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The company announced on Thursday night via X that it will continue with “Rario’s current rewards program, allowing users to use their cards to play and trade on the marketplace."
This announcement comes almost a week after the company said it would shut its product and relaunch in March and that its current cards “will not be usable in the upcoming platform”.
This decision created turmoil among its users, who have invested between Rs 30-40 crore—according to the firm’s revenue—in NFT cards of over 1,100 cricketers, including Sachin Tendulkar, Virender Sehwag, and KL Rahul.
Following the uproar, the company said last week on Wednesday that it will come up with a plan to compensate its users for losses. However, as things stand, Rario’s new management, led by Priyesh Karia, has decided to continue with the product in its original form
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These digital cards allowed users to form teams and participate in D3, Dream Sports’ strategy game. The platform had sold more than 1.5 million player cards and had over 700,000 users as of April last year.
Also read | ETtech in-depth: Rario collapse, tax woes bring curtains down on Dream Sports’ venture arm
Rario's founders Ankit Wadhwa and Sunny Bhanot departed Rario in August last year amid a souring of relation with the Dream Sports management. The company's future has been in flux ever since.
In November last year, Harsh Jain, cofounder and CEO of Dream Sports - a majority backer of Rario, had told ET in an interview: “Rario was a big bet for us to see whether Web3 fantasy gaming is going to take off. Even though that investment failed, we’re trying to help the community and get management in place. We are hoping that we can help them restart.”