IBF, WBO and WBA heavyweight boxing champion Oleksandr Usyk has put his weight behind a blockchain platform that aims to tokenize and support the boxing industry.
The Olympic gold medalist has teamed up with Ukrainian-based cryptocurrency exchange Qmall to develop the “Ready to Fight” platform. 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 deliver exclusive content.
Ready to Fight introduces a novel means of supporting and connecting the wider boxing industry. The platform features a tokenomics ecosystem making use of its proprietary RTF tokens. Qmall is using a fork of the Ethereum blockchain to develop the in-house platform.
#CRYPTO meets #BOXING! The teams of @usykaa, Lapin, & @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.
— Alexander Usyk (@usykaa) March 23, 2023
Boxers and promising athletes are able to register on the platform. Upon creation of their tokenized identity, a supply of 1 million name tokens with a unique ticker is created. The boxer name tokens are frozen until a specific release through an initial dex offering (IDO) or until the boxer collects a specific amount of donations.
Boxers are also obliged to reinvest earnings from the platform back into their boxing name token within five years. Boxer tokens are traded exclusively with the ecosystem’s RTF token, as are goods and services that are offered on the Ready to Fight platform. RTF tokens will be available through the Qmall exchange.
A screenshot of the Ready to Fight web-based platform, which already features a number of boxers. Source: Ready to Fight
The Qmall team told Cointelegraph that the platform essentially gives users a stake in a chosen fighter’s prospective success. The fighter tokens’ value to RTF will depend on a…