Rario, an NFT platform devoted to cricket, stated on Thursday it had raised $120 million in collection A funding. The spherical was led by the enterprise capital arm of Indian fantasy sports activities agency Dream Sports activities.
With the brand new funding, and a partnership with Dream, the agency will now supply cricket-themed NFTs to Dream Sports activities’ 140 million customers in India. Given regulatory scrutiny in direction of cryptocurrencies in India, the platform will solely settle for fiat, not crypto, it stated in a weblog put up.
Earlier buyers in Rario embody enterprise capital corporations Presight and Kingsway, in addition to blockchain gaming main Animoca Manufacturers.
Rario corners the cricket NFT market
The Singapore-based firm claims to have the most important share of cricket NFT rights globally. It just lately signed a multi-year, unique partnership with Cricket Australia and the Australian Cricketers’ Affiliation.
The agency additionally has unique partnerships with 6 worldwide cricket leagues, together with the rights to over 900 cricketers.
Rario stated it has offered over 50,000 tokens since its launch, with the USA, UK, Australia and India being its top-four markets.
Ankit Wadhwa, co-founder of Rario, stated that cricket is the second-largest sport on this planet, with over 1.5 billion followers.
Cricket an untapped market?
Whereas sports activities tokens aren’t a novel idea, the area has been largely dominated by basketball or soccer. The Nationwide Basketball Affiliation (NBA) is among the largest gamers within the sports activities NFT market, with its Prime Shot NFT market seeing gross sales of almost $1 billion since its 2021 launch.
The NBA has additionally ventured into creating dynamic NFTs, though the undertaking has met its personal set of issues.
A number of European soccer golf equipment additionally capitalized on the rising reputation of NFTs. English Liverpool just lately launched a group of hero-themed NFTs.
However cricket has not seen comparable forays, regardless of the game having large followings throughout Asia, Australia and Africa. Rario could possibly be poised to capitalize on this untapped market by providing cricket-themed collectibles.
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