Hyderabad: CricketCrazy is the world’s first NFT (non-fungible token) exclusive marketplace for Cricket Collectibles and built on the Cricket Network. Within a month of its launch, the platform has registered over 75,000 signups with over 2,000 NFTs sold, which were part of the initial limited release. Pruthvi Rao, co-founder, Cricket Foundation, CEO & co-founder ZEBI, shares with Telangana Today how the marketplace will operate, and future plans.
Cricket Foundation is set up as a governing entity for the Cricket Blockchain Network. Blockchain networks cannot be categorised as private or non-profit as they are not like traditional companies. Cricket Foundation therefore is one of the key stakeholders in the network. Like all blockchains, the network itself is distributed and owned by its several participants. It is envisaged to be owned and operated by the cricket community comprising players, fans, ecosystem partners, etc. People who join early benefit the most.
The Cricket Token (CRIC) has been listed on Indian and international crypto exchanges with a market cap of over $200 million. Tokens themselves are not a form of revenue. Again, for instance, Bitcoin does not have revenues. However, the value of these tokens changes over time depending on the utility of the tokens. As of today, CricketCrazy, the NFT marketplace, uses CRIC for the sale of NFTs listed on the marketplace and other such applications which will be built on the Cricket Foundation network.
CRIC tokens are the mechanism to maintain the security and integrity of the Cricket Blockchain platform, apart from being used for governance, voting and the medium of transactions for all applications built on the platform. The Cricket Blockchain platform is a platform where many applications can be built. Currently there are no restrictions to NFTs in India.
There are founding members, who contribute to the betterment of the platform through various contributions. Blockchain is decentralised and needs to be owned and operated by the entire community that supports it. There is no central owner, or central authority. In the case of Cricket, several participants have come forward to support the ecosystem in various ways.
Each digital asset is created or ‘minted’ as an NFT. The NFT defines the ownership of the underlying asset. These are bought and sold like any other item on the internet, like Amazon or Flipkart. The sale of these assets is shared with the asset creator/ owner. Cricket Foundation itself does not receive any revenue, but the fees are paid directly to the network in the form of transaction fees. However, there is a small fee taken by the entity that operates the marketplace. Selling of digital assets is restricted to verified users and eventually it will be opened to all. The seller gets the payment instantly. The buyer of the asset can only resell the digital asset to only one person later on, but not to many.
Demand for assets
As of now, we will work towards growing the NFT marketplace comprising digital media assets exclusive to cricket. It’s a rapidly growing sport in over 110 countries and there is a demand for deeper fan engagement, digital assets monetisation and tokenisation of cricket’s economy. We have already started the gamification but will add merchandising, ticketing, etc. next year. In sports, we are currently focusing only on cricket. We have also launched a project Zollywood to tap opportunities in the global entertainment industry.
Crypto is still a very new industry but has seen a very quick adoption with the younger generation. While our platform is not geography specific, we are looking forward to a stable government outlook on crypto in general. Blockchain will fundamentally rewrite every business of today. Just like how the .com revolution changed every earlier business. We are only at the beginning of this technological evolution.