The first official step into the world of non-fungible tokens, or NFTs, has been taken by Australian cricket, joining a movement that has already earned millions of dollars for sports around the world.
Cricket Australia (CA) and the Australian Cricketers Association (ACA) have announced a multi-year licencing agreement with Singapore-based collectibles platform Rario and NFT trading company BlockTrust, allowing cricket fans to own and trade NFTs of some of Australia’s most memorable cricketing moments.
NFTs are digital assets that can be tracked and cannot be changed, and their scarcity gives them worth.
NFTs can show official broadcast video and commentary, but traditional sports memorabilia such as trade cards can only show still images.
The value of an NFT, like other sports memorabilia, is determined by market demand.
It means that iconic events like Steve Waugh’s Ashes century at the SCG in 2003, Peter Siddle’s hat-trick in 2010, and Ellyse Perry’s double century in 2017 would be available to buy and sell in digital form.
The revenue from Australian cricket NFTs will be split between players (past and present) and Cricket Australia under the terms of the agreement, albeit the details of the arrangement have not been made public.
NFTs have been increasingly popular in recent years, with some pieces fetching tens of millions of dollars.
Basketball, Formula One, and football have all been pioneers in the NFT space, with the Australian Football League announcing details of a similar licencing agreement just last week.
Since its inception in 2020, the NBA’s Top Shots NFT programme has seen more than A$800 million exchange hands, with a single LeBron James slam dunk fetching more than half a million Australian dollars.
Sports NFTs are expected to produce roughly A$2.7 billion globally this year, according to Deloitte.
NFT technology has been criticised for causing significant carbon emissions, but Rario, CA, and the ACA said in a statement that they are “committed to a partnership that sees NFTs produced in a sustainable manner” by employing Polygon blockchain, which they claim “translates to more eco-friendliness and significantly fewer carbon emissions.”
“We are excited to step into the metaverse with our partners Rario, BlockTrust and the Australian Cricketers’ Association for this historic deal, which will open up huge opportunities for innovation and fan engagement,” Cricket Australia CEO, Nick Hockley, said in a statement.
“Because of the game’s profound link to its past, our supporters’ passion, and the attractiveness of Australian cricketers to a global audience, the inclusion of NFTs provides another avenue for fans all over the world to engage and be a part of the sport.”
“This is just the beginning, and I am confident that as we expand this exciting alliance, we will see great benefits for fans, players, and the sport itself.”
Rario, cricket’s first fully licenced digital collectibles marketplace, has already struck arrangements with the Caribbean Premier League, as well as leagues in the United Arab Emirates and Sri Lanka, and has brand ambassadors such as Aaron Finch and Faf Du Plessis.
“This is an exciting opportunity for Australian cricket, and the ACA and Cricket Australia have collaborated with Rario in a cooperative spirit,” said Todd Greenberg, CEO of the Australian Cricketers Association.
“When you start learning about NFTs, you’ll quickly realise how many opportunities there are for past and present players to communicate with fans. We’re all excited to bring this programme to life with new and inventive ideas in the coming months.”
Fans can register their interest at nft.cricket.com.au or rario.com.
NFTs in Cricket – Questions and answers.
What are NFTs in cricket?
NFTs are digital representations of physical goods (such as trading cards) that can be owned and traded using blockchain technology. NFTs in cricket include everything from cricketing situations to player photos.
Is there a coin for cricket NFTs?
No, they are very distinct things. Cricket NFTs can be traded online, but they are not a kind of currency; instead, they are a product that can be bought and sold in the same way that traditional memorabilia can. The only thing they have in common is that both use blockchain technology.
What’s the best way to get them?
All Rario NFTs are currently available in packs on their marketplace, just like traditional trading cards. You may buy them on the Rario Marketplace, which allows you to buy, trade, and sell Rario NFTs to build up your collection of favourite cricketing events from the game’s history or to own the whole set of cards of your favourite players.
Fans can get access to exclusive information by registering their interest at nft.cricket.com.au or rario.com.
Rario NFTs – are they environmentally friendly?
Rario, Cricket Australia, and the Australian Cricketers’ Association are dedicated to a long-term collaboration that ensures the production of NFTs. Rario, for example, mints NFTs on the Polygon blockchain, an Ethereum compatible side-chain. This equates to greater environmental friendliness and lower carbon emissions.