Australian cricket has taken the first official step into the world of NFTs, or non-fungible tokens, joining a movement that has already generated millions of dollars for the sport worldwide.
Cricket Australia (CA) and the Australian Cricketers Association (ACA) today announced that they have signed a multi-year licensing agreement with Singapore-based collectibles platform Rario and NFT trading company BlockTrust, which will allow fans to own and redeem NFTs of some of the most memorable cricketing moments on Australian soil.
NFTs are essentially digital assets that are traceable and unalterable, their rarity giving them value.
Where traditional sports collectibles like trading cards only feature still images, NFTs can show the broadcast’s official vision and commentary.
— Cricket Australia (@CricketAus) April 13, 2022
Like all sports memorabilia, the value of an NFT is determined by market demand.
This means unique digital versions of moments like Steve Waugh’s SCG Ashes Hundred in 2003, Peter Siddle’s 2010 hat-trick and Ellyse Perry’s 2017 Double Hundred will be available to own and trade.
The deal between CA and the ACA will see Australian cricket NFT revenue shared between players (past and present) and Cricket Australia, although details of the deal have not been shared publicly.
NFTs have exploded in popularity in recent years, with some individual coins selling for tens of millions of dollars.
Sports like basketball, Formula 1 and football have been sporting pioneers in the NFT space, while the Australian Football League announced details of a similar licensing deal last week.
The NBA says its Top Shots NFT program has seen more than A$800m change hands since its inception in 2020, while a single LeBron James slam dunk has sold for over half a million dollars Australians.
Deloitte predicted that sports NFTs will generate around A$2.7 billion globally this year.
NFT technology has been criticized for producing significant carbon emissions, but in a statement Rario, CA and the ACA said they were “committed to a partnership that sees NFTs sustainably produced” using the Polygon blockchain, which they claim “results in more environmentally friendly and dramatically lower carbon emissions.”
“We are thrilled to enter the metaverse with our partners Rario, BlockTrust and the Australian Cricketers’ Association for this historic agreement, which will open up tremendous opportunities for innovation and fan engagement,” said the CEO of Cricket Australia, Nick Hockley, in a statement. .
“The game’s deep connection to its past, the passion of our fans and the appeal of Australian cricketers to a global audience means that the incorporation of NFTs is another way for fans around the world to engage and to be part of the sport.
“This is just the beginning and I am confident we will see huge benefits for fans, players and the sport itself as we build this exciting partnership.”
Rario, cricket’s first officially licensed digital collectibles platform, has already signed deals with the Caribbean Premier League as well as leagues in the United Arab Emirates and Sri Lanka and boasts Aaron Finch and Faf Du Plessis as brand ambassadors.
“This is an exciting opportunity for Australian cricket, and it has been reflected in the spirit of cooperation between the ACA and Cricket Australia with Rario,” said Todd Greenberg, CEO of the Australian Cricketers Association.
“Once you start to learn more about NFT, you quickly realize that the opportunities for engagement between players past and present with fans are enormous. We all look forward to bringing this program to life in the months to come. with new and innovative concepts.”
CRICKET NFT – FAQs
What are Cricket NFTs?
NFTs are unique representations of real-world assets (e.g. trading cards), made proprietary and tradable using blockchain technology. In the case of cricket, NFTs range from cricketing moments to images of players.
Are cricket NFTs a cryptocurrency?
No, they are two completely different things. Cricket NFTs are redeemable online, but they are not a form of currency, but rather a commodity bought and sold like traditional souvenirs. The only real similarity is that they both use blockchain technology.
How do you buy them?
Currently, all Rario NFTs can be purchased from their marketplace in packs, just like traditional trading cards. You can buy them from the Rario Marketplace, a platform where you can buy, trade and sell your Rario NFTs to build your collection of favorite cricket moments in the game’s history or own the full deck of cards from your favorite players .
Are Rario NFTs environmentally sustainable?
Rario, Cricket Australia and the Australian Cricketers Association have embarked on a partnership that sees NFTs produced in a sustainable way. For example, Rario uses the Polygon blockchain, an Ethereum-compatible side chain, to create NFTs. This translates to more environmental friendliness and significantly lower carbon emissions.