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Tendulkar invests in Dream Sports-backed NFT Shop

Indian cricket legend Sachin Tendulkar has invested in Rario, a decentralised exchange for non-fungible tokens (NFTs) supported by Dream Sports. Several prominent venture capital firms, including Dream11’s Dream Capital, the United Kingdom’s Kingsway Capital, and the United States’ Presight Capital, have invested in the platform, which specialises in cricket-themed memorabilia of sportsmen from across the globe.

As a result of the undisclosed strategic investment, collectable NFTs of Tendulkar will be made available for trading in Rario’s marketplace under a section titled “The OGs,” alongside those of other legendary cricketers like England’s Kevin Pietersen, South Africa’s Jonty Rhodes, and Pakistan’s Shoaib Akhtar.

Rario is built using the Ethereum-based Rario Chain, built around the Polygon Edge architecture. Rario’s investors include Polygon Studios and Animoca, a gaming venture capital business in Hong Kong. The website says that it has sold more than 150,000 cricket-related NFTs in the last year. However, Tendulkar’s investment comes as NFTs have seen a dramatic fall in worldwide demand since their high last year.

Decline in NFT Transactions around the World

The Block, which tracks the cryptocurrency market, reports a steep decline in the total amount and quantity of NFT transactions globally as of October 20. In January of this year, the monthly trading volume of NFTs on the widely used worldwide NFT marketplace OpenSea reached a record high of $5 billion. In contrast, September showed a dip in NFT trading on OpenSea to $358.5 million, a decrease of roughly 93% from the previous month.

After leaving Twitter, co-founder Jack Dorsey auctioned off his first tweet as an NFT in March of last year. He ended up selling it to cryptocurrency enthusiast Sina Estavi for $2.9 million.

But prices have fallen dramatically ever since then. Estavi hoped to recoup some of his initial investment when he re-auctioned his stake in OpenSea in April, setting a starting bid of almost $50 million. In exchange, the highest price at the auction’s close was roughly $14,000, a more than 99% reduction in the tweet’s value.