Mumbai Indians, a franchise cricket team, has released a request for proposals (RFP) to create and monetize non-fungible tokens (NFTs) based on its digital intellectual properties.
According to a release from the franchise, “ISPL seeks ideas from global and Indian organizations to design and launch the NFTs based on its existing IPs and utilize Mumbai Indians’ worldwide brand value.”
Mumbai Indians’ parent organization, Indiawin Sports Private Limited (ISPL), is a part of the oil-to-telecom giant Reliance Industries Limited.
According to information on the website, interested parties can obtain the RFP by paying a non-refundable charge of INR 1 Lakh (including GST for Indian entities). The deadline for purchasing the RFP is January 17.
The corporation kept the qualifying requirements, rights, and duties, among other details, controlling the RFP process a secret.
To develop and monetize its IPs in the form of NFTs and capitalize on the value of the team’s worldwide brand, ISPL will evaluate the proposal and shortlist the applicant.
Mumbai Indians are now the first IPL franchise to request bids for creating its own NFTs as a result of this. Other franchises are currently focusing on building new revenue sources and developing their digital collectibles.
Mumbai Indians have made quite a name for themselves, having won five Indian Premier League titles. Their digital presence is equally impressive, with more than 50 million followers across various social media platforms, such as Twitter and Instagram. According to global brand valuation agency Brand Finance, Mumbai Indians’ value rose by 4% year-on-year in 2022, reaching a total of $83 million.
Cricket & NFTs
From being touted as the next major development in 2021 to being discussed in hushed tones in India by the end of 2022, non-fungible tokens have experienced an up-and-down journey in the past couple of years. Celebrities like Amitabh Bachchan and Kamal Haasan collaborated with NFT startups to launch their own series of NFTs, thus fuelling the NFT frenzy of 2021. However, when financial backing for Web 3.0 businesses began to dwindle, the situation quickly deteriorated.
Previously in 2022, Rario, a startup specializing in sports-centric Non-Fungible Tokens (NFTs), achieved a major milestone, with a funding round led by Dream Capital raising $120 million.
While the sports industry has been affected by a decline, it is looking to leverage cricket to increase its offerings and revenue. The Indian Premier League (IPL) is the largest cricket franchise event in the world, with over a billion fans worldwide. The NFT ecosystem intends to use this to further its cause. For Mumbai Indians, this diversification could create an additional revenue stream while increasing its global presence amongst audiences.