Boxing legend Tommy “Hitman” Hearns released a non-fungible token (NFT) collection Wednesday.
What Happened: Boxing fans now have a chance to purchase NFTs that consist of items involving Tommy Hearns, the first man to ever win four world titles across four divisions.
Included with the NFT launch on the WAX NFT Blockchain (CRYPTO: WAXP) network are unseen photos from Hearns’ personal collection, memorabilia like boxing robes, signed hats and gloves, as well as illustrations of impactful career moments and audio of fight commentary.
The digital offering — available for a limited time — can be redeemed for physical items. NFT owners may even have a chance to meet the boxing legend in person.
Why It Matters: Consumers and producers are looking for new ways to assign and transfer value. NFTs, a relatively new concept, are digital assets represented by data stored on digital ledgers, or blockchains.
Like any other asset, NFTs, via tokens that represent digital certificates of ownership, can be bought and sold. The transactions transfer ownership from one unique entity on the blockchain to another.
FanFavz and Facings.inc, the two Detroit-based technology companies collaborating with Hearns on the venture, are using the drop to not only establish a use case for NFTs but help raise funds for youth boxers in Detroit.
Illustration of Tommy Hearns by Bryan Imhoff, published by FACINGS, Inc. Courtesy photo.