The governing body of professional boxing in the nation, the Indian Boxing Council has teamed up with The Indian Art Revolution (TIAR) to drop NFTs of the sport that will consist of player profiles, key moments and artwork.
The Non-Fungible Token (NFT) is an interchangeable digital asset stored on a blockchain, a digital ledger. The product of the consistently evolving sector of technology, NFTs can be owned and sold in digital markets.
The Indian boxing council said in a statement, “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.”
On this association, 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 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.”
The TIAR Metaverse’s decentralized autonomous organization (DAO) management will allow the community to plan the venue, ticket price and the boxers they would like to witness in professional events
The CEO and co-founder of TIAR, Akshar said, “TIAR will work to build a strong boxing community in India and NFTs are a powerful tool to bring fans closer to the sport.”
The collaboration between TIAR and IBC is a multi-year revenue sharing model for gathering financial significance for promoters, boxers and stakeholders present in the professional boxing sector of India.