Cricket NFT Platform Rario set to become biggest players in the market with a $100 million funding from Dream Capital
Dream Capital, the venture arm of US-based Dream Sports, the parent company of Dream11, the online fantasy gaming platform, is in talks with Cricket NFT platform Rario for a $100 million investment in the company, according to a report in The Economic Times.
If the deal goes through, Rario, which was founded in 2021 by Sunny Bhanot and Ankit Wadhwa, would become the biggest players in the cricket NFT market. In the one year since its inception, Rario has sold 50,000 NFTs on its platform and has rights to five international leagues with buyers from 19 different countries across the globe.
What the Dream Sports investment means for Cricket NFT Platform Rario
Dream Sports has a user base of 140 million across Dream11 and other platforms, and even if Rario converts only a portion of the users to their platform, it would outrun its competitors by a fair margin, primarily FanCraze, which signed a partnership with International Cricket Council to create exclusive collectibles.
The Rario platform has a marketplace for fans to buy, sell, trade and manage a virtual team with digital player cards. The cricket NFT platform Rario has partnerships with 550+ international cricketers, allowing it to create player cards which can help link to apps and other games.
This is the first time Dream Sports is venturing into the NFT space and this investment could be one of the largest in the entire NFT market in India. The Economic Times also states that India has the potential to become the biggest NFT industry in the world with other companies like Sorare and TopShots driving more than $2 billion sales with just a million users.
Dream Sports’ extraordinarily large user base would make Rario the strongest player in the market.