What Are NFTs And Fan Tokens — And How Are They Taking Over Cricket In India?

When anyone talks about sports in India, cricket is always the first thing that comes to mind. Every kid has played this sport at least once. Many even grew up to be among the world’s best cricketers. You can safely assume that you’re near a cricket match no matter where in India you are.

Since it was introduced to the country, cricket has been shaped and influenced by Indians to form a large part of their national culture. Today, it’s evolving in a different way: technologically. Live Mint reports that India has the highest number of crypto owners in the world, and this love for cryptocurrency and the blockchain is taking over this beloved sport.

Yet it’s two of the newest crypto innovations are making their entry as new players in India’s cricket world. Today, non-fungible tokens (NFTs) and fan tokens are changing how Indians enjoy the game. But what exactly are they — and how are they taking over cricket in India?

What are NFTs?

NFTs are basically certificates of ownership that are placed on the blockchain for safekeeping. An NFT can be assigned to any digital property — including tweets — but the majority of NFTs today concern digital art and music. By definition, they’re also non-fungible. This means that they’re unique and can’t be traded for something else. In comparison, cryptocurrencies like Bitcoin can be traded for another Bitcoin, making them fungible.

As we mentioned in our article 'NFT Royalties', NFT creators can benefit because they can receive part of the profit every time their NFTs are bought or sold. Meanwhile, buyers gain the exclusive rights to use an NFT. They can also turn a profit by treating NFTs like investments: keeping and only selling them once their value increases.

What are fan tokens?

Though it’s also powered by the blockchain, fan tokens are distinctly unique in a number of ways. First, it’s fungible: you can easily exchange one fan token for another. Second, it has an entirely different purpose. Rather than acting as certificates of ownership, fan tokens enhance relationships between fans and sports teams.

The Economic Times notes that with fan tokens, fans become more than just spectators. Fans who own them are able to influence team decisions — like jersey designs and team slogans — by participating in polls. The more tokens you own, the bigger your say. Fan tokens can also unlock exclusive opportunities, like the chance to chat with a favorite team member or be invited to select team events as an honored guest.

How are NFTs and fan tokens revolutionizing cricket in India?

You’ve heard of baseball cards. Today, NFTs offer technologically-enhanced incarnations of the collectibles. Rario — the world’s first cricket-centric NFT platform — now allows cricket fans to collect and relive officially-licensed cricket moments on NFTs. The potential it offers for cricket teams and fans alike is so great that Rario has sold over 50,000 of these NFTs in 20 countries across the globe.

Fan tokens are having a moment in the cricketing limelight, too. Sports ranging from football and eSports to F1 racing and MMA have all partnered with Socios — the world’s foremost fan token platform — to engage on a deeper level with fans. Today, teams under the Indian Premier League are offering their own fan tokens. Some unique opportunities these tokens offer to fans include exclusive club promotions, chat forums, games, and AR-enabled features.

India has loved cricket for a long time — and it will continue to do so for even longer. With NFTs and fan tokens, they now have better and more rewarding ways of expressing their love for the sport. For more crypto and blockchain updates we have plenty of articles at Eat My News.