When it comes to NFTs, the Indian sports landscape is not far behind its global counterparts. The Indian Boxing Council is in a partnership with The Indian Art Revolution (TIAR) as they get into the field of NFT.
Moreover, the regulatory body for professional boxing is looking to release NFTs through this partnership.
As we know, NFTs are Non-fungible Tokens. They are unique digital assets. It can be anything from drawing, music, video, audio, or digital art.
Furthermore, most NFTs are a part of the Ethereum Blockchain.
The IBC AKA Indian Boxing Council will release NFT that includes crucial moments in New Delhi and players’ profiles.
Additionally, the Indian Boxing Council reveals in its statement that the TIAR’s NFT collection will include other assets as well. This will be “Boxer cards, Boxer Avatars for the Metaverse, Boxing Artwork through artist collaborations.”
President of Indian Boxing Council Comments On NFT Move
The President of the Indian Boxing Council hopes that this move will be a new source of revenue for boxers. The President of the IBC is the retired Brigadier PK Muralidharan Raja.
Additionally, the President of IBC says that their priority is always the “safety and well-being of our boxers.”
He believes that their partnership with TIAR will be “a huge step towards ensuring a steady income source for our boxers.”
Furthermore, the President adds that boxing promoters will now see a new revenue channel in their balance sheets.
What Is DAO?
The TIAR organization is a Metaverse space. It will have a Decentralized Autonomous Organization (DAO) governance system in place.
DAO is a fully automated and transparent system. Accordingly, decisions taken here are community-driven by members of the organization. There is no central authority that takes decisions for the members.
Also, the TIAR Metaverse will allow community members to decide the venue, tickets, and prices of boxing matches.
Founder Of TIAR Comments
The founder of TIAR, Akshar, commented that the organization wants to build a strong community of boxing supporters in India. Moreover, he claims that NFTs are the perfect way to bring fans closer to the sport.
Akshar adds, “The boxing NFT would work very well with TIAR’s Boxing Pay-Per-View channel.”
Internationally, merging the sports world with NFT is taking the crypto community by storm.
For instance, fan tokens, sponsorships by crypto platforms, and athletes taking their earnings in crypto are just some examples of this trend.
Lastly, many claims that integrating sports and NFT will increase fan engagement. It will be beneficial for sporting teams since they will get an additional source of revenue.