NFT platform Rario to shut current product, new platform expected in March
Rario, a cricket-focused non-fungible tokens (NFTs) platform, said in a statement on Wednesday that it is winding down its current product, effective January 29, as it navigates management failure and headwinds in the Web3 and NFT industry.
The first test match between India and England will be the last game that the company will host. Users can withdraw their wallet cash balances till March 31.
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Backed by real money gaming firm Dream Sports, Rario formed partnerships with cricketing entities such as Cricket Australia and the Australian Cricketers’ Association to create NFTs and games. These digital cards allowed users to form teams and participate in D3, Dream Sports’ strategy game.
Also read | ETtech in-depth: Rario collapse, tax woes bring curtains down on Dream Sports’ venture arm
The company has also overhauled its management and will be launching a new version of Rario in March, as per a statement posted on X. «Symbolising our commitment to learning from our experiences, in March, we will be launching a brand new platform that will enable you to play new and engaging cricket-based games,» the statement read.
The current Rario cards will not be usable in the new gaming platform, but the company will attempt to lure old users to the new product with perks.
“Rario was a big bet for us to see whether Web3 fantasy gaming is going to take off," Harsh Jain, cofounder and CEO of Dream Sports, had told ET in November. Even though that investment failed,
