Bhambri sees huge demand, particularly in cricket-mad India – he won’t say exactly how many people have pre-registered to buy packs, but suggests the numbers are large.
Importantly, this isn’t just about collecting. Each NFT will come with meta data embedded – perhaps related to the number of runs the player in the clip has scored, or the wickets taken, say – which will form the basis of a series of games that Faze plans to launch. NFT owners will be able to take part in these games, planning their strategies on the basis of the strengths of their collections.
That could provide further demand on the secondary market, Bhambri points out, as people seek to add to their collections in order to play the games with greater success.
Syndica ($8M) | Scalable infrastructure for Web 3.0 and Solana blockchain — with participation from Social Capital, Jump Capital, Kindred Ventures, Alameda Research, Solana Ecosystem Fund, CoinShares, 0x Labs, DeFiance Capital, Spartan Group, Mgnr, Resolute Ventures, Untamed Ventures, Ryan Selkis, and Joe McCann.
Mintverse ($1.5M) | A service platform, where users can create, discover and collect an array of digital items and NFTs while also being able to crowdfund NFT art, crypto & NFT projects — with participation from A&T Capital, Mirana Ventures, Longling Capital, GBV Capital, FBG Capital, Fenbushi Capital, Cipholio Ventures, Nebulas, Ceras Ventures, and Neal Digital.
BEMIL ($1.65M) | Play to Earn game with a galaxy theme.
That money will help the company as it rolls out a new cricket-based collectibles and gaming platform, built on blockchain and featuring the non-fungible tokens (NFTs) that are increasingly popular in art, music and elsewhere in sport.
Faze has already agreed a three-year deal with the International Cricket Council (ICC) for the rights to its back catalogue of video and audio clips, which goes back to 1975. It is creating thousands of NFTs linked to specific clips, which cricket fans will be able to buy in packs and trade on a secondary market.
Bhambri is a Stanford University graduate who went on to work on Wall Street before getting interested in bitcoin and the blockchain. “But I’ve never been particularly interested in financial services infrastructure, which is what you might expect from someone with my background,” he says.
Some of them are even features that aim at getting integrated into specific protocols.
Both 2020 Hack Money and ETHOnline were pretty fruitful with more than $13.3M raised by former participants.
No more than 4 projects that announced fundraise in 2021 came out of Market Make.
Interestingly, teams that raised funds are building across diverse verticals, despite the vast majority of the hackathons being focused on DeFi.
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Former ETHGlobal projects raised $1.9M on average, compared to $6.2M for DeFi projects in 2021, $8.9M for Web3 startups, and $20.8M for crypto-related companies.
The average time between the Demo Day of an ETHGlobal hackathon and the fundraising announcement date is 8.3 months, but this gap tends to shrink, with companies from last month’s ETHOnline about to close funding rounds.
FTX will be seen in all major ICC events for the next two years and is the official cryptocurrency partner.
Finn Bradshaw of the ICC’s digital department conveyed the cricket body’s delight at making the transition from trading cards to video NFTs, where fans can own much-loved plays from ICC marquee events.
Dapper Labs playing pivotal role in sports NFTs
Dapper Labs‘ flagship sports NFT project, called NBA Top Shots, sells videos of the most memorable shots in NBA history as NFTs. In the wake of this, the NBA launched a blockchain advisory group to explore the potential uses of the technology.
Lakhani believes that blockchains and user-centric design can come together to create unique experiences for digitally native consumers.
Through fan activations developed around marquee matches, cricket lovers will be able to enter contests to be in with a chance of once-in-a-lifetime opportunities.
Faze said its goal is to help create a direct connection between the creator and the consumer built on three tenets – true ownership and the ability to showcase the NFTs on social media, pack buying and the peer-to-peer trading experience, and finally, a play-to-earn universe where the core mechanics and economy are built around owning, crafting, and battling of NFTs.
“We’re excited to support Faze and its vision of athletes as artists who create collectable moments through memorable plays on the field. With its talented management team and strong partnerships, Faze will accelerate the democratization of business models emerging in this arena,” said Unaiz Kabani, partner at Tiger Global.
FanCraze, an online platform for trading officially-licensed digital cricket collectibles, is raising roughly $100 million in new funding with investors that include soccer star Cristiano Ronaldo, according to Bloomberg.
Led by VC firms Insight Partners and B Capital Group, the Series A round is expected to be completed in the coming weeks and could see its size change as deliberations continue.
Previously known as Faze Technologies, the platform has also attracted Mirae Asset Financial Group, a South Korea-based financial services company, as a potential investor.
FanCraze is in its early stages but has solidified its footprint in the $44 billion NFT market.
J.K. Rowling has become infamous for her discriminative viewpoint on trans people and trans rights, but just when things were cooling down, the Harry Potter author has made another controversial post that has sent Twitter into a frenzy.
An article from The Times reports that police will begin recording rapes by offenders with male genitalia as ‘female’ if that is the gender they identify with, even if that person has not yet legally changed their gender. Rowling couldn’t help but make a comment in response to the article, which can be seen below.
Her comments are in line with her near-universally criticized previous commentary on the subject and despite the hate she has received in the past, this has done nothing to deter Rowling from making another controversial comment.
Those investors include Dapper Labs, on whose Flow blockchain the Faze community will sit – it’s a good fit, given that Dapper is currently building out similar ideas in sports such as basketball, football and martial arts.
Bhambri thinks Faze has the potential to transcend the kind of audience that has taken an interest in NFTs to date. “Cricket has a culture that goes so deep in countries such as India,” he says. “I see this as a way to teach a very large number of people about NFTs, play to earn and, ultimately,” the metaverse,” he says.
With funding in place and more than a year of development work behind it, Faze is now ready to go live. The first pack drops are scheduled to take place around Christmas, with the secondary trading market on Faze due to open in January, and other services, including new games, launching soon after.
NFTs on Flow. Every NFT purchase can be made directly within seconds via a mobile wallet, or a credit/debit card without the need for a crypto wallet, to ensure that every transaction is as easy as possible,” said Bhambri, CEO of Faze Technologies.
Faze is a startup founded by Wall Street veteran Anshum Bhambri, Founding Operating Chief of the Indian Premier League and former Reliance Sports CEO Sundar Raman, and Serial Entrepreneur Kushagra Kohli.
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