New Delhi, Jan 24 (IANS): Cricket non-fungible token (NFT) platform Rario has announced to shut down its current product from January 29, and will launch a new product by March.

The first test match between India and England will be the last game that we will host on its current product D3.

The Dream Sports-backed company said that customers’ wallet cash balances are safe and available for withdrawal till March 31.

The news came as Rario co-founders Ankit Wadhwa and Sunny Bhanot quit in September, along with mass exits of employees.

“As we reflect on the events of the past six months- industry headwinds on account of new regulations in Web 3.0, crash in the NFT sector coupled with management failures, we have not been able to live up to your expectations,” the company said in a statement.

“Recognising the need for change, we have put in place a new management team which will bring about a positive transformation,” it added.

Rario said that the new team has a shared commitment towards steering the business in the right direction.

“To make this possible, we have to sunset the current Rario product effective January 29, 2024,” the statement read.

Rario currently allows fans to buy, sell, and trade NFTs through FIAT-only mediums such as credit cards, debit cards, and bank transfers.

Founded by Wadhwa and Bhanot in 2021, Rario raised $120 million led by Dream Capital, Dream Sports’ investment arm, and Alpha Wave Global.

After the co-founders moved on, Rario investors took control over the company and appointed CFO Priyesh Karia as the interim CEO.

“We are excited to introduce a new and improved version of Rario that reflects our dedication to excellence, innovation, and user satisfaction,” said the company.