Former cricketers Wasim Akram, VVS Laxman and Lance Klusener are among the 120 partners from the cricket fraternity to have signed up for CricketCrazy.io, the world's first NFT (non-fungible token) marketplace exclusive for cricket.
CricketCrazy.io is the brainchild of the Cricket Foundation, a Singapore headquartered blockchain-based platform that is co-founded by former Indian cricketer Parthiv Patel.
The platform will enable anyone to buy and own a piece of digital memorabilia -- an NFT -- like an image, video or text related to the sport using cryptocurrency.
An NFT is a unique digital asset, with an equivalent value of cryptocurrencies like Bitcoin, that cannot be replaced by another identical item. It is hence non-fungible.
CricketCrazy.io went live on Wednesday with over 50-plus unique moments of the sport worth over $200,000 for sale. The platform intends to add five NFTs of iconic cricketing moments daily, with over 20,000 cricket media assets in the library to choose from. The NFTs will be contributed by Cricket Foundation’s partners.
To be able to buy an NFT, a customer needs to register on the CricketCrazy.io platform, select the NFT of their choice and purchase via CRIC Token (Cricket Token).
CRIC Token - which was listed on Indian and international crypto exchanges last week with a market cap of over $200 million - is the sole medium of transactions and one can buy it on crypto exchanges like Bitbns and Latoken.
"It is a novel way for us to engage with our fans,” Parthiv Patel said. “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 probably own digital sports assets and collectables," the former Test cricketer said.
Parthiv Patel, who has taken up the role of talent scout for defending Indian T20 League champions Mumbai, added how Cricket Foundation can help retired cricketers manage their finances.
"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,” said Parthiv Patel, who retired from cricket late in 2020.
"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 life. So finance is a very very big part of any cricketers' life now,” the southpaw pointed out.
Featured photo: AFP / LAKRUWAN WANNIARACHCHI