Indian Boxing Council partners with TIAR to launch NFTs
The Indian Boxing Council has announced a partnership with The Indian Art Revolution (TIAR) to introduce non-fungible tokens (NFT) that will include artwork, player profiles, and key moments of the sport.
NFTs are a new type of digital asset that exists on a blockchain and has fueled growth in a wide range of sports. With over 8,000 different sports being played globally today, NFTs are poised to disrupt the ecosystem for fans, players, brands, clubs, federations, leagues, and intellectual property owners.
NFT's, Metaverse & Boxing ...
"The Indian Art Revolution" unlocks a a whole new revenue opportunity for Boxers, Boxing Promoters and the entire ecosystem @BrigadierRaja @TIARevolution
#boxing #NFT #cryptocurrency
timesofindia.indiatimes.com/sports/boxing/…
The TIAR metaverse (a virtual reality space) will be controlled by a decentralized autonomous organization (DAO). The DAO system is fully automated and transparent. As a result, decisions made here are influenced by the community of the organization. There is no centralized authority to make decisions on behalf of the members.
Furthermore, the Indian Boxing Council disclosed in its official release that the TIAR's NFT collection will include additional assets:
"Boxer cards, boxer avatars for the metaverse, and boxing artwork through artist collaborations."
Members of the TIAR metaverse will be able to choose their location, tickets, and prices for boxing matches. The IBC-TIAR agreement is a multi-year revenue sharing model aimed at generating monetary value for boxers, promoters, and other stakeholders in India's professional boxing ecosystem.
NFT move a "huge step" towards ensuring steady income source for boxers, feels IBC president
The Indian Boxing Council president PK Muralidharan Raja hopes the move will provide boxers with a new source of revenue. He said in a press release:
“As a national commission, our first priority is the safety and well-being of our boxers. I believe that our partnership with TIAR will be a big step in ensuring a stable source of income for our boxers. Boxing promoters will now see a whole new channel of revenue being added to their balance sheets"
Akshar, TIAR's founder, stated that the organization's goal is to build a strong community of boxing supporters in India. Furthermore, he believes that NFTs are an excellent way to bring fans closer to the game. He said:
"The boxing NFT would work very well with TIAR's Boxing Pay-Per-View channel. TIAR will work to build a strong boxing community in India and NFTs are a powerful tool to bring fans closer to the sport.”
How sports brands are gearing up for Industry 4.0 using NFTs
Today's sporting scenario pledges to generate a frenzy of ebullience and sentiment among fans. The sports industry is gearing up for Sector 4.0. Blockchain and cryptoasset adoption are rapidly spreading across industry sectors, and the sports industry is no exception.
These digital collectibles with sports tropes make it easier for fans to interact with their favorite sports teams or sportsmen. Brands, on the other hand, get to engage directly with their fans.
As the values of cryptocurrencies fall, the relative prices of NFTs (measured in terms of these tokens) fall. So, NFTs are cheaper during bear runs and crashes, that is, NOW!
#Blockchain #nftart
Major brands are also interested in using NFTs as part of sponsorship deals because it will enable them to leverage global fans who aspire to own shares in sporting clubs/teams.
Without a doubt, NFTs are a new form of entertainment for sports fans. Most sports fans will use these virtual tokens on social media to express their viewpoints just to see what others are saying about the "big game." It is an opportunity for big brands to engage in novel ways.