Ortiz is now the eighth fighter to be inducted into the UFC Hall of Fame. The other members are Mark Coleman, Randy Couture, Royce Gracie, Matt Hughes, Chuck Liddell, Dan Severn and Ken Shamrock. TapouT co-founder Charles "Mask" Lewis is also in the UFC Hall of Fame.
Ortiz lost a three-round decision fight to Forrest Griffin at UFC 148 last night.
Here is what he had to say about retiring after last night's fight:
"People say, 'Tito, why are you retiring?' I'm retiring because it's time. It's time to walk away because I've done everything I can possibly do in this sport. My No. 1 goal was to be the greatest UFC fighter to ever grace the octagon. And I think I can hold hands with many fighters who have done that same job in this sport."