CSK Fan Craze tie up for digital collectibles

CSK Fan Craze tie up for digital collectibles

Subject: Science and Technology

Section: Computer and IT 

Context: Four-time IPL champions Chennai Super Kings (CSK) on Friday announced that it had signed an exclusive partnership with FanCraze, a cricket metaverse company, to issue digital collectibles and build

Web 3.0 experiences.

Concept –

• A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable.
• NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.
• Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.
• NFTs give a person proof of ownership. This means that they can monetise the right to own
• However, since the internet is so porous, owning an NFT doesn’t necessarily mean that a person has exclusive rights since anything digital can be duplicated endlessly.
• The most common currencies used for an NFT transaction, which happen entirely online, are Bitcoin and Ether.
• Since NFTs live on the blockchain, they’re easy to track. Tracking allows for transparency and the verification of their authenticity. The blockchain contains the entire history of all of its owners, past and present.
• The token you have created will be listed in the marketplace for other people to bid. However, if you don’t want to opt for an auction, you can also set a fixed price on the selling page — and the royalties you want to receive from the initial sale as well as subsequent sales.

What is the difference between fungible and non-fungible tokens (NFTs)?

• Both fungible tokens — like Bitcoin, Ether, Doge and other cryptocurrencies — and NFTs are a form of digital assets.
• While cryptocurrencies carry monetary value, NFTs are valued as per their uniqueness, akin to a collector’s item.