Exploring the Indian gold mine of NFT Possibilities
Non Fungible tokens have taken the world by storm. Not just the world of crypto and the world of gaming but even the world of actual real-world sports
We have seen the success of NBA Top Shots and hell basketball fans all over the expanse of the United States have been thronging to buy some of the most memorable and legendary moments in the history of the game.
The NBA Top Shots is evident proof for the fact that NFT for sports would create a phenomenon that would break the barriers of technical awareness when it comes to reaching NFTs to the general public.
Focusing on India
India, as we all know, is a multicultural canvas. There might be different religions and ethnicities spread across the country but if there is one emotion that unites almost every Indian, it is the game of cricket. Legends like Sachin Tendulkar and Mahendra Singh Dhoni have enjoyed a demigod-like status in their country. It is a common war cry in India to say “cricket is my religion and Sachin Tendulkar is my God!“.
For a long time in history, Indian cricket was confined to international games, and there is an ongoing rivalry between India and Pakistan. Of late, India has become a formidable team in the global scene challenging the supremacy of well-established teams like Australia and England.
The Indian Premier League, commonly abbreviated as the IPL, is, without question, the biggest franchise-based cricket league on the planet. It features teams from different cities of India but the players playing them are from different countries. With respect to its popularity, it can be considered congruent to the UEFA Champions League, and probably bigger than that when it comes to the world of cricket!
India has also won all the possible ICC trophies, including the cricket World Cup in 1983 and 2011, the champions trophy in 2013, the T20 World Cup in 2007, and even the test mace. Even the attribute of cricketers has been so iconic in India that the BCCI has decided to retire jersey number 10 because of how synonymous it is with Sachin Tendulkar.
The Possibilities
If you were to go back and read all the paragraphs mentioned above with The lens of creating an NFT, you will find that India and cricket present a gold mine of opportunities.
There have been some iconic and defining moments in Indian cricket like Ganguly taking his jersey off at the Lord’s cricket ground, which, by many Indian cricket enthusiasts, is considered the point of inflection in the attitude of Indian cricket. The single that Sachin ran to score his first double century or to complete his one-hundredth international century is surely considered iconic.
If NBA Top Shots can create moments/videos and float them as NFTs, then Indian cricket presents better opportunities for Indian funds to purchase these moments and claim the ownership with a sense of pride.
We have seen museums create digital replicas of famous paintings that they own. The bat that was used by Sachin to score one of his iconic centuries or the jersey that MS Dhoni was sporting when he lifted the T20 World Cup in 2007 can be considered fraud fab to own. If they can also be floated as non-fungible tokens, a lot of cricket fans would be ready to buy them.
We have been talking about virtual real estate. They have been replicas of our planet and there have been people spending more than thousands of dollars to buy virtual equivalents of actual land. Virtual real estate focusing on cricket could be a very good opportunity for fans in India. They can not only claim ownership of cricket stadiums around the country but even come up with the right authorization information, and claim ownership over the houses of their favorite cricketing stars.
The IPL – A World of its Own
The Indian Premier league is a treasure house when it comes to cricket in India. It is probably the most expensive cricketing league in the world, and the craziness of fans has been overwhelming. This cricketing league has trophies, moments, and collectibles of its own league. Each team can also float its own NFTs based on some designs and artwork created either by their own art team or by fans. An NFT marketplace dedicated to the IPL is bound to be the El Dorado for sports NFT in India.
The Challenges
The only challenge that will be phased is with respect to the legal recognition of the investment and the possibility to sell it again. The legal system in India is yet to catch up with the blockchain revolution. However, India has been quite progressive in comparison to other developing countries, and the fact that cryptocurrency trading is a legal business in India is a resounding testimony to this fact.
Conclusion
The Indian cricketing scene, combined with the NFT revolution, presents a perfect place to sit on the shoulders of giants, following the success of other sporting NFTs, and the success of art and collectibles. For an entrepreneur, this is an amazing opportunity if they can navigate through the official cricketing Board of India and the legal dimension.
All that you are required to do is to get in touch with the company that specializes in NFT marketplace development specializing in NFT platform for sports, so you can put forward your proposal and work out a collaborative plan that will put you into the part of the profit in this lucrative crypto space!
