- Rario, a cricket-themed NFT platform, announces the closure of its current product amid management and industry challenges
- Plans for a new launch in March, led by newly appointed CEO Priyesh Karia.
- Rario’s focus shifts towards reinventing its role in the dynamic Web3 and NFT landscapes.
Rario, the cricket-focused non-fungible token (NFT) platform, has announced the closure of its existing product effective January 29. This decision comes amidst challenges in management and the broader Web3 and NFT landscape. The platform’s last event will be the first test match between India and England.
Official Announcement 👇 pic.twitter.com/hXG8MbzPGt— Rario (@rariohq) January 23, 2024
Rario, backed by Dream Sports, has been a critical player in the digital collectibles, forming notable partnerships with cricketing bodies such as Cricket Australia. These collaborations have enabled the creation of unique NFTs and games, engaging cricket enthusiasts in immersive digital experiences. Despite these efforts, the platform reported substantial losses for the fiscal year ending March 2023, signaling the need for a strategic pivot.
Moreover, the company is undergoing a management overhaul, with Rario’s CFO, Priyesh Karia, stepping up as the new CEO. This change in leadership is part of a broader strategy to navigate the current challenges and steer the platform toward a successful relaunch.
The new version of Rario, slated for release in March, promises a fresh take on cricket-based gaming. However, current Rario cards will not be compatible with the upcoming platform. To bridge this transition, the company plans to offer incentives to existing users, encouraging them to engage with the new product.
The journey has not been without its hurdles Rario faced legal challenges, notably in a case against Mobile Premier League’s Striker Club over using digital player cards. The Delhi High Court’s decision, which sided against Rario, underlined the complexities of navigating the digital rights landscape. This outcome also impacted Rario’s funding prospects, highlighting the volatile nature of the NFT market.
Users of Rario have until March 31 to withdraw their wallet cash balances as the platform prepares for its next chapter. This closure marks a pivotal moment for Rario and Dream Sports, reflecting the evolving dynamics of the Web3 and NFT sectors. The new platform, aiming for a March launch, represents a product transition and a strategic shift in response to the challenges and opportunities within the digital collectibles domain.