Place/Date: - July 7th, 2021 at 9:57 am UTC · 4 min read
Source: Cricket Foundation
The sports industry has always been a money-spinning industry as it attracts sponsorships, global merchandising initiatives, and revenues. Some popular sports have seen unimagined levels of fan engagement and support. The pandemic has entailed sports teams turning to cryptocurrencies and blockchain technology to increase revenue streams and augment fan engagement.
NFTs present an opportunity for clubs to explore, enhance their relationship with fans, keep them associated with the sport, and involve them in community decisions. They represent a wide range of tangible and intangible features stored in digital wallets. NFTs also possess some unique distinguishing information that is verifiable on the blockchain network.
Cricket has been around for a very long time. Since the early 19th century, cricket has popularized as a sport at a global level. The creation of shorter formats of the game came after the 1870s, which grew the popularity multi-fold. However, the market value of cricket from a profitability standpoint has truly benefited from the rise of digitization in the late 20th and early 21’st century.
After the emergence of the aggressively competitive 20-20 format, several global leagues have come to prominence. In 2018, the Indian Premier league alone was worth around £4.6 billion. So it is sufficient to say that the cricket industry has immense potential from a financial point of view alone.
While cricket already has a considerable online presence, it is yet to be integrated with the crypto world. Blockchain is meant for ecosystems and is governed by the members of the ecosystem. Cricket being one of the most popular sports and one of the largest ecosystems, it is about time that it is integrated with the disruptive world of cryptocurrencies.
Being a blockchain-powered platform Cricket Foundation offers the best of both world, including the basic principles of decentralized finance such as:
Cricket is a sport primarily influenced by its community, and Cricket Foundation is no different. It gives its community the power to define the roadmap, the rules, and the value of the ecosystem.
Cricket Foundation is the first project owned by over 1000 partners all across the globe, including players, fans, agencies, franchises, boards, equipment manufacturers, and so on. The company currently has 35 cricketers and 11 ecosystem partners and represents nine countries.
Ironically the game that depends upon boundaries has no geographical boundaries. People worldwide share a love for the game, and Cricket Foundation is a global platform that converges the passion for the game into one place.
The company is a reliable platform with no intermediaries, no hidden charges, and no red tape. It provides equal opportunity for all the members of the community.
Blockchain is fair by nature, and Cricket Foundation embodies this spirit to create a fair platform for all members and create equal opportunities.
Cricket Foundation relies on the CRICKET token for all its products and services. The token is the primary mode of transaction for the company and helps preserve the value within the system. Cricket Foundation last week announced the start of token pre-allocation, which new users can register for on the platform.
CricketCrazy, the first application built on the platform, has taken the job to integrate “the real-world cricket ecosystem” with “the digital-world ecosystem.” It is a blockchain-based platform that offers new applications for the cricket industry using its CRICKET token. The platform incentivizes the sport’s industry partners to provide value to the blockchain platform and help create new applications for the ecosystem.
Cricket Foundation aims to create much more than just an NFT marketplace. It wants to create an ecosystem that can rival the existing physical cricket ecosystem while adding value to it with its services such as:
This list, however, is only illustrative as the goals of Cricket Foundation far exceeds what any other platform currently offers. Every day we see new advancements in the crypto industry, and Cricket Foundation has equipped itself to handle all the changes and integrate them to provide more services in the future.