The Indian cricket board, which is notorious for being slow to adopt new ideas, has now adopted the concept of Non-Fungible Tokens (NFT). The cricket board announced FanCraze, a cricket metaverse firm, as its official associate partner for the Women's T20 Challenge on Monday.
The BCCI has previously avoided bringing NFT corporations on board as sponsors, and had also advised IPL franchises to 'maintain the distance.' This occurred at a time when the International Cricket Council (ICC) and its other member boards had already begun forming official partnerships with NFT firms.
"It is all the more interesting that this has begun with women's cricket in India. It offers a higher level of fan-engagement, which women's cricket needs at the moment. The BCCI is also planning the women's IPL and the timing is just right. What this also offers is a platform for NFT to officially enter the men's cricket ecosystem in the country and that's as big a market across any sport anywhere in the world," say those tracking developments.
In addition to supporting West Indies cricket, FanCraze is a partner of the International Cricket Council.
The Supernovas, Trailblazers, and Velocity will participate in the women's T20d challenge from May 23 to May 28 at the Maharashtra Cricket Association (MCA) Stadium in Pune.
NFTs are digital assets that are frequently connected to a sound sample, image, or video, and their ownership is verified via blockchain technology. The industry has developed into a significant source of money for sports leagues around the world. Cricket Australia recently announced a multi-year agreement to produce NFTs and tap into the digital collectibles market.
All earnings generated in this space are split between the federation and the players, according to industry practise and rules.
"We are excited to be an official partner of the Women's T20 Challenge. We will be a brand new mobile game based on collecting and playing with women's cricket NFTs over the course of the 2022 Women's T20 Challenge. This shows us what is possible if one combines creators, content, and commerce," says Anshum Bhambri, CEO at FanCraze.
