Heavyweight champion Oleksandr Usy looks to represent the careers of boxers
IBF, WBO and WBA heavyweight boxing champion Oleksandr Usyk has thrown his weight behind a blockchain platform that aims to tokenize and support the boxing industry.
The Olympic gold medalist has teamed up with Ukraine-based cryptocurrency exchange Qmall to develop the “Ready to Fight” platform. The browser-based platform uses blockchain technology to help boxers tokenize their brands, receive donations and investments, as well as provide a means to deliver exclusive content.
Ready to Fight introduces a new medium to support and connect with the wider boxing industry. The platform has a tokenomics ecosystem using its proprietary RTF tokens. Qmall is using a fork of the Ethereum blockchain to develop its internal platform.
#CRYPTO fulfills #BOXING! the groups of @usykaaLapin and @QmallExchange join forces to revolutionize the boxing industry. @rtfight_com – The world’s 1st blockchain platform for boxing! Free registration and endless opportunities for boxers, fans, coaches.
— Alexander Usyk (@usykaa) March 23, 2023
Boxers and promising athletes can register on the platform. Creating a tokenized identity creates a supply of one million name tokens with a unique ticker. The boxer’s name tokens are frozen until known to be released through an initial dex offering (IDO) or until the boxer collects a specified amount of donations.
Boxers are also required to reinvest platform earnings into their boxing name token within five years. Boxer tokens are only exchanged for the RTF token of the ecosystem, as well as goods and services offered on the Ready to Fight platform. RTF tokens will be available through the Qmall exchange.
The Qmall team told Cointelegraph that the platform essentially gives users a stake in the future success of a fighter of their choice. The value of fighter tokens for RTF will depend on the success of a fighter as their career progresses and community interest increases.
While fans and investors can support their favorite boxers through donations and purchases of name tokens, the ecosystem also promises to provide functionality for fighters to access and pay for services such as professional trainers, sparring partners, physiotherapists and nutritionists, and agents using accumulated RTF tokens. .
Cointelegraph also caught up with Usyk to learn more about how blockchain technology could help boxers finance their careers in a profession with many obstacles.
“The problem with many aspiring boxers is that even though they are killing themselves in the gym, they don’t have the connections or the ability to find a team that can represent them, and even if they do, most importantly, few can afford it. him.”
The 2012 Olympic gold medalist believes that blockchain-powered platforms can level the playing field, allowing boxers to build new connections through a supportive community. Fighters can focus on training while the ecosystem’s tokenomies provide a way to fund their careers.
Usyk explained that the cryptocurrency space is also creating new opportunities for numerous industries that were not possible five or 10 years ago.
“I understand and respect the philosophy behind it: to democratize how people use and move money and services; the world is changing and it can create fairer systems, boxing is no exception.’
Usyk said he would rely on Qmall’s expertise as a cryptocurrency exchange and fungible token (NFT) market provider to resolve the specific tokenomics of the project and its duration.
The Qmall team also highlighted the platform’s focus on three main areas: social, trade and investment. The platform functions as a social network in its own right, offering up-to-date original news, features and permanent content commissioned by its own editorial team. The platform also aims to be a source of exclusive news and insider information from the boxing industry.
A mobile application for the platform is being developed for both Android and iOS devices.
The 36-year-old Ukrainian heavyweight previously ventured into the cryptocurrency space, launching a collection of NFTs in August 2022 with the aim of raising funds for his country’s ongoing conflict with Russia.