Cricket NFT Platform Faze Technologies Raises $17.4 Million In Seed Funding
Faze Technologies, a platform for fans to collect, use, play and interact with cricket through NFTs (non-fungible tokens), has raised $17.4 million (Rs 130 crore) in a seed-funding round.
Led by Tiger Global, the funding round also saw participation from-Coatue Ventures, Sequoia Capital India, Dapper Labs, Samsung Next and Courtside Ventures.
The startup plans to use the raised funds for building product and user base and acquiring talent.
Faze Technologies | Cricket NFT Platform
Founded by Anshum Bhambri (founding operating chief of the Indian Premier League), Sundar Raman (Former Reliance Sports CEO), and serial entrepreneur Kushagra Kohli, Faze Technologies is working to help create a direct connection between the creator and the consumer built on three tenets.
These are:
- True ownership and the ability to showcase the NFTs on social media.
- Pack buying and peer-to-peer trading experience.
- Play-to-earn universe, where the core mechanics and economy are built around owning, crafting and battling of NFTs.
Speaking on the development, Anshum Bhambri said,
“Our mission is to build the metaverse for cricket. 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. Every NFT purchase can be made directly within seconds via a mobile wallet or a credit/debit card without the need for a crypto wallet, to ensure that every transaction is as easy as possible.”
For those who don’t know, NFTs are a type of crypto asset where each token is entirely unique and can be used as a digital certificate of authenticity for any digital or physical asset. One can also use an NFT wallet tracker, it helps track your investment actions.
Coming back to the development, the cricket NFT platform has entered into a strategic partnership with Dapper Labs, the firm behind the Flow blockchain. Additionally, Faze has partnered with the International Cricket Council (ICC) to create exclusive digital collectibles (using non-fungible tokens or NFTs) for cricket.
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