Picture Credit: Twitter
NFTs or Non-fungible tokens have been trending for more than a year now. The term is being used everywhere and everyone seems obsessed with it. Even cricketers' names are being associated alongside this new term. This may give rise to too many questions, the first and foremost being what on earth is NFT?
Going by the technical definition of non-fungible tokens, an NFT is a digital asset that represents real-world objects like art, music, in-game items, and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
So, moving on to the next question, how is this digital currency kind of thing related to cricket and what do cricketers have to do with it? This demands another definition and that is of Cricket NFTs. Like any other NFTs, a cricket NFT is also a digital asset related to cricketing events on personalities.
Scratching your head again? No worries, we have got you covered. So, basically, a cricket NFT is a collectible, just like a physical product, available to purchase from a specific marketplace (mainly online). Making it simpler, buying a cricket NFT is like buying something from an auction or an exhibition. For example, exclusively owning the picture of MS Dhoni hitting the six to Nuwan Kulasekara in the 2011 World Cup final.
Why buy NFTs?
This NFT thing is more complicated than it sounds. With the given example, there is this obvious question, why can’t one just download that clip from a website? Why pay for something that can be accessed for free. Well, in that case, consider the example of a Rolex watch. If any watch tells us the time and does what a Rolex watch does then why pay extra? Because a Rolex watch can be taken to an expert for authentication.
In the same manner, an NFT of that picture of Dhoni’s six will belong to the sole owner and has verification of its authenticity. The International Cricket Council (ICC) has also started its own NFT collection of iconic cricketing moments from ICC events. Many cricketers like Ben Stokes, Carlos Braithwaite, and Virender Sehwag have their own NFT collection which is available to buy on different platforms.