Faze Technologies, a platform for digital collectibles on the blockchain, has raised $17.4m in its recent token sale which was oversubscribed by 6 times. This funding will be used to develop software solutions for NFTs and create innovative new gaming experiences using Faze Tokens (FZT).

Developing a decentralized platform for the global esports scene is no easy task, and Faze Technologies has just announced that it’s raised $17.4 million to continue development of its digital token-powered game called “Cricket NFT Platform” (CNTP) which will launch in 2019.The “nft trading platform” is a decentralized, peer-to-peer platform for trading in gaming items. The platform is built on the Ethereum blockchain and uses smart contracts to facilitate trades. With the support of leading venture capital firms, Faze Technologies has raised $17.4 million USD in its initial coin offering (ICO).

Faze Technologies, an exclusive platform for cricket NFTs, has raised $17.4 million in a seed round headed by Tiger Global and included Coatue, Sequoia Capital India, Dapper Labs, Samsung Next, and Courtside Ventures. The monies will be utilized to expand the platform and hire more employees.

In addition, Faze announced a collaboration with the International Cricket Council to develop cricket NFTs and open an NFT marketplace on the Flow blockchain. Faze’s cricket marketplace will be structured like Top Shot’s super stars, selling both present and historical cricket events as NFTs. Faze, on the other hand, will not be able to dominate the market without competition. Rario, a Polygon-based cricket NFT platform, was established earlier this year, with a number of well-known leagues entering the marketplace.

“Our goal is to create a cricket metaverse.” We’re in a unique position to mix NFTs, gaming, financial utilities, and experiences that money can’t buy to build a platform for cricket fans to collect, utilize, play, and engage with cricket through NFTs on Flow. To guarantee that every transaction is as simple as possible, every NFT purchase may be performed immediately through a mobile wallet or a credit/debit card without the need for a crypto wallet,” stated Bhambri, CEO of Faze Technologies.

Faze was formed by Wall Street veteran Anshum Bhambri, former Reliance Sports CEO and Founding Operating Chief of the Indian Premier League Sundar Raman, and serial entrepreneur Kushagra Kohli.

Faze is on Twitter.

 

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