Cristiano Ronaldo supports a cricket NFT firm.

    Cricket and NFTs

    While the Indian cricket ecosystem is still catching up to the world of non-fungible tokens (NFTs), Cristiano Ronaldo, one of the world’s most famous footballers, has already taken the plunge.

    Cricket lovers would be pleased to learn that Cristiano Ronaldo’s firm CR7, along with a group of renowned global investors, has invested $100 million (about Rs 760 crore) in FanCraze, a city-based cricket NFT company. This is projected to be one of the biggest series-A fundraising deals in Asia’s NFT industry.

    A new light for sports NFTs

    NFTs are unique digital objects that are stored on a blockchain, the same network that powers cryptocurrencies. NFTs serve as tradable authenticity certificates for digital artwork, memorabilia, and fan items.

    Insight Partners, a New York-based global private equity and venture capital firm, B Capital, Tiger Global, Coatue Management, Sequoia Capital India, and other traders are said to be on board with Ronaldo’s firm.

    According to a source, “the funding will be utilized to integrate new sports alliances and fund FanCraze’s further expansion of its metaverse across the cricket landscape.” FanCraze intends to expand its R & D lab, user experience group, gaming studio, and market platforms, as well as its engineering, marketing, and customer relations teams.

    The thing is official!

    The International Cricket Council (ICC) and Cricket West Indies (CWI) have previously appointed the firm as its official digital collectibles partner. FanCraze has also signed up top Indian cricketers Rohit Sharma, Jasprit Bumrah, Shikhar Dhawan, Ravichandran Ashwin, and Yuzvendra Chahal.

    Cricket has one of the most devoted fan bases in the region. On the heels of live cricket, both television and web-based streaming services exploded, allowing class leaders to offer cricket fans innovative and engaging ways to keep up with all of the action.

    A source close to the situation said, “There’s a lot more coming in the next few weeks.” While soccer’s most famous number 7 shirt is reportedly signing on to be half of the FanCraze ecosystem, rumors are swirling that cricket’s most famous number 7 jersey could be set to soon link with the company.

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