Faze Technologies Secures $17.4 Million in a Seed Round; Teams up with ICC to Develop Tokens
Faze Technologies, a Mumbai-based start-up that leverages NFTs to allow fans to gather, utilise, play, and communicate with cricket, has secured $17.4 million in a seed round. Coatue Management, Sequoia Capital India, Dapper Labs, Samsung Next, and Courtside Ventures also participated in the round, which was led by Tiger Global.
The firm, founded by Anshum Bhambri, Sundar Raman (former CEO of Reliance Sports and founding COO of the Indian Premier League), and Kushagra Kohli, wants to use the capital to establish an NFT Marketplace, acquire a user base, and employ people across departments. In collaboration with Dapper Labs, it will also debut its coins on the Flow blockchain.
Faze claims to be creating a cricket fandom metaverse. It also recently teamed up with the International Cricket Council (ICC) to develop unique digital collections of some of cricket's greatest moments.
An NFT (Non-Fungible Token) is a digital asset that represents real-world objects or pieces of objects, such as art, music, in-game goods, and films, for the uninitiated. These, like any other object, may be purchased and sold online, and most NFT markets are based on cryptocurrencies and tokens, as well as a blockchain network (usually Ethereum).
Apart from trading NFTs, the Faze App will give users access to current material and an archive of historical events, as well as the ability to participate in in-match action, play immersive games, and engage with cricket celebrities one-on-one.
The product is still in development, and the company intends to give a pre-launch pack drop. A pack drop is a random distribution of "rare" NFTs with unknown contents to the buyer. In NFTs, Faze will have six rarity tiers: Common, Rare, Epic, Legendary, Platinum, and Genesis.
It will also allow NFT purchases to be performed without the need of a crypto wallet, using a mobile wallet or a credit or debit card.
NFT supporters include Bollywood stars Sunny Leone, Amitabh Bachchan, Kunal Kapoor, Suniel Shetty, Salman Khan and former Indian cricketers , Veda Krishnamurthy, Zaheer Khan, and VVS Laxman . As a result, the NFT's momentum has piqued the interest of the average citizen in the country.
The firm, founded by Anshum Bhambri, Sundar Raman (former CEO of Reliance Sports and founding COO of the Indian Premier League), and Kushagra Kohli, wants to use the capital to establish an NFT Marketplace, acquire a user base, and employ people across departments. In collaboration with Dapper Labs, it will also debut its coins on the Flow blockchain.
Faze claims to be creating a cricket fandom metaverse. It also recently teamed up with the International Cricket Council (ICC) to develop unique digital collections of some of cricket's greatest moments.
An NFT (Non-Fungible Token) is a digital asset that represents real-world objects or pieces of objects, such as art, music, in-game goods, and films, for the uninitiated. These, like any other object, may be purchased and sold online, and most NFT markets are based on cryptocurrencies and tokens, as well as a blockchain network (usually Ethereum).
Apart from trading NFTs, the Faze App will give users access to current material and an archive of historical events, as well as the ability to participate in in-match action, play immersive games, and engage with cricket celebrities one-on-one.
The product is still in development, and the company intends to give a pre-launch pack drop. A pack drop is a random distribution of "rare" NFTs with unknown contents to the buyer. In NFTs, Faze will have six rarity tiers: Common, Rare, Epic, Legendary, Platinum, and Genesis.
It will also allow NFT purchases to be performed without the need of a crypto wallet, using a mobile wallet or a credit or debit card.
NFT supporters include Bollywood stars Sunny Leone, Amitabh Bachchan, Kunal Kapoor, Suniel Shetty, Salman Khan and former Indian cricketers , Veda Krishnamurthy, Zaheer Khan, and VVS Laxman . As a result, the NFT's momentum has piqued the interest of the average citizen in the country.
