The Boxing Council of India (IBC), in collaboration with web3 startup TIAR, will launch a professional professional boxing league, which they say “for the people, by the people and for the people”.
The Hellsbay Fight League (HFL) is scheduled to be held outside India in August and will be held under the “unique concept of people ownership”.
TIAR is an India-based web3 startup that aims to bring innovation to the arts, sports and entertainment industries in India via blockchain.
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Hellsbay Fight League will be available to watch on pay-per-view and will offer boxers a big wallet in every fight.
Although managed and governed by TIAR and IBC, each team in the league will be jointly owned and managed collectively by 1500 people, who invest in the league.
In the first initiative, TIAR and IBC will sell shares of the six franchises to individuals who will invest in NFT (non-fungible tokens) through TIAR.
A non-fungible token (NFT) is a non-exchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. This type of NFT data unit can be associated with digital files such as photos, videos, and audio.
In January, TIAR and IBC announced the launch of their NFT, which will 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 choose their team’s players from the pool of boxers, manage their training as well as decide on battle cards.
On the other hand, all boxers registered with the IBC which is the governing body of professional boxing in India will be eligible to become part of the boxer pool.
“This is a huge step, and a unique step, towards our goal of bringing professional boxing to the doorstep of every Indian’s home. With this league, professional boxing fans not only have tournaments to watch, but can also have teams,” said IBC President Brigadier PKM Raja (Purn).
“We will announce details such as the total number of players in the league, number of fights and venues soon.”
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