Rario’s U-Turn: The NFT Startup To Continue With Current Product

SUMMARY

Over a post on Rario’s social media handle on X, the company announced the development

This comes days after the company told its users that it would shut down the product, effective January 29

Back then, Rario also announced that it would be launching a new platform In March 2024

Days after cricket-focused NFT startup Rario announced shutting down of its current product, the Dream Sports-backed company appears to have reversed its decision as it continues to reel under headwinds in the NFT and Web3 space.

Rario made this announcement on its official X handle.

“We are happy to announce that we will be continuing with Rario’s current rewards programme, allowing you to use your cards to play and trade on our marketplace, and win prizes!,” the post read.

Earlier last month, it said it would shut down the product, effective January 29. Back then it said that the first test match between India and England would be the last game on D3, the cricket strategy game co-developed with Dream Sports.

Rario also announced that it would be launching a new platform In March 2024.

“The current Rario cards will not be usable in the upcoming gaming platform. But, as a loyal Rario user, we will be providing you with additional perks benefits on the upcoming gaming platform,” it said

However, on Thursday (February 1), the company confirmed that the current platform will continue to exist.

Following investment worth $120 Mn from Dream Sports in 2022, media reports floated that Rario was being pressurised with more control from its investors, causing cofounders Ankit Wadhwa and Sunny Bhanot to exit the company.

Dream Sports was also reported to be reconsidering other roles in a bid to restructure the company. In addition, people aware of the developments also reported that Dream Sports was negotiating many of Rario’s licensing deals as it looks to cut expenses.

Founded in 2021 by Sunny Bhanot and Ankit Wadhwa, Rario enables cricket fans to own digital collectibles like player cards, video moments, and cricket artifacts.

Currently, the company is partnered with a number of names in the cricket fraternity including Sachin Tendulkar, IPL franchisees Gujarat Titans and Punjab Kings, Cricket Australia, and Lanka Premier League.

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