Rario shuts down flagship NFT product, to launch new product in March
The company said it has put in place new management to steer Rario in the right direction, adding that it will also introduce a new product in March.
Cricket NFT platform said it will shut down its existing marketplace effective January 29.
"As we reflect upon the events in the past six months, industry headwinds on account of new regulations on Web 3.0, crash in the NFT sector coupled with management failures, we have not been able to live up to your expectations," the platform said in a written statement on X (formerly Twitter).
The company has put in place new management to steer Rario in the right direction, adding that it will also introduce a new product in March.
Founded by Ankit Wadhwa and Sunny Bhanot in 2021, the company last raised $120 million led by Dream Capital—Dream Sports’ investment arm, and Alpha Wave Global. While Wadhwa and Bhanot quit the company in September, Rario investors took control of the company, reduced the workforce, and appointed CFO Priyesh Karia as the interim CEO.
In October last year, The Decrypting Story exclusively reported on how Rario's existing NFT portfolio nosedived in value, leaving its investors stuck on the platform with no way to exit their holdings. Investors who spent as much as Rs 20,000 on a card were unable to exit their holdings as buyers are few and far between.
Rario in its statement said that while it plans to launch a brand new platform for cricket games, the cards that users hold at the moment will not be transferable to Rario's new platform. "But for loyal Rario users, we will be providing additional perks and benefits on the upcoming gaming platform," it said.
Edited by Kanishk Singh
