Cricket-themed non-fungible token (NFT) platform Rario has confirmed the continuation of its reward program during the World Cup, despite its recent announcement about shutting down operations.
The extension of the reward program was communicated through a post on X (Twitter), expressing gratitude for user support and allowing them to continue utilizing their cards for playing, trading, and winning prizes.
The post also highlighted the introduction of new prizes for the upcoming Indian T20 League and World Cup events.
This development followed user complaints on January 24, 2024, regarding losses in their card values following Rario’s decision to cease platform operations from March 31, 2024.
Rario cited mismanagement, market downturns in the NFT sector, and regulatory uncertainties as reasons for the closure, aligning with similar decisions made by other platforms such as GameStop and Aqua in 2023, as well as Meta and X discontinuing their NFT features.
Rario, launched in 2021, experienced significant growth in 2022, securing a $120 million Series A funding round led by Dream Capital. The platform quickly dominated the global cricket NFT rights landscape through exclusive partnerships with six international cricket leagues and a roster of over 900 cricketers.
However, 2023 witnessed a downturn in the NFT market compared to the robust growth experienced in 2021 and 2022, where the market reached $15.54 billion and approximately $1.47 billion, respectively.