A digital cricket collectibles NFT company, Rario, is undergoing major shifts, with co-founders Ankit Wadhwa and Sunny Bhanot stepping down after two years due to heightened investor control demands, according to a TechCrunch report.
Dream11, a major supporter of Rario and a popular fantasy sports platform in India, is also being removed from the company. Rario is making other organizational changes as well, including job cuts.
Last year, Rario secured $120 million in funding, claiming rights to produce NFTs featuring famous cricket players. However, reports suggest that Dream11’s parent company, Dream Sports, is renegotiating some of Rario’s deals to save money.
LinkedIn profiles of Rario’s leaders haven’t reflected these changes yet, and both Rario and Dream11 have not commented on these reports.
Rario, founded in 2021, aimed to create digital cricket collectibles for fans, selling 50,000 digital items to sports fans in 20 countries. They also partnered with cricket leagues like Cricket Australia and the Caribbean Premier League to create NFTs.
The upheaval at Rario underscores the evolving dynamics and challenges in the NFT space, highlighting the delicate balance between creators, investors, and the pursuit of innovation.
Also Read: Delhi High Court Dismisses Rario’s Plea Against Striker’s NFTs
