Rario, a non-fungible token (NFT) platform for cricket, has raised a $120 million Series A investment sponsored by Dream Capital, the venture capital arm of fantasy sports platform Dream Sports, to help both firms develop their Web 3 initiatives.
Rario, situated in Gurugram, will be able to access Dream Sports’ 140 million users. That’s, who will be provided fiat-only products in India, thanks to Dream Capital’s investment.
Dream Sports chief strategy officer Dev Bajaj said in a news release on Thursday that the company is teaming with Rario. Inorder, to assist sports fans engage more deeply with their favorite cricket teams.
Also, Dream Sports, based in Mumbai, is looking to invest in more Web 3 firms that use new NFTs, according to Bajaj.
Rario is a blockchain-based NFT platform that allows cricket fans to trade officially sanctioned moments from matches.
In order to develop an Australian cricket metaverse, the company, which was founded in 2021. Of course, recently signed a collaboration with Cricket Australia and the Australian Cricketers’ Association.
Alpha Wave Global joined existing investors, including gaming business Animoca Brands. Then, and venture capital funds Presight Capital and Kingsway Capital, in the investment round.
Lastly, Investors have been pouring money into cricket NFT platforms based in India.
Bloomberg reported in March that cricket NFT marketplace FanCraze is raising roughly $100 million in a series A fundraising round.
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