Ankit Wadhwa and Sunny Bhanot, co-founders of sports NFT project Rario, left the project after two years of work due to disagreements with investors. It is reported by TechCrunch.
Wadhwa was the CEO and Bhanot was CTO.
According to insiders, the executives made this decision because the Dream11 startup’s largest sponsor interfered too much in the work process.
As part of the broader changes at Rario, other employees may also be made redundant.
In parallel, Dream Sports, Dream11’s parent company, is discussing corporate spending cuts. The organization initiated discussions with numerous partners to resolve the issue.
Rario currently has partnerships with Tendulkar, Cricket Australia, IPL franchises Gujarat Titan, Punjab Kings, Abu Dhabi T10 and Hero Caribbean and Lanka premier leagues.
In April 2022, the NFT platform closed a $120 million Series A funding round. Before that, the startup was supported by Animoca Brands, Presight Capital and Kingsway Capital.
The interlocutors of the publication reported that recently the volume of trading on the marketplace has significantly decreased due to a “long recession in the economy.”
Founded in 2021, Rario is aimed at cricket lovers. The project team also entered into a multi-year exclusive deal with Cricket Australia to create a themed metaverse.
Recall that in August, the volume of trading on the marketplace of non-fungible tokens OpenSea decreased to $106 million, the lowest figures in the last two years.
Previously, a rare NFT #8585 from the BAYC collection was sold for a record low 153 ETH (~$254,000). The asset lost 80% in value in 11 months.
In June, the total amount of royalty payments on NFT collections fell to a two-year low — almost 1,000 ETH.
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