CHENNAI: Former champions Chennai City FC (CCFC), which is on a “one-year leave of absence” from (the All India Football Federation has termed term it barred from) the Hero I-League, on Thursday announced it was making a play in the NFT (Non-Fungible Token) arena.
NFTs are collectible digital assets that hold the same value as physical assets.
Towards that end, the club signed a Memorandum of Understanding (MoU) with Belfrics BT, a blockchain platform, and KPR info solutions, as technological partners.
CCFC CEO Rohit Ramesh intends to increase the popularity of football in the country by converting players to NFTs, which will allow stakeholders to become part owners of the club as well as invest in them, The Hindu reports.
Ramesh told the daily: “Apart from playing on the field, we are also looking to enter the digital world.
“We have plenty of time to focus on the club’s return. This partnership will also help the club expand into an entirely new field of play, enhance our club’s valuation and serve as a roadmap for achieving our goal.”
The former I-League champions were not allowed to participate in this year’s edition due to complications in licensing rules. In the upcoming season, from 26 December, CCFC will be replaced by I-League qualifying runners-up Kenkre FC.
Related report
AIFF bars former champions Chennai City FC from I-League
