Rario, the cricket non-fungible token (NFT) platform backed by Dream11 parent Dream Sports, announced on January 31 that it is initiating a buyback plan on February 12, 2025, a move that is aimed at providing relief to its users.
"...recent times have been challenging with the NFT market facing significant headwinds. We've explored various ways to provide value to your digital collectibles. After careful consideration, we are initiating a buyback plan at the base value of your digital moments and player cards" the company said in a statement.
To facilitate the buyback, Rario will suspend its marketplace on February 6 and close down D3, the cricket strategy game co-developed with Dream Sports, on February 9 until the buyback is completed.
"Till February 12, 2025, the team will work towards scaling up internal systems to ensure a smooth buyback program" Rario mentioned in the statement.
The buyback will begin on February 12 and remain open until March 20, 2025. It will be available to all users, and those who haven’t completed KYC will have the opportunity to do so on the platform, the startup said.
The buyback value will vary based on the category of the digital collectible. For instance, Black cards and moments will be valued at $100, Gold at $25, Silver at $5, and Bronze at $1.
Started in 2021, Rario allows cricket fans to collect, trade, and own unique cricket-themed digital assets that represent their favourite players, teams, and moments in the sport. This includes officially licensed cricketing moments and player cards on the blockchain, represented as a NFT, similar to traditional trading cards or memorabilia.
People could also create squads with player cards on D3 and compete to win rewards ranging from official merchandise, match tickets, and the chance to meet players.
In January 2024, Rario announced plans to shut down its product and launch a new platform, a few months after its founders, Ankit Wadhwa and Sunny Bhanot, left the company. This decision also came amid industry headwinds, including new Web3 regulations and a crash in the NFT sector.
However, the company later reversed its plans in February 2024, stating that it is working with various stakeholders to implement a plan to compensate users for any losses incurred from their investments in Rario cards.
The firm also stated that it will continue with its current rewards programme, allowing users to play and trade with their cards on the marketplace.
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