The Reliance-backed IPL franchise has issued an RFP for revenue and price discovery. As part of this project, interested entities will be required to provide services related to developing and monetizing specific categories of non-fungible tokens (NFTs) based on their existing intellectual properties (IPs).
“We are inviting proposals from international and Indian entities to create and launch NFTs based on existing IPs and leverage the global brand value of the Mumbai Indians.”Statement from the franchise
Indiawin Sports Private Limited (ISPL) is the parent company of Mumbai Indians, owned by Reliance Industries Limited (RIL), an oil-to-telecom conglomerate.
It is stated on the website that interested parties can obtain the RFP for a non-refundable fee of about $1210 (INR 1 lakh including GST if the entity is an Indian entity).
RFPs are open for purchase until January 17.
The company didn’t reveal the full terms and conditions of the RFP process, including eligibility criteria, rights, responsibilities, etc.
There are over 50 million Rohit Sharma’s team followers on social media platforms, and the franchise aims to enhance fan engagement by entering the NFT sector.
We at Mumbai Indians strive to deliver world-class experiences to our growing fan base and commit to creating memories that they will cherish as individuals and collectively. Exactly the same impulse inspired the idea behind this activity. “We are looking forward to partnering with a partner that shares the team’s ethos and unlocks this project as a fan-first engagement, strengthening the bond between fans and the team.Mumbai Indians spokesperson
A shortlist of candidates will be selected by ISPL for developing and commercializing IPs in the form of NFTs and leveraging the global brand value of the team.
By seeking bids for the development of its very own NFTs, Mumbai Indians has become the first IPL team to do so. The initiative comes as other franchises also work on developing their digital collectibles and creating new revenue streams.
By using technology, creativity, and artistry to communicate with their devoted fan base, the Mumbai Indians (MI) are leading the way in the web3 era. In addition, MI frequently supports the global launch of famous brands and spreads their ideas around the globe.