Polygon

<p>Polygon-based NFT platform Rario, specializing in cricket-related non-fungible tokens (NFTs), is experiencing a major transformation, with its founders, CEO Ankit Wadhwa and CTO Sunny Bhanot, departing the company after a two-year tenure.</p><p>Investors in the startup are taking on a more prominent role in steering the direction of the Indian startup, according to a<a href="https://techcrunch.com/2023/09/08/rario-dream11/" rel="noopener noreferrer nofollow"> report</a> from TechCrunch on Friday.</p><h2 id="header-0">Dream11</h2><p>Dream11, a prominent Mumbai-based fantasy sports platform and one of Rario’s primary backers, alongside other investors, is said to be exerting pressure to gain greater control, resulting in the ousting of the firm’s founders. The development comes amid other significant shifts in Dream11’s leadership.</p><p>Additionally, Rario is undergoing a broader restructuring effort that includes the elimination of various roles, according to sources who were cited by TechCrunch as being familiar with the matter.</p><p>This recent upheaval coincides with reports of Dream11’s parent company, Dream Sports, taking measures to reduce operational costs. TechCrunch noted that Dream Sports is actively renegotiating several licensing agreements previously inked by Rario as part of cost-cutting measures.</p><h2 id="header-1">High profile investors</h2><p>Rario boasts a roster of high-profile investors, including global investment company Alpha Wave Global and cricket icon Sachin Tendulkar. In April 2022, the cricket NFT platform made waves by<a href="https://www.coindesk.com/business/2022/04/21/indian-nft-cricket-platform-rario-raises-120m-round-led-by-dream-capital/" rel="noopener noreferrer nofollow"> securing</a> $120 million in a Series A funding round, asserting its dominance in the cricket NFT rights arena with over 900 cricketers on board at that time. It’s not clear what valuation the firm had at the time of the Series A funding round but in a prior round, Rario had been valued at $250 million.</p><p>Founded in 2021, Rario set out with a mission to create digital cricket collectibles and foster an online community for passionate fans. By April 2021, the company had successfully sold 50,000 NFTs to sports enthusiasts spanning 20 countries.</p><h2 id="header-2">Cricket world partnerships</h2><p>Cricket is the second largest sport in the world with in excess of 1.5 billion fans worldwide. That leaves a lot of scope for Rario to harness NFTs to bring about new forms of engagement.</p><p>Among Rario’s notable partnerships are agreements with cricket leagues such as Cricket Australia, the Australian Cricketers’ Association, the Caribbean Premier League, the Lanka Premier League, and the Abu Dhabi T10 League Legends League Cricket.</p><h2 id="header-3">Polygon changes</h2><p>Polygon Labs, the developer of the Ethereum-centric layer two scaling network upon which the Rario platform runs, also features India in its<a href="https://medium.com/&#64;coinness.gl/polygon-labs-carries-out-management-team-reshuffle-bbeb1020647b" rel="noopener noreferrer nofollow"> origin story</a>. It too has seen upheaval at a managerial level recently. In July, the firm announced a number of senior positional changes. Its former Chief Legal Officer (CLO) was elevated to the position of CEO. Those changes saw Polygon Labs’ Indian Co-Founder Sandeep Naiwal transition to the role of Executive Chairman.</p><p>Rario’s ongoing evolution reflects the dynamic nature of the NFT space, where startups must adapt to changing investor interests and market conditions. With its investors taking the reins, Rario faces a pivotal juncture in its journey to redefine how cricket fans engage with the sport through the exciting world of NFTs.</p>

Founders Exit Following Overhaul of NFT Startup Rario

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