Mumbai Indians on Wednesday announced the release of a Request for Proposal (RFP) to entities to create and launch non-fungible tokens (NFTs) based on its existing intellectual properties (IPs) and leverage the franchise’s global brand value.

Also Read: 4 Things You Didn’t Know About NFTs

This is the first time that a team from the Indian Premier League has released an RFP for revenue and price discovery.

A statement said, “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... 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.”

Also Read: CSK, FanCraze partner to issue digital collectibles and build Web 3.0 experiences

A spokesperson for Mumbai Indians said, “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 family.”

Also Read: Regulating digital assets

The spokesperson added, “We look forward to having a partner who shares the same ethos and unlocks this initiative as a fan-first engagement, strengthening the bond between the team and fans.”