Franchisee cricket team, Mumbai Indians is all set to become the first IPL team to issue NFTs. Indiawin Sports Private Limited (ISPL), the parent company of the team, has floated a request for proposal (RFP) to develop its IPs as NFTs. Oil-to-telecom conglomerate, Reliance Industries Limited (RIL) owns ISPL. Let’s take a closer look at what Mumbai Indians’ latest announcement is all about.
Mumbai Indians to use NFTs: What we know so far
According to a statement by Mumbai Indians, anyone can avail the RFP by paying a non-refundable fee of INR 1 Lakh (around USD 1,207). Those interested will have till January 17 to make the purchase. Further terms and conditions, including eligibility requirements, the process for bid submissions, rights, and more will be included in the RFP.
“ISPL invites proposals from Global and Indian entities to create and launch the NFTs based on its existing IPs and leverage Mumbai Indians’ global brand value,” the statement reads.
While anyone can buy the RFP, only those who meet the eligibility requirements can make bids. After buying the RFP, buyers have to mail Mumbai Indians to confirm payment details.
Why is this important?
Having won five IPL titles, Mumbai Indians is one of the most successful teams in the Indian Premier League (IPL). Reportedly, it is also one of the most valuable franchises. In addition, it boasts a 50 million fanbase across its social media channels. Issuing NFTs will likely give Mumbai Indians new opportunities to connect with fans.
To be sure, India has been quick to embrace NFTs. From chef NFTs to iconic music composer NFTs, actors, and a host of sports icons, many from the country have embraced web3.
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