Cricket Foundation, the Singapore headquartered blockchain-based platform, roped in around 120 partners from the cricketing eco-system, including former greats Wasim Akram, VVS Laxman and Lance Klusener, as they launched the first NFT of its kind, named ‘CricketCrazy.io’.
Crypto-currency, which is fast gaining popularity in the western market is set to enter cricketing space with 'Cricket Foundation', which claims to have 50,000 users even before its launch, and is complemented by over 60,000 followers on social media.
The Cricket Token (CRIC) successfully listed on Indian and international crypto exchanges last week, with a market cap of over US $200 million.
CRIC Token is the medium of transactions for all applications built on the platform and is core to maintaining the security and integrity of the 'Cricket Blockchain' platform, apart from being used for the platform's governance.
The platform had about 50-plus unique moments from cricket history on the first day, worth over US $200,000. The platform will add about five Non-Fungible Token (Non Fungible Token) of iconic moments daily, with over 20,000+ of cricket media assets in the library to choose from, contributed by its various partners.
NFT is a unique digital asset designed to represent ownership of a virtual item.
Former India Test cricketer and Co-Founder of Cricket Foundation, Parthiv Patel, said: "It is a novel way for us to engage with our fans, CricketCrazy presents a unique digital offering to cricketers and franchises to enhance their reach as well as the relationship with fans by giving them a sense of belonging, involving them in community decisions, and keeping them engaged with the game. For the fans, NFTs are the only way to provably own digital sports assets and collectibles."
Parthiv feels that cricketers, post-retirement, need to take care of their finances.
Speaking at the virtual launch of 'CricketCrazy.io', the world's first NFT (non-fungible token) marketplace exclusive for cricket, the former Gujarat skipper said: "You talk about say 35-36 (years of age), not many players actually go on to play till 40. So, you have to manage your finances as well.
"Once you are retired, it is very difficult to get going with that same flow, so platforms like this (Cricket Foundation), if you can explore it, then you can sustain it throughout the life. So finance thing is very, very big part of any cricketers' life now.”