Cricketers including Ben Stokes, Carlos Brathwaite and Ravi Bopara have got into the space, with the ICC even launching ‘Crictos’. But what exactly are they?

NFTs are often portrayed as an evil. With unregulated images of cartoon Apes selling for millions of dollars, it looks a lot like a scam at first glance, and we’re told they are bad for the environment too. But is the truth more complicated?

What is an NFT? The Rolex analogy

It seems baffling at first glance. Why would anyone want to shell out thousands, even millions of dollars for an image which can simply be right-clicked and saved for free? Ben Stokes posted a response to those suggesting he was “scamming people”, an incident which highlights the divided opinion surrounding an NFT.

If you think I’m quote “scamming people” by saying thanks to a company for creating something that I MYSELF thinks is cool then you got it SOOOOO WRONG … What I will say is,if you put put 6 months of research into this space like me you would probably think different 😃

— Ben Stokes (@benstokes38) February 13, 2022

Why someone would want to own an NFT can be tricky to get your head around. NFTs are unique digital assets, with their ownership being verifiable on the blockchain. In other words, while you can ‘save’ someone else’s image, you can’t ‘save’ someone else’s NFT. That belongs to them, and them alone.

An NFT’s value is derived from this verification of ownership of the official product, in the same way that a Rolex may be taken to an expert for authentication. People ask what utility an NFT provides, but it can similarly be asked what genuine utility a Rolex provides beyond merely telling the time, something which any watch or smart phone can do at a fraction of the cost.

A Rolex is special because of the brand name, the scarcity of the product and the view that the authenticated product is a sensible investment. The same logic can be applied to NFTs. They are scarce and they are inherently authenticated by the blockchain, thus many see them as an investment opportunity.

There are also other perks which can be granted by virtue of being the owner of an NFT.

Are NFTs bad for the environment?

Many are, with one investigation concluding that the average NFT consumed more electricity than the average EU citizen uses in a month. But there are those in the NFT space attempting to turn the tide. One example is www.crypto.com/NFT, whose infrastructure is already 90 percent more efficient than alternatives, with the platform in the process of becoming carbon negative by the end of 2022.

Crypto.com houses its very own cricket NFT project, DeFi The Game. Founded by two 23-year-old entrepreneurs, they have launched NFTs for Ravi Bopara, Herschelle Gibbs, Mohammad Amir and Shoaib Malik alongside his wife Sania Mirza, an Indian tennis player. Approximately US$400,000 has been spent on these assets to date. One highlight is an NFT portraying Bopara with his pants down, following an incident in last year’s Hundred.

And what about the regulation?

There is most certainly a need for the NFT and wider blockchain industry to become more regulated. Largely operating in a decentralised environment, there are a growing list of horror stories as scammers look to cash in on a thriving market. However, platforms such as Opensea and Crypto.com are doing their part to make the space safer by removing NFTs that breach copyright laws and verifying certain projects to provide consumers with confidence.

Is this improving the game of cricket?

With the ICC often criticised for their inaction in running the game, seeing them put effort into launching a new line of strange merchandise, while actual cricket matches go uncovered, can be frustrating.

But whether you like them or not, it’s undeniable that crypto technology and NFTs now have their own fanbase and tapping into that could reach a rich vein of potential lifelong cricket fans yet to discover the sport. With cricket having struggled to break into new markets, any avenue with a chance of success shouldn’t be dismissed out of hand. And if the revenue generated is significant, the hope is that this can be reinvested into a game ever-desperate for funding.

And if you’re a cricket fan as yet unconvinced by NFTs, there is still reason to get involved. DeFi The Game’s NFTs are tied to real-life perks, from signed merchandise all the way to offering 10 Safari Trips in South Africa with Herschelle Gibbs.

The next NFT collection to launch will be the ‘Remember the Name; collection with Carlos Brathwaite. The project launches with 23 unique artworks including a collaboration with Carling Jackson (The Athlete Artist) one of the most well-regarded sports artists in the world. This project is attempting a unique approach within the Sports NFT space as the first to provide a long-term roadmap for fans.

The tangible utilities of NFT ownership include tickets to matches (including flights and accommodation costs); exclusive signed posters and memorabilia; replicas of Braithwaite’s World T20-winning bat; and cash prizes. The rewards will be rolled out for both the initial purchases and longer-term owners, with much of the profits generated from the collection being reinvested into additional perks for owners.

Cricket, as with any sport, is one which involves a relatively short career, with the danger of an injury or loss of form meaning cricketers can be wary of setting themselves and their families up for life with any chance they get. Attempts to do so are perhaps at least understandable, even if some of the offerings can seem strange.

What else could NFTs do for cricket?

If we consider what other sports are doing within the NFT space, there are some very exciting opportunities for cricket fans to come. Manchester City FC working alongside Sony are creating a virtual stadium in which NFT owners can meet up and watch live games within the stands. Imagine watching the Ashes virtually, experiencing the atmosphere of the stadium in real time all from the comfort of your own home. Or how about an NFT that provides you with voting rights to decide what the batting line up will be for the team you support? The authentication provided by NFTs may provide a route for these fantasies to soon become a reality.