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- 50 years ago, legendary boxing icon, Mohammed Ali, participated in a boxing match with Joe Frazier
- To commemorate the monumental event, a new cryptocurrency is set to be minted in Mohammed Ali’s honor
- It is also the world’s first fully licensed non-fungible token (NFT) of historical significance
Hardcore boxing fans will never forget March 8, 1971. One of the most anticipated matches took place on this historic day – the ‘Fight of the Century’ between Mohammed Ali and “Smokin” Joe Frazier. Although Ali lost the match, several enthusiasts claim that it was the key moment that defined his life to come. Ali went on to win the next two subsequent bouts with Frazier.
Thanks to hardcore fans’ efforts, Ali’s boxing life can be immortalized by introducing a new non-fungible token.
The hype around NFTs
In the raw sense of the term, non-fungible tokens (NFTs) are basically collectibles, albeit a virtual ones. Cryptocurrencies are termed fungible tokens as they are designed to be easily interchanged among users. However, NFTs represent unique tangible and intangible materials, fairly distinct and not easily interchangeable. No two NFTs are even remotely similar, even if they are from the same chain or even the same collection as each NFT contains unique, distinct, and verified data. As they are indivisible and indestructible, and non-interoperable, they enable their owners to have complete autonomy. NFTs are primarily built on Ethereum, but other chains have also begun releasing their corresponding non-fungible token standards.
Earlier, a bidding war over a non-fungible token corresponding to Twitter CEO Jack Dorsey’s earliest tweet had reached an astounding seven-figure value. Realizing its popularity, the Mohammed Ali Centre in Louisville and the Ethernity chain worked out a partnership to introduce Ali’s token. It was also decided that the proceedings from the token’s sale would go to the center to help preserve it.
The recently minted Mohammed Ali NFT is built on the Ethernity chain. Ethernity, designed by Nick Rose Ntertsas, is primarily used to create and supply tokens based on the lives of famous pop artists, culturally important figures, and historically significant events. The ‘pièce de résistance’ of this NFT stems from the fact that it is the first fully licensed token to be minted.
The new tokens will begin circulating on the Ethernity chain in late March.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
