What is NFT? Why are Shoaib Akhtar and Wasim Akram selling their 'valuable' digital assets?

 What is NFT? Why are Shoaib Akhtar and Wasim Akram selling their 'valuable' digital assets?

What is the most memorable moment in the history of Pakistani cricket for you? Shoaib Akhtar's two consecutive yorkers Indian batsmen Dravid and Tendulkar's wickets flying, Afridi's Ashwin in the Asia Cup two winners six or Misbah's push ups after a century in Lord's.

In the world of technology, it now seems possible for cricket fans to save such memorable moments in the form of digital art for life and make money through them.

Former Pakistan fast bowler Shoaib Akhtar has announced that he is going to introduce 'World's First Cricket NFT Market' and his NFTs will be auctioned soon. This means that the person who buys this NFT will be considered the original owner of online content such as 'original' photos or videos.

In his video on Twitter, Rawalpindi Express said, "I am coming to the world of corruption and blockchain. I could have launched from anywhere but Pakistan is my pride.

Shoaib Akhtar's announcement comes at a time when Wasim Akram, one of Pakistan's best cricketers, has been auctioning off his NFTs since June 24.

 

But you may also be wondering why former Pakistan cricketers suddenly became interested in blockchain technology and corrupt currency.

In fact, behind them are companies like Tamp and Binance who want to introduce digital art and online content buying and selling in NFT through cricket fans in Pakistan as well.

Not limited to this, but like Shoaib Akhtar and Wasim Akram, some of the leading players in various sports around the world are auctioning off their digital assets to make money.

But what is NFT after all and why do some NFTs cost millions of dollars?

NFT refers to non-flammable tokens. It is a special type of digital certificate that testifies to who is the real owner of a photo, video or other type of online content.

In the language of economics, fungible assets are anything that can be exchanged instantly, such as money. If someone gives you a Rs 100 note, you can exchange it for two Rs 50 notes.

NFT is the 'only' asset of its kind in the digital world that can be bought and sold like any other asset. But this material is available online, not in any solid form in our hands.

What is its legal status in Pakistan?

An investor in a Pakistani art tech company told the BBC on condition of anonymity that Pakistani cricketers could easily auction off their photos, videos and artworks or tokenize them by dividing their rights into sections. can.

He believes that NFT, like cryptocurrency, has never been outlawed in Pakistan and that the sector is in the gray area because it has not yet been legislated.

He said that government ministers and institutions are serious about legislating on this and progress has been made in the form of meetings in this regard.