SORARE: NFT BASED FOOTBALL FANTASY CARDS FIRM RAISES $680 MILLION - IS THIS THE FUTURE OF ONLINE FOOTBALL ENTERTAINMENT?
Fantasy football cards have always been around since we were kids, but the modern world has turned what was worth a few bucks into millions of dollars. Crypto has been the talk of the town for the past few months especially NFT artworks.
Even Lionel Messi recently launched his own NFT collection called ‘Messiverse’ in collaboration with a major digital artist called BossLogic.
Now, an online fantasy football startup that capitalised on the hype and has made history in the financial world. Sorare is an online platform for fantasy football cards that use blockchain NFTs that have considerably grown over the years.
They recently received an investment from SoftBank, a Japanese Investment group, of $ 680 million and has raised the Soarae’s value to $4.3 billion. Here’s the whole story as to how the platform works and how it grew in prominence over time.
HOW DOES SORARE WORK
Sorare is a Paris based startup that was created by Nicolas Julia and Adrien Montfort in 2018. It works just like any fantasy playing card game but with a hefty twist. The cards are a lot more valuable than what we use to collect as kids because they are NFTs (Non-Fungible Tokens).
NFTs are digital artworks that have been blowing up in the Crypto world recently. They are assets that cannot be exchanged and are unique which is what makes them so valuable. Just like crypto-currency, a record of who owns what tokens is stored in shared ledgers also commonly known as blockchains.
People can use NFT’s to sell photos, videos, music or any digital file. These tokens are being sold for millions of pounds around the world. Although art can be duplicated, it won’t hold any value unless you have a token for it that deems its credibility.
Sorare uses Etherium’s blockchain technology. When someone buys the fantasy card, they buy it as an NFT and can trade or play with it online with other users. When you buy a card, you get points based on the player’s real-world performances. Through these points, you can redeem Etherium based rewards.
WHY IS SORARE SO FAMOUS
What makes Sorare a big deal is that it has official rights of various clubs around the world. Clubs like Real Madrid, PSG, Atletico Madrid, Inter, Liverpool Juventus and many more have collaborated with Sorare. There are a total of around 150 clubs that have given theme rights. They are also working with the MLS player association.
The Belgian Jupiler Super League, La Liga and the K League are the only leagues that have given them their rights yet. They have gained many major investors over the years and have the backing of big names like Ubisoft, E-Ventures, Partech & Consensys.
Andre Schrulle also invested in the project back in July 2020 which rose the company’s value by $ 4 million and in December, Barcelona’s Gerard Pique and Ex England defender, Rio Ferdinand have made sizable investments in the venture as well.
Since it all seems so official, the gamers are assured that it is completely safe and reliable which is why they have majorly grown in the last few months. With the new investments, they have made headlines all over the world and we are sore more investors, clubs and players would be set to jump on the bandwagon.
The goal of Sorare is to make their platform is to encourage more people to dive into the world of Crypto and NFTs and they can become the next sports entertainment giant and their exponential growth is evident that a revolution is brewing.