Cricket NFT platform Rario is set to close its existing product, revealing plans to launch a new one in March, following the departure of both co-founders and a wave of employee exits. The company acknowledged challenges, stating, “We have not been able to live up to your expectations.” A new management team has been appointed to steer positive transformation, leading to the decision to sunset the current Rario product by January 29, 2024.
Reflecting on recent challenges, the company’s statement noted, “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…” The new management team aims to guide the business in the right direction.
Rario assured users that wallet cash balances are secure and available for withdrawal until March 31, 2024. The last hosted game on D3 will be the first Test match between India and England.
Despite its current setbacks, Rario revealed plans to introduce a new platform enabling users to engage in fresh cricket-based games. The current version allows fans to trade NFTs using FIAT-only mediums like credit cards, debit cards, and bank transfers.
Co-founded in 2021 by Ankit Wadhwa and Sunny Bhanot, Rario faced significant changes when both co-founders departed in September. Investors assumed control, reducing the workforce and appointing CFO Priyesh Karia as interim CEO.
Highlighting financial challenges, Rario was described as a cash-burning machine in FY23, spending around Rs 600 crore to earn Rs 39 crore.
