Tech
Cricket Foundation Cryptocurrency Avatar! Parthiv Patel, Wasim Akram NFT
Blockchain-based platform, Cricket Foundation has launched the first of its kind NFT named “CricketCrazy.io”. It is the world’s first NFT (non-fungible token) marketplace exclusively for cricket. The Cricket Foundation was co-founded by former India Test cricketer Parthiv Patel and has attracted around 120 partners from the world of cricket including Wasim Akram, VVS Laxman and Lance Klusener. The Cricket Foundation marks the beginning of a new era where a cryptocurrency has effectively entered the cricket space. Blockchain is the same type of technology that also runs the world of cryptocurrencies, but NFTs are not cryptocurrencies per se.
The CRIC token will be the means of transaction for all applications built on the platform. Cricket Token (CRIC) was successfully listed on Indian and international cryptocurrency exchanges last week and its value has quickly skyrocketed to a market capitalization of over $200 million.
The added value is the presence on the platform of around 50 unique moments from the history of cricket. The platform will add approximately 5 non-fungible tokens (NFTs – a unique digital asset designed to represent ownership of a virtual item) of iconic moments every day, with over 20,000 cricket media assets in the library to choose from, provided by its various partners mentioned above.
Parthiv Patel, speaking at the virtual launch of ‘CricketCrazy.io’, had this to say about the concept: “For us it is a new way to interact with our fans, CricketCrazy presents a unique digital offering to cricketers and franchises to improve their reach as well as the relationship with fans by giving them a sense of ownership, involving them in community decisions and keeping them involved in the game. For fans, NFTs are the only way to own digital sports goods and collectibles.
Apart from what the fans get, the cricketers will benefit from the monetary gain. Considering that the professional life of most cricketers is short, they should take care of their finances after retirement, says Patel.
He added: “We’re talking about 35-36 (years of age), not many players actually play until they’re 40. So, you have to manage your finances well. Once you retire, it’s very difficult to move on.” with the same flow, so platforms like this (Cricket Foundation), if you can explore it, you can sustain it for life. So finance is a very important part of every cricketer’s life now.”