IBF, WBO and WBA heavyweight champion Oleksandr Usyk has endorsed a blockchain platform that aims to tokenize and support the boxing industry.
The Olympic gold medalist has partnered with Ukrainian cryptocurrency exchange Qmall to develop the platform “Ready to Fight”. The browser-based platform makes use of Blockchain technology to help boxers tokenize their brands to receive donations and investments, as well as a means to offer exclusive content.
Ready to Fight introduces a new means of supporting and connecting the boxing industry in general. The platform has a tokenomics ecosystem that uses its own RTF tokens. Qmall uses a fork of the Ethereum blockchain to develop the internal platform.
#CRYPTO meets #BOXING! The teams of @usykaaLapin, & @QmallExchange unite to revolutionize the boxing industry. @rtfight_com – the world’s 1st blockchain platform for boxing! Free registration and endless possibilities for boxers, fans, coaches.
https://t.co/DbsoDwuaGs pic.twitter.com/zrHRaISW8H—Alexander Usyk (@usykaa) March 23, 2023
Up-and-coming boxers and athletes can register on the platform. Upon creation of their tokenized identity, a supply of 1 million tokens is created with the boxer’s name using a unique ticker. Each boxer’s tokens are frozen until a specific release through an Initial DEX Offering (IDO) or until the athlete raises a specified amount of donations.
Boxers are also required to reinvest the platform’s profits into their tokens within five years. The tokens are exclusively traded using the ecosystem RTF token, just like the goods and services offered on the Ready to Fight platform. RTF tokens will be available through Qmall.
The Qmall team has explained to Cointelegraph that the platform offers users a stake in the future success of their chosen fighter. The value of each fighter’s tokens for RTF will depend on the fighter’s success as his career progresses and community interest increases.
While fans and investors can support their favorite boxers through donations and token purchases, the ecosystem also promises to provide the functionality for boxers to access and pay for services such as professional trainers, sparring partners, physiotherapists and nutritionists, and agents. using the accumulated RTF tokens.
Cointelegraph also reached out to Usyk to find out how blockchain technology can help boxers finance careers in a profession with many obstacles.
“The problem for many aspiring fighters is that even if they kill themselves in the gym, they don’t have the connections or the ability to find a team that represents them and, even if they do, the most important thing is that few can afford it.”
The 2012 Olympic gold medalist believes that blockchain-based platforms can make a difference, allowing boxers to make new connections through a supportive community. Boxers can focus on training while the tokenomics of the ecosystem offer them an avenue to finance their careers.
Usyk explains that The crypto space is also creating new opportunities for a wide range of industries that were not possible five or ten years ago.
“I understand and respect the philosophy behind it: democratize the way people use and move money and services; it’s changing the world and can create fairer systems, and boxing is no exception.”
Usyk said he would draw on Qmall’s experience as a cryptocurrency exchange and provider of non-fungible token (NFT) markets to iron out the rough edges of the project’s specific tokenomics and longevity.
The Qmall team also highlighted that the platform focuses on three fundamental pillars: social, commercial and investment. The platform works intrinsically as a social network, as it offers up-to-date original news, in-depth articles and current content prepared by its editorial team. The platform also claims to be a source of exclusive news and insider information from the boxing industry.
A mobile app for the platform is currently being developed for both Android and iOS devices.
The 36-year-old Ukrainian heavyweight has dabbled in the cryptocurrency space before, launching a collection of NFTs in August 2022 aimed at raising funds for the ongoing armed conflict between Russia and Ukraine.
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