NEW DELHI: The Indian Boxing Council, which is a regulatory body for professional boxing in the country, has partnered with The Indian Art Revolution (TIAR) to launch NFTs which would include artwork, player profiles and key moments of the sport here.
NFTs (Non-Fungible Tokens) are units of data stored on a digital ledger, called a blockchain, which can be sold and traded in digital markets.
"TIAR's Boxing NFTs will include, key moments from the Indian Professional Boxing scene, Boxer cards, Boxer Avatars for the Metaverse, Boxing Artwork through artist collaborations and exclusive player profiles," the Indian Boxing Council said in a statement.
Commenting on the announcement, IBC president Brigadier (Retd) PK Muralidharan Raja said, "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 huge step towards ensuring a steady income source for our boxers. Boxing promoters will now see a whole new channel of revenues that get added to their balance sheets," he added.
The TIAR Metaverse (a virtual reality space) will have a Decentralized Autonomous Organization (DAO) governance system in place, which will allow the community to decide on the Venue, ticket price and the boxers they would like to see in professional events.
"The boxing NFTs would work very well with TIAR's Boxing Pay-Per-View channel. TIAR will work towards building a strong boxing community in India and NFTs are a powerful tool to bring the fans closer to the sport," said Akshar, CEO and Co-Founder of TIAR.
The agreement reached between IBC and TIAR is a multi-year revenue sharing model aimed at generating monetary value for boxers, promoters and other stakeholders involved in the professional boxing ecosystem in India.