SINGAPORE - Running enthusiasts can now collect a non-fungible token (NFT) related to their passion.
Liv3ly, a subsidiary of event organiser Infinitus, is among the latest to hop onto the NFT bandwagon with its launch of running-related NFTs, which will be up for sale early next month.
The company, which organises The Straits Times Run, Great Eastern Women's Run and Osim Sundown Marathon among others, said it will be launching 1,000 running NFTs targeted at fitness and lifestyle enthusiasts.
During the pandemic, Liv3ly had also pivoted to the digital space and created the Star Wars Virtual Run, Marvel Virtual Run and Jurassic World Run.
Holders will be entitled to "lifetime benefits such as entry to a selected number of events per year, exclusive access to private events and launches, concierge services at live events and an allocation of the company's revenue".
"Within the region, we have partnerships with the Sydney Running Festival, Ho Chi Minh International Marathon and the Asics Relay held across South-east Asia," Liv3ly chief executive Jeffrey Foo said.
NFT holders will be eligible to participate in such events, he added.
Payment for the NFTs, available here, will be limited to credit cards.
There will be two categories, the 250 Tier 1 and 750 Tier 2 tokens. The latter has only one variation (Tier 2 random) costing $1,280 and offers free entry to four events, exclusive access to product launches and parties and VIP treatment at live events.
The Tier 1 token has three levels: random, specific and special with prices ranging from $2,800 to $14,000. Holders can participate in eight, 16 and 40 events respectively.
The NFTs are designed to look like race bibs and only the Tier 1 specific and special tokens allow holders to choose their bib number. For the other two which issue a random bib number, there is a 30-day money-back guarantee.
Foo said: "Bibs are a common identifier during running events and so our NFTs allow you to customise your own unique digital bib number and we will also print a physical bib number which NFT holders can wear to any of our events.
"Today's technology allows us to revitalise and shape the future of the live events industry. As a game changer, we are excited to embark on this journey with more than 300,000 organic members within our fitness community."
This is not the first time that the local sports community has made a foray into the realm of NFTs.
Just last month, SportsCollective, co-founded by Singapore Silat Federation (Persisi) chief executive Sheik Alauddin and Alfred Lye, announced the launch of its own collection of NFTs featuring local athletes.
The NFTs aim to create more ways for athletes to generate income and improve interaction between the athletes and fans.