Polygon-based Rario Concludes $120 Million Funding Led by Dream Capital   

Singapore-headquartered cricket NFT platform Rario has bagged $120 million in funding led by Dream Capital. Alpha Wave Global was also part of the Series A round.

Rario was founded in 2011 by Presight Capital and Kingsway Capital.

“We are happy to announce that our $120M Series B Funding led Dream Capital ….,” Rario tweeted Thursday with a link back to the Rario blog, where Rario had posted a formal statement.

Rario stated that Dream Capital’s investment gives Rario access to Dream Sports’ 140 million users. Rario will now be able to purchase FIAT-only Dream Sports products in India. This could lead to the creation of the largest cricket NFT platform worldwide.

The project has sold more than 50,000 NFTs in 20 countries since 2021. The top markets for the company are the USA, UK and Australia.

Rario, a platform for digital collectibles built on the Polygon network is a digital platform for cricket enthusiasts. It allows members to “collect, trade, and play with officially licensed cricket NFTs via the blockchain.”

Dream Capital’s First Investment in Web3

Dream Capital, the corporate venture arm and M&A arm for fantasy sports giant Dream Sports, makes its first investment into the Web3 and blockchain space.

Dream Sports allocated $250 million to Dream Capital in August 2021 to invest in “sports and gaming” businesses. These ticket sizes range from $1 million to $100 millions. Rario is the ninth startup from its portfolio, which also includes DreamGameStudios and Elevar, FanCode and Fittr.

Dev Bajaj (Dream Sports Chief Strategy Officer) commented on the investment. “DreamCap was glad to partner Rario to help fans engage deeper in their favorite teams and players.” We are excited to support more startups with NFTs and Web3 applications in sports.

Forecast for Sports NFT to Reach $2 Billion by 2022

Technology, Media and Telecommunications (TMT), Deloitte’s 2022 predictions, has predicted that the global sports NFT market will surpass $2 billion by 2022. The prediction also indicated that India’s entertainment and sports NFT markets would grow to $1 billion in the near future, driven by Bollywood and cricket.

According to the Delloite study, “With over 500 million cricket fans in India and Bollywood an NFT market for cinema and sports in India has potential to exceed $1 billion in value within the near future.”

Last week, Rage, a fantasy sports platform, signed Dinesh Karthik, a famous Indian cricketer as its brand ambassador.

“Rage.Fan” will bring a lot of exciting opportunities to crypto and fantasy sports fans. According to a press release, they will offer players the chance to purchase action cards using NFTs in order to get more rewards.

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