India's Cricket NFT Platform Raises $120M From Dream11 Parent

Indian cricket non-fungible tokens (NFTs) platform Rario raised $120 million in fresh funding led by Dream Capital, the investment and mergers and acquisitions (M&A) arm of sports technology company Dream Sports.

The strategic partnership would give Rario access to the 140 million user base of Dream Sports and its subsidiaries, including Dream11, DreamSetGo, and KheloMore.

This came after Dream Sports CEO Harsh Jain, at an industry event in January, said that the company was exploring a foray into the nascent blockchain and NFT market.

Education: How To Buy Non Fungible Tokens (NFTs)

Meanwhile, Rario has also recently signed one of the world’s largest cricket NFT deals– a multi-year exclusive partnership with Cricket Australia and the Australian Cricketers’ Association to create an Australian cricket metaverse of collectibles and gaming.

The company said that since 2021, it has sold over 50,000 NFTs to sports fans across 20 countries, with the USA, UK, Australia, and India as its top 4 markets.

NFTs alongside cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD have blown up in popularity in the country despite frequent regulatory hurdles.

See Also: Crypto Wallets Controlled By Individuals Are A Global Risk, Says India's Finance Minister To The IMF