The old times are always something to look back at some of the purest and most joyous moments in our lives. The school days when getting drenched in rain used to take us to the nearby field to play football and cricket with our friends. The countless moments when praying to get the desired tazos or cards inside the packet of a snack meant the world to us.
Being a writer at Business Outreach Magazine and while sharing curated stories with you, such sentiments take me back a decade. Those were the ‘good old days and everyone should be proud of that. We all know that the cricket culture in India is massive and the nation does not shy away from boasting their pride for the Indian cricket team.
The world is changing :
The modern age has shown us tremendous innovation in technology and with such power, He wants to pull back those ‘good old days by introducing sports and cricket into the realm of the ‘metaverse’.
Being a co-founder and CEO of FanCraze, Anshum Bhambri wants to reinvent the ‘craze’ among cricket fans. FanCraze until recently bagged a massive seed round of above $ 17 million from Tiger Global along with Sequoia Capital India and Coatue.
What is FanCraze? :
The FanCraze explains that the funding shall be redirected to build a new platform with collectibles based on cricket, which is laid on the blockchain system, featuring NFTs or non-fungible tokens. Non-fungible tokens are getting super popular in forms of creative domains like art, the industry of music, the field of sports, and many more. Recently, FanCraze got into an agreement with International Cricket Council (ICC) asking for rights to previous videos and audio files as early as 1975. FanCraze is creating hundreds and thousands of non-fungible tokens or NFTs linked to all these audio and video files which can be acquired by fans by buying them as an asset for trading in any other markets.
Anshum Bhambri’s vision :
Anshum Bhambri studied and graduated from Stanford University and started his professional career from Wall Street. During that time, he got interested in cryptocurrency and the technology of blockchain. He has often considered himself to be from a different background but is still got amazed by the new-age financial infrastructure.
Anshum Bhambri met Sundar Raman, the COO of IPL or the Indian Premier League along with Kushagra Kohli, who happens to be a serial entrepreneur, and brainstormed about the idea of putting metaverse with cricket.
FanCraze wants to launch NFTs with the system of “pack drops”, which is the other way of telling cricket fans that they will not know what NFTs are there for them before receiving it. Much like the earlier said ‘good old days, where the packet full of snacks had a whole mystery of stickers or tazos inside them.
The token will be categorized into four parts that include a few clips with several hundreds and thousands of similar NFTs, where some will hold immense value and be one of a kind. Can be figured out as a clip, where Sachin Tendulkar is going for a double century or Sourav Ganguly rejoicing victory at Lord’s stadium opening his jersey and waving circles in the air. After collecting NFTs from FanCraze, buyers can either sell them to any other market or hold them to increase the value of the asset.
Things to consider :
It can be considered based on the NFT, that the ROI can change over time. With such creativity, NFTs are pasted together with optimism that indicates a probable increase in value. Bhambri wants to portray that the demand in these industries is huge and a large number of users have bought the packs already.
The collection of such NFTs has another underlying motive that shows them to be embedded with metadata. Such information can be run figures for a player that the clip is showing or any number of wickets taken. This all leads to a series of fun games that the company aims to launch in the future. NFTs owners can be a part of these games based on the collection they have secured over time and plan strategies of the game.
This is a whole new digital world, we are talking about where the demand will increase in a secondary market. People will want to strengthen their collection in order to be a strong contender in the game and ultimately desire further success from it. FanCraze also will add a ‘play to earn’ feature and invest time into it for earning points in order to improve their stats.
Anshum Bhambri wants to create a diverse community based on The Metaverse, where FanCraze and other third-party creators will introduce products and experiences circling around NFTs. It is like making an entire virtual cricket stadium around malls and local infrastructure in the spectrum of the metaverse.
The vision is impressive and looking at the amount of seed funding, the investors seem to be serious about this. Some eminent personalities of the investors include Dapper Labs, the blockchain provider on which FanCraze will be based. Due to the resemblance of Dapper initiating similar ideas for martial arts, basketball, and also football, FanCraze is in the right space.
Key Takeaways :
Abshum Bhambri is certain that the cricket craze among the fans can be further channeled through the power of NFTs as the cricket culture in India runs profoundly in India. With FanCraze, people can get insights about NFTs and where they can play to earn in the metaverse. The company with the massive amount of seed funding got the time and opportunity to work on the project.
After strategizing a precise and crisp business system, FanCraze is all set to go live. It is said that the first batch of pack drops is scheduled for around the time of Christmas coupled with a trading platform of the company launching very soon after that. With this said, the game and many more services will be introduced after that, eventually.
FanCraze is on a mission to align gaming services, NFTs, and utilities together into a platform where fans will have a gala time by playing, collecting, and using NFTs and interacting with each other in the beautiful community.
Read Also- Flipkart launches flipverse to provide users metaverse-based shopping experience.
