The platform for cricket-related NFTs had partnered with the ICC in January 2022 to release 75 videos of important and famous cricketing moments as licensed NFTs.
FanCraze, a digital collectibles business, has secured $100 million in a fundraising round headed by New York-based global private equity and venture capital firm Insight Partners and B Capital.
According to ET, the funds obtained will be utilised to finance the startup’s metaverse’s development throughout the cricket landscape for existing and emerging partners.
The funds would also be used to extend the startup’s engineering, marketing, and customer success teams as it develops its tech-centric offering to improve the entire fan experience.
The revenues will be used by the cricket NFT firm to integrate additional sports ties and to accelerate the expansion of its worldwide staff, R&D lab, user experience team, gaming studio, and marketplace platform where fans can buy, sell, and manufacture their NFTs.
FanCraze, which was founded in 2001 by Anshum Bhambri, Sundar Raman (the founding COO of the Indian Premier League (IPL) and former CEO of Reliance Sports), and Kushagra Kohli, has partnered with cricketers such as Rohit Sharma, Jasprit Bumrah, Andre Russell, Shikhar Dhawan, Jonty Rhodes, Muthiah Muralidaran, Ravichandran Ashwin, and Yuzvendra Chahal.
“NFTs are fast becoming a movement and are enabling a direct relationship between all types of IP owners and their fans. NFTs represent culture and FanCraze is building an experience that would enable fans to collect cricket NFTs, engage with play-to-earn games and utilities, and own digital land,” said Anshum Bhambri, CEO of FanCraze.
Tiger Global, Coatue Management, Sequoia Capital India, Courtside Ventures, and Cristiano Ronaldo’s CR7 were among those that participated in the round. According to ET, this is one of Asia’s largest Series A rounds.
“We are thrilled to back FanCraze, which is augmenting the power of NFTs to give higher freedom, economic incentives, and thrill to fans. It can become a powerful mechanism to onboard new users in the Web3 space, where we have made multiple investments in the past,” said Kabir Narang, founding general partner, B Capital.
FanCraze launched its trading marketplace on its website in January of this year. Those that possess NFTs would be able to amass a collection during the course of a single match or series, as well as exchange the NFTs with others.
The platform, formerly known as Faze Technologies, has also attracted Mirae Asset Financial Group, a South Korean financial services business, as a possible investor.
In 2021, celebrities like as Amitabh Bachchan, Rajinikanth, Salman Khan, and Kamal Hassan debuted NFTs. Amitabh Bachhan’s NFTs sold for more than INR 7 crore, while Rajinikanth offered over 60 NFTs from his blockbuster flicks.
Cricketers like Sunil Gavaskar, Yuvraj Singh, and Rishabh Pant are also on board.