Great shot of the belt with the globe horribly dented and the paint all missing from either side of the globe. It would be totally repaired with and fixed back up just before Funk lost it to Race in early 1977. You will also notice the white lettering on a black background over the flags. This would be reversed (black letters on white background) on the next version of the belt. You'll also notice the NWA letters on the globe are straight across. On the next version of the belt, they would arched/curved along the bottom of the globe.
See how beautiful the belt would later look, as seen on the night Race beat Funk in Toronto. When the referee presents the belt to Race (at around 9:27 in the video), you'll see it at it's sparkling, shiny best!