Indian Boxing Council partners with TIAR to launch NFTs

The TIAR Metaverse will establish a Decentralized Autonomous Organization (DAO) governing system, which will let the community decide on the Venue, ticket price, and boxers they would like to see in professional events.

The Indian Boxing Council, a regulatory body for professional boxing in the country, has tied up with The Indian Art Revolution (TIAR) in order to launch NFTs. It will include artwork, player profiles, and key moments of the sport.

The Non-Fungible Tokens (NFTs) are the data storing units over a digital ledger, known as blockchain that one can sell and trade in the digital market.

The Indian boxing council said in a statement that TIARs boxing NFTs will include key moments from the Indian professional boxing scene, Boxer Avatars and cards for the Metaverse.

In the regard to the declaration, IBC president Brigadier (Retd) PK Muralidharan Raja said that as a National commission, their first priority is the safety and well-being of their boxers.

He further said that tieing up with TIAR will be a huge step to ensure a steady income source for the boxers. Boxing promoters will now notice a whole new means of revenue that get added to their balance sheets.

The TIAR Metaverse will establish a Decentralized Autonomous Organization (DAO) governing system, which will let the community decide on the Venue, ticket price, and boxers they would like to see in professional events.

The CEO and Co-Founder of TIAR, Akshar said to PTI, “The boxing NFTs will work very well 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.”

The Agreement between IBC and TIAR is a multi-year revenue-sharing model that aims to generate monetary value for the boxers, promoters, and other stakeholders involved in the professional boxing ecosystem in India.

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