IBC and TIAR announce ‘people-owned’ professional boxing league – The New Indian Express
PUNE: The Indian Boxing Council (IBC), in collaboration with web3 startup TIAR, will launch a professional professional boxing league, which they say is “for the people, by the people and of the people”.
The Hellsbay Fight League (HFL) is scheduled to be held outside India in August and will run on a “unique concept of people ownership”.
TIAR is an India-based web3 startup that aims to bring innovation to the arts, sports and entertainment industry in India through blockchain.
The Hellsbay Fight League will be available to watch on pay-per-view and will offer a big purse to its boxers in every fight.
Although managed and governed by TIAR and IBC, each team in the league will be jointly owned and collectively managed by 1500 people, who invest in the league.
In a first-of-its-kind initiative, TIAR and IBC will sell shares of the six franchises to people who will invest in NFTs (non-fungible tokens) through TIAR.
A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.
NFT data unit types can be associated with digital files such as photos, videos, and audio.
In January, TIAR and IBC announced the launch of their NFTs, which would include artwork, player profiles and highlights from Indian professional boxing.
Each team owner will have access to the league’s voting platform, which will allow them to select their team’s players from the pool of boxers, manage their training as well as decide on the fight card.
On the other hand, all boxers registered with the IBC which is the governing body of professional boxing in India will be eligible to be part of the pool of boxers.
“This is a big step, and a unique step, towards our goal of bringing professional boxing to the doorstep of every Indian home. With this league, professional boxing fans will not only have a tournament to watch, but will also be able to own a team,” said IBC Chairman Brigadier PKM Raja (Retired).
“We will soon announce details like the total number of players in the league, the number of fights and the venue.”