Cricket NFT platform Rario has announced to shut down its current product and will launch a new product by March. This comes months after both co-founders of the company quit along with mass exits of employees.
“As we reflect on the events of the past six months- industry headwinds on account of new regulations in Web 3.0, crash in the NFT sector coupled with management failures, we have not been able to live up to your expectations,” the company said in a statement.
“Recognizing the need for change, we have put in place a new management team which will bring about a positive transformation. The newly appointed team has a shared commitment towards steering the business in the right direction. To make this possible, we have to sunset the current Rario product effective January 29, 2024,” the statement said.
As per Rario, the first Test match between India and England will be the last game that it will host on D3. The firm assured that customers’ wallet cash balances are safe and available for withdraw till March 31, 2024.
Rario added that it will be launching a brand new platform that will enable users to play new and engaging cricket-based games.
In the current version, Rario allows fans to buy, sell, and trade NFTs through FIAT-only mediums such as credit cards, debit cards, and bank transfers.
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 over the company, reduced the workforce and appointed CFO Priyesh Karia as the interim CEO.
Rario also turned out to be a cash burning machine in FY23 as it spent around Rs 600 crore to earn Rs 39 crore. The firm also wrote off NFTs worth Rs 458 crore in the last fiscal year.