Deal Signed between Australia board and players to issue NFTs.
Australia’s cricket board and the players union have struck a multi-year license agreement to produce non-fungible tokens (NFTs) to exploit the market for digital collectibles.
NFTs are digital assets commonly associated with a picture, video, or sound clip and whose ownership is verified via blockchain technology.
Professional sports leagues and teams, such as the NBA and Germany’s Bundesliga, have poured money into the sector to generate new revenue streams from paying fans and investors.
The cricket arrangement, which was made in collaboration with Rario and BlockTrust, would allow fans to purchase NFTs featuring Australian players.
“This is just the beginning,” CA CEO Nick Hockley said. “I have no doubt we will see great benefits for fans, players, and the sport itself as we expand this exciting alliance.”
CA and former and present players will split revenue, though the terms of the agreement have not been made public.
“We’re really happy to work with Rario, Cricket Australia, and the Australian Cricketers’ Association to create Australia’s first sports metaverse,” said BlockTrust co-founder Mike Alexander.
According to NFT analytics firm DappRadar, overall NFT sales have totaled around $11.8 billion in 2022, though the market has slowed in recent months.
After reaching nearly $5 billion in January, sales on OpenSea, the largest NFT platform, fell to roughly $2.5 billion last month.
Devika Chowdhury – She is a professional news editor, writer, and blogger for the last 10 years. She is working with NewsGater as an off-beat news editor cum writer.