What is Cricket Foundation (CRIC)?
Cricket is one of the most popular sports in the world with billions of fans across the world. It’s the most popular sport in India, the most populated country on Earth, by a large margin. But the popularity extends beyond just India – cricket is popular in many countries around the world, especially those that were former Indian colonies.
Anyway, the popularity of cricket leads to many business opportunities to cater to the many fans of theC sport. These opportunities extend to the blockchain and one project, Cricket Foundation, is trying to make that reality. Cricket Foundation launched their very own blockchain meant to cater to cricket fans.
Well, things have not exactly turned out great for the project, which we will discuss in this article. Additionally, we will cover everything you need to know about Cricket Foundation.
What is Cricket Foundation (CRIC)?
Cricket Foundation is the foundation behind the Cricket blockchain. This is a blockchain dedicated to all things cricket.
Basically, think of Ethereum, but imagine all the projects on Ethereum revolve around cricket.
Of course, the main project on the Cricket blockchain was an NFT marketplace and collection. It’s the standard sports based NFT – you can buy online trading cards or the NFT of major cricket moments.
And that’s about all this project had going for it.
Now, the project turned out to be a complete bust almost immediately after launching with investors losing millions of dollars. The next section will cover everything that was wrong with this project so you don’t make the same mistake when the next project like this rolls around in a few years.
The Problems with Cricket Foundation (CRIC)
There were a lot of problems with Cricket Foundation before it even launched. We could tell this project would be a complete failure before it even launched based on the red flags listed below, so use these red flags for future projects to avoid losing money on them.
Horrible Idea – Blockchain Not Necessary
The first problem with Cricket Foundation (CRIC) is that it’s an absolutely horrible idea. The project created its very own blockchain to launch an NFT collection.
Why does a project like this need to create its own blockchain? Why could they not just do this on Ethereum?
It’s a colossal waste of time, money, and resources to launch a blockchain for cricket fans. Just build on top of Ethereum rather than launching a blockchain.
The fact they launched their own blockchain shows a lack of understanding from the development team in our opinion. It really is inexplicable why they would do this, and it’s not explained in the white paper.
Sports NFTs Are Terrible
The next problem we have is that sports based NFTs have generally performed very poorly. The only exception to this rule that we can think of is NBA Top Shot, which is an actual good idea with some of the worst execution we have seen.
Anyway, Cricket Foundation is nowhere close to NBA Top Shot and not because Cricket Foundation is better than NBA Top Shot.
It’s just a bad product.
Too Many Celebrity Endorsements
There’s a common belief amongst consumers that products with a major celebrity endorsement are inferior because all the money was spent on the endorsement rather than research and development. The George Foreman grill is the exception to this rule.
Anyway, Cricket Foundation had over 120 endorsements from professional cricket players.
That indicates to us that Cricket Foundation spent all their money on endorsements and practically none of it on actually building out a good product. The quality of their NFT collection sort of proves this point.
Lofty Goals in The White Paper
Finally, the whitepaper for Cricket Foundation lists out a lot of lofty goals. That in and of itself is not a problem – it’s fine to have big goals.
However, you must provide some sort of roadmap for how you will get from writing a lofty goal to releasing it to the public. Cricket Foundation did not do that in the whitepaper, which is a red flag.
It’s a red flag because it appears they only mentioned it to entice newcomers to cryptocurrency to invest in the project.
Is CRIC a Good Investment?
We would not consider CRIC a good investment. The points listed above should cover all the reasons we find CRIC a bad investment.
But the reasons listed above are only part of the reason we would not consider CRIC a good investment. The other part of the reason we would not invest in CRIC has to do with the price history of the token. Just look at the price chart of CRIC:
That’s a horrible price chart and one that indicates a rug pull.
It’s even worse than that, though. The 24 hour trading volume has not been over $1,000 since April 2022.
This means that the token has virtually no trading volume, which would make it very difficult to sell your tokens.
Finally, no one actually uses the blockchain. This is evident by looking at the most recent transactions on the block explorer.
The most recent transaction was on August 16, 2022 – over a month from the time of writing. The transaction before the one in August was in June 2022.
It’s clear that no one actually uses the blockchain.
This is a dead project. Investing in a dead cryptocurrency project would be a horrible idea, so this makes CRIC a horrible investment.
Was Cricket Foundation (CRIC) a Scam?
We will not call Cricket Foundation a scam, but it does look suspicious. The project goes on a huge marketing blitz prior to launch and spends millions to hire famous cricketers for a quick endorsement.
The project then launched, did nothing, and the value dropped to zero.
We will not call it a scam, but it’s a very bad look for the project. Most people would probably consider it a scam project and they would probably be right.
To wrap things up, Cricket Foundation is a dead cryptocurrency project. It never really had much hope of becoming a successful project and we have our doubts the founders ever intended for this project to become a major project.
Anyway, don’t fall for people on Twitter claiming this project is worthy of an investment. It’s not and should be avoided as an investment.