The sports NFT platform Rario is mainly focused on cricket sport. On Thursday, it raised $120 million in series A funding. The Indian fantasy sports company Dream Sports led the round.
The goal of the platform is to provide NFTs centered around cricket to 140 million Indian customers. That is why the company raised new capital and partnered with Dream Sports. According to a blog post from the platform, it will only accept FIAT currency, not cryptocurrencies.
Looking at Rario’s previous investors, the list includes venture capital firms Presight and Kingsway. It also includes the blockchain gaming company Animoca Brands.
Rario Owns The Cricket NFT Market
It seems like Rario owns most of the cricket NFT shares in the world. It recently signed a long-term contract with Cricket Australia and the Australian Cricketers’ Association. Besides, the company has partnerships with six international cricket leagues and the rights to more than 900 cricketers.
Moreover, the company says it has sold over 50,000 tokens since it started. The top four markets were the United States, the U.K., Australia, and India. In addition, the founder of Rario Ankit Wadhwa said that cricket is the second-largest sport in the world, with more than 1.5 billion fans.
Cricket Sports Market Evolvement
The idea of sports tokens is not new. So far, basketball and football have dominated the space. The NBA is one of the biggest players in the NFT market for sports. With its Top Shot NFT marketplace launched in 2021, its sales have topped $1 billion since it began. The NBA has also tried to make dynamic NFTs, but the project has run into its own set of problems.
On the other hand, a lot of European football teams also took advantage of the rise in popularity of NFTs. Recently, English Liverpool released a line of NFTs with heroes in them.
When it comes to cricket, this sport has not had any of these moves. However, the sport has huge followings in Asia, Australia, and Africa. It could be a good idea for Rario to start selling cricket-themed collectibles.