In an IPL first, Mumbai Indians invites NFT platforms for fan engagement
In keeping with the Mumbai Indians’ (MI) fan-first philosophy and giving its Paltan new and exciting ways to support their favourite team, MI has released a Request for Proposal (RFP) to entities to create and launch NFTs based on its existing IPs and leverage Mumbai Indians’ global brand value.
Mumbai Indians have been at the forefront of using technology, innovation, and storytelling for engaging with its over 50 million loyal and passionate fans on social media. Known for its long-term partnerships with brands who have, time and again, chosen MI to launch and tell their stories to the world. This RFP will encourage international platforms to engage and build a dedicated Indian customer base due to the franchise’s widespread reach across the globe.
Commenting on this, a Mumbai Indians spokesperson said, “At Mumbai Indians, we believe in offering our growing fan base world-class experiences they would cherish as individuals and collectively as well. The idea behind initiating this activity springs from the very same impetus – it’s a matter of connecting with millions of loyal and passionate MI fans around the world and opening up an innovative way to become part of our One Family. We look forward to having a partner which shares the same ethos and unlocks this initiative as a fan-first engagement, strengthening the bond between the team and fans.”
This is also the first time that an Indian Premier League (IPL) franchise has released an RFP for revenue and price discovery, which is a testament to the brand’s pioneering and innovative approach on and off the field. The interested entities would be responsible for providing services related to the development and monetisation of specific categories of Non-Fungible Tokens (NFTs) derived from its existing intellectual properties (IPs).
The detailed terms and conditions governing the RFP process, including eligibility requirements, process for submissions of bids, rights and obligations, etc., are contained in the RFP, which will be made available on receipt of payment of a non-refundable fee of Rs 100,000 plus any applicable Goods and Services Tax. The RFP will be available for purchase till January 17, 2023. Only those satisfying the eligibility criteria set out in the RFP and subject to the other terms and conditions set out there in shall be deemed eligible.
Mumbai Indians has continued to command its global stature as the most valuable sports franchise in India, as per a recent report by global brand valuation agency – Brand Finance. According to the report, Mumbai Indians was valued at $83 million, registering a 4% spike as compared to 2021. Mumbai Indians’ Brand Strength Index (BSI) also stands at a strong 70.5 out of 100 with an AA brand strength rating.
Mumbai Indians is owned by Reliance Industries. With the recent global expansion of #OneFamily, Mumbai Indians now has three T20 teams across three countries. MI Emirates of UAE’s International League T20 and MI Cape Town of South Africa’s T20 League joined the MI family recently and are set to participate in their respective leagues this month.