The day following, the cricket-themed NFT firm Rario announced that it would be shutting down its current service. The Dream Sports-backed company seems to reverse its decision even as it continues to wriggle through headwinds within both the NFT and Web3 sectors.
Rario made the announcement via his 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 announcement read.
A few months ago, the company announced that it would cease operations on the game in January, with effect from January 29th. Then, it was announced that the opening test in the series between India and England would be the final game played on D3, a cricket-related strategy game developed by Dream Sports.
Rario announced it will be launching an entirely new platform in March 2024.
“The currently available Rario cards won’t be able to be used on the new gaming platform. However, as a faithful Rario user, we’ll provide our customers with more advantages for the gaming platform that is coming,” it said
On Thursday (February 1st), the company announced that the platform it is currently operating on will remain in existence.
Following a $120 million investment by Dream Sports in 2022, Media reports suggested the idea that Rario was under pressure with greater control from its shareholders, causing cofounders Ankit Wadhwa and Sunny Bhanot to exit the company.
Dream Sports was also reported to be rethinking its jobs in order to streamline the business. Additionally, those who were aware of the changes informed us they believed that Dream Sports was negotiating many of Rario’s licensing agreements as it tried to cut costs.
In 2021, Rario was founded with the benefit of Sunny Bhanot and Ankit Wadhwa; Rario enables cricket fans to have digital collectibles such as player cards, video clips, and cricket-related artifacts.
At present, the company is associated with a variety of prominent names from the cricket world, such as Sachin Tendulkar. IPL franchisees Gujarat Titans and Punjab Kings, Cricket Australia, and Lanka Premier League.
Initial Shutdown Announcement
Rario, which had received an investment of $120 million in a Series A financing round, which was led by Dream Capital in April 2022, announced at first the end of its previous product,, which caused a stir among its customers. The announcement said that the existing Rario cards were not incompatible with this new system, which led to fears of losses for those who had invested a lot in the company’s NFTs.
User Backlash and Reversal
This announcement led to unrest from Rario’s users who had invested 30-40 crores in NFT cards belonging to more than 1,100 cricketers, which included notable names such as Sachin Tendulkar, Virender Sehwag, as well as KL Rahul. The users expressed their displeasure and concern about the possible loss of their digital assets. In reaction to the criticism, Rario announced via X (formerly Twitter) that it would continue its current rewards program. The company said, “We will be continuing with Rario’s current rewards program, allowing you to use your cards to play and trade on our marketplace, and win prizes.” The move was taken to alleviate the concerns of its loyal users and ensure that they continue to engage with the platform.
Continued Engagement and Future Plans
Rario’s decision to keep its current rewards program allows users to continue to make use of the NFT accounts to gamble games and trade in the marketplace. In addition, Rario has planned extra prizes for events that will be held, including events like the Indian T20 League and the World Cup, to further encourage user participation. The change in the decision is a major change in Rario’s strategy, which has been battling numerous challenges in the last year. The departure of the founders, Ankit Waddhwa as well as Sunny Bhanot, in August 2023, as well as the selection to the position of Priyesh Karia, who was appointed interim CEO, has been a major factor in the platform’s uncertain experience.
