FanCraze eyes $100-mn round as Indian NFT space hots up

After the mega funding rounds in crypto exchanges like CoinSwitch Kuber and CoinDCX last year, investor interest in India’s blockchain space is now growing to cover the NFT corner. 

Faze Technologies Inc, which operates FanCraze, a marketplace for cricket-related non-fungible tokens, is in advanced discussions to raise $100 million, said three people briefed on the matter. 

The cash will help the company maintain its pace after winning exclusive rights from the International Cricket Council (ICC) to create digital collectibles based on memorable moments of the game.

The funding round adds to the excitement in the space. Fantasy sports and gaming platforms Dream11 and Mobile Premier League are also looking to make a play in NFTs and blockchain, which has the potential to change the industry’s dynamics. 

Faze founders Anshum Bhambri and Kushagra Kohli had earlier set up digital assets startup Round Finance along with Sunder Raman, who was the chief operating officer of the T20 league IPL.