Yuvraj Singh, a cricketer, is collaborating with Colexion, a licenced NFT marketplace, to develop his own NFT line.
Previously, the NFT marketplace partnered with athletes including Pankaj Advani, Glenn Maxwell, and Brendon McCullum to launch NFT memorabilia.
Music composer pair Salim-Sulaiman, cricketers Varun Chakravarthy and Dwayne Bravo, and Bollywood and TV actors Tanuj Virwani and Aamir Ali, among others, have debuted their digital collections, according to the business.
“It is a joy to have a cricketer like Yuvraj Singh on board,” said Abhay Aggarwal, Colexion’s Founder and Chief Executive Officer (CEO). We’re making fun digital areas for him to interact with his followers, who will be able to “own” significant moments from his career.”
“NFTs in cricket allows us to connect with our fans like never before. I am happy to partner with Colexion and share precious tokens from my cricketing journey with those who have loved and encouraged me every step of the way. Developing a digital avatar to be able to connect and share our love for cricket is a powerful concept, and Colexion has enabled me to take my first steps in this world,” said Singh.
According to the statement, the cricketer has just become an investor in Colexion, which aims to make the licenced NFT marketplace a worldwide platform.
What Is an NFT (Non-Fungible Token)?
NFTs, or non-fungible tokens, are cryptographic assets on the blockchain that include unique identification codes and information that identify them from one another. They cannot be traded or swapped for equivalent, unlike cryptocurrencies. This is in contrast to fungible tokens, such as cryptocurrencies, which are identical to one another and hence may be used as a means of exchange.
Each NFT’s unique structure allows for a variety of applications. They’re a great way to digitally represent actual things like real estate and artwork, for example. NFTs can also be used to eliminate intermediaries and link artists with audiences or for identity management because they are based on blockchains. NFTs may eliminate middlemen, streamline transactions, and open up new markets.
Cryptocurrencies, like actual money, are fungible, meaning they may be sold or swapped for one another. One Bitcoin, for example, is always worth the same as another Bitcoin. A single unit of Ether is always equivalent to another unit of Ether. Cryptocurrencies are appropriate for use as a secure means of exchange in the digital economy because of their fungibility.