BENGALURU: Phage Technologies, a startup that builds fun consumer experiences on top of public blockchains, said on Wednesday that it has raised $17.4 million in a seed funding round led by Tiger Global Management. Coatue Ventures and Sequoia Capital India also participated along with Dapper Labs, Samsung Next, Courtside Ventures and Vivek Ranadive.
Mumbai-based FaZe said it has partnered with the International Cricket Council (ICC) to create exclusive digital collectibles (using NFTs) to launch Cricket on the Flow blockchain.
The startup was founded in 2021 by Anshum Bhambri, the founding COO of the Indian Premier League (IPL) and Kushagra Kohli, the former CEO of Reliance Sports and serial entrepreneur.
“Our mission is to build the metaverse for cricket. We are in a unique position to combine NFT, gaming, financial utilities, and money can’t buy experiences to create a single platform for fans to collect, access, play and interact with Cricket via NFT on Flow can be prepared. Every NFT purchase can be made within seconds without the need of a crypto wallet directly via a mobile wallet, or credit or debit card, ensuring that every transaction is as smooth as possible”, said Anshum Bhambri, CEO, FaZe Technologies .
With access to both current content and a collection of historical moments, the new experience will help consumers delve deeper into the greatest moments of ICC events. The product will also give them a way to be part of the in-match action. Through developed fan activism around marquee matches, cricket lovers will be able to enter competitions with the opportunity of a lifetime event.
FaZe said it aims to help create a direct relationship between producer and consumer built on three principles – true ownership and the ability to showcase NFTs on social media, pack buying and peer-to-peer trading experiences, and finally Earn to Earn, a universe where the core mechanics and economy are built around the ownership, crafting, and struggle of NFTs.
“We are excited to support our vision of FaZe and athletes creating collectable moments through memorable plays on the field as performers. With our talented management team and strong partnerships, FaZe is an emerging business in the region. Will accelerate the democratization of the model,” said Unaz Kabani, Partner, Tiger Global.
FaZe has also forged a strategic partnership with Dapper Labs, which is building a similar experience for leading sports leagues and federations in the world.
Roham Gharegozlu, CEO of Dapper Labs, said, “We are excited to partner with FaZe to launch the ultimate cricket fan experience with ICC on Flow. With over one billion cricket fans across 105 ICC member countries, FaZe is revolutionizing how cricket fans everywhere connect and engage with some of the greatest moments in cricket history. From the NBA and WNBA to La Liga, NFL and UFC, we bring sports fans around the world to the new dynamic Fans on Flow -driven experiences, and I look forward to seeing how cricket fans engage with NFTs.”
“We have seen firsthand the power of blockchain-enabled gaming, sports and collectibles from our experience with Dapper Labs. FaZe is bringing this model to cricket fans around the world and the power of Flow as a platform is validating,” said Dan Rose, president of Cotu Ventures.
Shailesh Lakhani, MD, Sequoia India, said, “We believe that blockchain and user-centric design can come together to create never-before-seen social experiences for digitally native consumers. 3.0 is creating products that are fun, a little crazy, and very compelling. They’re as simple to use onboard and as traditional Web 2.0 apps, which will enable mass appeal.”
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