By
Chimamanda U. Martha
April 17th, 2024
The cricket NFT platform aims to develop a direct connection between creators and consumers.
The cricket non-fungible token (NFT) platform Faze Technologies has secured $17.4 million in a seed financing round led by investment firm Tiger Global. Faze Technologies create a platform where fans collect, use, play and interact with cricket through NFTs. The startup has collaborated with the International Cricket Council (ICC) to use NFT to create digital collectibles for cricket, launching on the Flow blockchain.
With New Funding Round, Faze Technologies Aims to Create Direct Connection Between Creators and Consumers
The cricket NFT platform aims to develop a direct connection between creators and consumers. The connection will allow users to display their NFTs on social media platforms and, at the same time, have access to peer-to-peer trading.
In addition to Tiger Global, more investors also contributed to the seed round. The investors include Coatue, Sequoia Capital India, Samsung Next, Dapper Labs, Bow Capital, and Courtside Ventures.
According to CEO Anshum Bhambri, the company’s mission is to “build the metaverse for cricket.”
The tech company will launch its NFTs in the coming weeks. After the NFT drop, Faze will, in addition, launch a marketplace. He continued:
“We are in a unique position to combine NFTs, gaming, financial utilities, and money-can’t-buy experiences to create a platform for fans to collect, use, play, and interact with cricket through NFTs on Flow.”
The CEO further explained that every NFT purchase can easily be made directly through a mobile wallet. He also emphasized the speed of each transaction as it takes a few seconds. Making it easier, anyone without a crypto wallet can also use their credit or debit cards to make NFT purchases.
A Stanford graduate, Bhambri was an investment banker at the Bank of America Merrill Lynch. Other co-founders of the technology company are Sundar Raman, who used to serve as the COO of the Indian Premier League, and Kushagra Kohli, Round Finance’s co-founder.
Faze Partners with Dapper Labs
Faze Technologies has also partnered with Dapper Labs, which is also working on offering similar experiences for sports clubs globally. The CEO of Dapper Labs, Roham Gharegozlou, said that Faze Technologies about to revolutionize how over one billion cricket fans in ICC’s 105 member nations interact and engage with some iconic moments in the history of cricket. He added that he looks forward to how cricket fans will embrace the new development and engage with NFTs.
Speaking on the new move by Faze Technologies, Sequoia India MD, Shailesh Lakhani commented:
“We believe that blockchains and user-centric design can come together to make for never-before-seen social experiences for digitally-native consumers. The team at Faze is creating Web 3.0 products that are fun, a little bit crazy, and very compelling. They are as simple to onboard and use as traditional Web 2.0 apps, which will enable mass appeal.”
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