I-League club Chennai City FC (CCFC) on Thursday signed a Memorandum of Understanding (MoU) with Belfrics BT, a blockchain platform, and KPR info solutions.
This move aims to boost India's multi-million-dollar sports industry through the trade of NFTs (non-fungible tokens) affiliated with the club. NFTs are collectible digital assets that have value in the same way that physical assets do.
CCFC CEO Rohit Ramesh intends to increase the popularity of football in the country by converting players into NFTs, which will allow stakeholders to invest in them while also becoming part-owners of the club. He said, "In addition to playing on the field, we are focusing on entering the digital world.
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"We also have plenty of time to shift the focus back to the club's comeback. This partnership will also help the club to expand on a completely new playing field, increase the valuation of our club, and act as a roadmap to achieving our goal."
The former I-League champion was not allowed to participate in this year’s edition due to complications in its licensing regulations. In the upcoming season, starting December 26, CCFC will be replaced by the I-League qualifying runner-up Kenkre FC.
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