Subsequent to soccer clubs worldwide, cricket teams in India are getting prepared to take advantage of the latest internet fad – fan tokens. As per a report, the next edition of the Indian Premier League (IPL) could see a surge of fan tokens from teams partaking in the tournament.
Fan tokens are a subset of non-fungible tokens (NFTs). Enthusiasts can purchase these tokens with non-digital money like the US dollar or the rupee to get specific rights or profits when it comes to their preferred club. Simply said, a fan token allows followers have a say in club decisions – or at least some level of influence.
For clubs, it’s a way to get more capital, especially post the COVID -19 pandemic where stadiums lay vacant and tickets sales were scanty.
It is ambiguous what type of advantages Indian fans will enjoy for investing in their preferred cricket club. In the football world, fan tokens offer voting rights on celeb music, kit designs and other small decisions.
According to sources, it is possible that the majority of these tokens will be supported by Polygon, the Indian blockchain platform which has been earning fame, not just in India but amongst NFT platforms all across the world.
As per reports, the first of these fan tokens may be available as early as December 2021. Co-founder of Polygon Sandeep Nailwal also signaled that ‘intriguing declarations’ from the Indian sports community are expected to go public soon.