With a massive jump in the cryptocurrency and blockchain space around the world, the Non-Fungible Token (NFT) market has also shot up with its ability to infuse in various sectors of society. NFTs are unique and non-interchangeable data stored on a digital ledger.
NFT uses blockchain technology to establish a valid proof of ownership of otherwise easily reproducible items like photographs, videos etc. These NFTs, starting from the world of Art and Music had entered the world of sports in recent times.
The popularity of these Sports-specific NFTs has seen a sudden growth in India which has been one of the most thriving sports markets in the world. These NFTs have generally been around India’s favourite sport – Cricket.
A recent report presented by Deloitte Global predicts that NFTs for sports media will generate more than US$2 billion in transactions in 2022, about double the figure for 2021. This growth is because of the global trends and the government of India’s pending policy/regulatory framework in this area. Hence, the NFT-based market for movies and sports memorabilia becomes a reality in India.
With the conclusion of the 2022 Indian Premier League, several sportspersons have entered the NFT market. Stars like Virender Sehwag, Zaheer Khan, Rishabh Pant, Smriti Mandhana, Shafali Verma, AB De Villiers, Shakib Al Hassan, and Faf du Plessis have signed up with Rario, a cricket-specific NFT market place.
Let us look at a list of 5 moments from IPL 2022 that could be minted as NFTs.
1. Rahul Tewatia’s last-ball six
The Gujarat Titans were chasing a massive total of 190 against the Punjab Kings, where GT’s Rahul Tewatia pulled off an absolute miracle. The Haryana all-rounder came into bat in the last over, when the Titans needed 19 runs. He first took a single and then was given strike with 12 runs remaining from two balls. Here, Tewatia lived up to his reputation and smashed two sixes on the remaining two balls as he won the match for the Titans.