Cricket-based NFT platform Rario has announced its raising of $120 million in a recent Series A funding round. Dream Sports, the corporate venture capital arm of Dream Capital, led the round, with participation also coming from asset management firm Alpha Wave Global.
With the new injection of funds and corresponding partnerships, Rario will now have access to Dream Sports’ 140 million cricket-mad user base of India, where here, it can expand on its cricket NFT trading services.
In speaking on the partnership, Dev Bajaj, chief strategy officer at Dream Sports, hinted that such Web3 investment from Dream Capital will most likely not be its last: ”Web3 uses cases in sports, and we are looking to back more startups in the global space with utilities of NFTs”.
With an illustrious list of exclusive partnerships which have allowed the platform to claim ownership over the largest share of cricket-centric NFT rights across the globe (whilst also having official associations with six international cricket leagues and over 900 cricketers), Rario gives cricket fans a platform to own pieces of the sport’s history via NFT player cards, video moments and artefacts.
A key factor of the platform’s successful distribution of over 50,000 NFTs to sports fans across 20 countries is most likely its inclusion of a fiat-based payment system, as low barrier methods such as credit cards, debit cards, and bank transfers can all be used to make purchases on the platform.