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Mumbai Indians Pioneers NFT Revolution in IPL with Invitation for Development Bids

IPL champions five times over Mumbai Indians are preparing to enter the realm of digital currencies as Indiawin Sports Private Limited (ISPL), the franchise’s parent business, requested suggestions for their digital collectable non-fungible tokens (NFTs). They are the first IPL franchise to pursue NFTs in order to boost their worldwide brand value.

The Mumbai Indians are one of the most well-known franchises in the world, and according to a recent research by consultancy Brand Finance, the five-time champions were the top IPL franchise brand in its 2021 IPL rating. Given their popularity among viewers, it stands to reason that ISPL has opted to focus its efforts on the production and monetization of its digital intellectual assets via NFTs.

The request for proposal (RFP) will be accessible for interested companies for a non-refundable charge of INR 1 Lakh, according to information published on the Mumbai Indians’ website. The RFP is available for purchase until January 17. ISPL will assess the submissions after the deadline and then select the possible applicants, retaining the “right to terminate or change the bidding process at any time in any way without giving any explanation.”

“ISPL is seeking ideas from global and Indian organisations to develop and launch NFTs based on its existing intellectual property and leveraging the worldwide brand value of the Mumbai Indians. The RFP contains the detailed terms and conditions governing the RFP process, including eligibility requirements, bid submission process, rights and obligations, and so on. The RFP will be made available upon receipt of a non-refundable fee of INR 100,000 (Indian Rupees One Lakh Only) plus any applicable Goods and Services Tax “According to an official announcement from ISPL.

“The process for obtaining the RFP papers is detailed in Annexure A to this notice. The RFP will be available for purchase until January 17th, 2023. Interested parties should provide payment information for the RFP purchase to [email protected] using the process outlined in Annexure A. It is clarified that the RFP papers will be released only when payment of the non-refundable RFP cost has been confirmed “It went on to say.