For the longest period of time, the BCCI had earlier avoided bringing NFT organisations onboard as sponsors and had also asked the Indian Premier League (IPL) teams to maintain the distance as well. This occurred at a time when the International Cricket Council (ICC) and its other member boards had already begun to bring NFT brands onboard through official collaborations.
“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.
The Women’s T20 Challenge features three teams – the Supernovas, Trailblazers and Velocity. The tournament has already started on May 23 and will run until May 28 at Pune’s MCA Stadium.
NFTs are digital assets that are frequently connected to a sound clip, an image, or a video, and their possession is verified using blockchain technology. The business has expanded into a massive revenue generator for sports leagues worldwide. Cricket Australia (CA) recently signed a multi-year agreement with Rario and BlockTrust to issue NFTs and enter the digital collectibles market.
Global practice and industry standards require that all profits earned in this space be split between the federation and the players.
Anshum Bhambri, CEO, FanCraze, said, “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.”