Cricket's crypto avatar! Parthiv Patel does a world's first with this NFT launch

Blockchain based platform, Cricket Foundation has launched the first NFT of its kind named "CricketCrazy.io" - the world’s first NFT (non-fungible token) marketplace exclusively for cricket.

Cricket Foundation, co-founded by former India Test cricketer Parthiv Patel, has attracted some 120 partners from the cricketing world including Wasim Akram, VVS Laxman and Lance Klusener. (Reuters)

Blockchain based platform, Cricket Foundation has launched the first NFT of its kind named "CricketCrazy.io". It is the world's first NFT (non-fungible token) marketplace exclusively for cricket. Cricket Foundation was co-founded by former India Test cricketer Parthiv Patel and it has attracted some 120 partners from the cricketing world including Wasim Akram, VVS Laxman and Lance Klusener. Cricket Foundation heralds the start of a new era in which a cryptocurrency has actually entered the cricketing space. Blockchain is the same kind of technology that also runs the world of cryptocurrencies, but NFTs are not cryptocurrencies per se.

CRIC Token will be the medium of transactions for all applications built on the platform. Cricket Token (CRIC) was successfully listed on Indian and international cryptocurrency exchanges last week and quickly skyrocketted in value to reach a market capitalisation of over USD 200 million.

What added value is the presence on the platform of about 50 unique moments from cricket history . The platform will add about 5 Non-Fungible Token (NFT - a unique digital asset designed to represent ownership of a virtual item) of iconic moments daily, with over 20,000 of cricket media assets in the library to choose from, contributed by its various partners mentioned above.

Parthiv Patel, speaking at the virtual launch of 'CricketCrazy.io', had this to say about the concept, "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 own digital sports assets and collectibles."

Apart from what the fans get, cricketers will be benefitted through 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, "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 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”.