NFT Startup Rario Founders To Leave a Year After $120M Funding

Founders of Rario, the cricket NFT startup in which India's Dream11 led a $120 million funding round last year, are leaving the two-year-old firm, TechCrunch reported Friday, citing people familiar with the matter. From the report: Ankit Wadhwa, who serves as Rario CEO, and Sunny Bhanot, Rario CTO, are being pushed out as investors at the startup, including largest backer Dream11, exert greater control, the people said, requesting anonymity as the matter is private. [...] Just last year, Rario raised a $120 million funding round and aggressively sought to win rights to sell several cricket NFTs on its platform. It was valued at about $250 million in the previous funding and founders sold some stake as part of it, according to others familiar with the deal.

In the olympics of stupid ideas...

[MpVpRb]

... NFTs are a strong contender for gold

They deserve it

[greytree]

After all their hard word making this innovative new product that will shurely be to the benefit of mankind as a whole, these brave pioneers have truly earned their profits and a good long rest.

Re:

[AmiMoJo]

It's just another rug pull.

NFTs were a tax dodge

[rsilvergun]

at least in the States. There's a tax dodge / scam where you buy some "art" for, say, $100k, then all your rich buddies get together and basically agree it's worth $1m (forming a market) and then you "donate" the painting and write $1m off your taxes, usually netting around $500k+ in the deal.

There's a few more steps to the scam, but that's the gist of it. The IRS closed the loopholes that made the scam possible. Rich assholes thought they could replace physical art with NFTs and make the scam work agai

Re:

[Anonymous Coward]

While you aren't wrong here, your obsession with money laundering and delusion that everyone in the cryptocurrency sphere is doing it and nothing else is quite the spectacle to say the least

Re:

[sudonim2]

Yeah! There are lots of reasons people use crypto! Blackmail, drugs, pornography, prostitution, gambling, ransomware, assorted scams, and child pornography are all frequent uses of crypto. Money laundering is just one use of crypto!

Thus completes the second stage of...

[paul_engr]

First you pump, the you dump

Only ugly monkeys picutures are good for NFTs

[thesjaakspoiler]

Anything else is just a scam.
Who cares about cricket anyway_