97% of people who doesn't know anything about a product and educating them about the product to become a potential buyer or investor. This is probably what VE chain is trying to do here.
Still not sold on this partnership as surely link with supply chain brands or something along those lines. Will wait and see until I pass judgement as maybe they have a bigger plan.
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That does seem a bit weird. I guess in the end, it is all about who can pay the money though to get their name on something. It doesn't really matter what they do or if they are similar businesses.
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Like you said, this just seems a super weird fit for a crypto network supposedly focused on solving supply chain tracking issues.
Shows me VeChain is not really a crypto network at all.
But instead, nothing more than a poorly run company with a marketing budget that they 'have to' spend.
Huge meh on this.
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