Sorare: Virtual Football Goes Crypto
As the world increasingly moves online, it’s hardly a surprise that even sports have gone virtual. With the advent of Sorare, fantasy football enthusiasts and cryptocurrency aficionados can now play a game that’s a perfect blend of the two.
Sorare’s Fantasy Football Game
Sorare’s fantasy football game lets players create their unique virtual teams in a league format. But unlike regular fantasy football, each player’s team is made up of virtual cards, which they can trade on the game’s marketplace.
What makes Sorare unique is that these cards are non-fungible tokens (NFTs) on the Ethereum blockchain that carry value outside the game. Sorare’s Tokenization on the Ethereum Blockchain
The use of the Ethereum blockchain to tokenize virtual football cards is what gives Sorare its edge over other fantasy football games.
Unlike traditional fantasy football networks where rewards come in the form of cash or prizes, Sorare’s in-game crypto rewards, and NFT virtual cards carry a dollar value that players can trade on other blockchain marketplaces. Since each card is an ETH non-fungible token, players can trade, buy, and sell the cards in real life in other marketplaces.
This means that some rare cards can sell for tens of thousands of dollars, while others may sell for a few dollars or ether. The game’s marketplace function is highly popular, with numerous top-level investors keen to buy limited, rare, or super-rare cards.
These cards have a dollar value that’s determined based on their rarity, meaning a rare card is more valuable than a regular card, but a super-rare card is rarer and consequently more valuable than a rare card. Sorare’s Partnerships and Game Features
Sorare’s game features numerous partnerships with football organizations and leagues, such as the South Korean K-League, Juventus Turin, Lazio Rome, Olympique Lyonnais, River Plate, and Atlas Futbol Club.
These organizations function as a database of high-performing players that contribute to Sorare’s unique virtual card game. What’s more, players who perform exceptionally well receive rewards that are paid out in ether.
This means players can trade the rewards in ether on other blockchain marketplaces. According to the game’s community, the game features four levels of cards.
The unique level is the most valuable since there is only one card, while the super-rare level is the second rarest since there are only ten cards available. The rare category has 100 cards, and the limited category ranks as the most common with 1000 cards.
Sorare Company History
Sorare’s journey began in 2018 when Nicolas Julia and Adrien Montfort founded the company with the goal of creating a data-driven football game. Julia’s expertise in data analytics and Montfort’s knowledge of Ethereum and blockchain applications meant the duo could develop an AI tool that automated the game’s process.
Sorare’s game received seed funding from Chris Hitchen and a third division Belgian soccer team before launching a beta product. The game quickly attracted tens of thousands of players, which contributed to the game’s instant growth in the fantasy football space.
The game’s growth also saw Sorare form partnerships with top football clubs such as Bayern Munich, Gerard Piqu’s Barcelona FC, and World Cup Champion Andr Schrrle, Liverpool FC, and Eredivisie. SoftBank then invested in Sorare, valuing the blockchain gaming company at over $50 million.
Although reports of investigations into Sorare have emerged, the game’s co-founder, Nicolas Julia, maintains that the company’s platform is free of any wrongdoings. In conclusion, Sorare’s unique fusion of virtual football and crypto is something that is becoming increasingly popular as people trade more freely on decentralized and transparent Ethereum blockchain marketplaces.
Moreover, Sorare’s partnerships with novel soccer clubs worldwide mean it’s poised to establish itself firmly as a serious player in the fantasy football space. Sorare’s Business Model
Sorare’s business model revolves around issuing and selling new cards in its virtual football game, which players can buy or trade on the game’s marketplace.
Players can use either cryptocurrency or traditional currency to purchase new cards, with all card ownership recorded on the Ethereum blockchain. The secondary market for Sorare’s cards has exploded in recent months, with some high-performing cards valued at exorbitant prices.
For instance, a unique card featuring Paris Saint-Germain’s top striker, Kylian Mbapp, recently sold for $65,000 in ether. With teams such as Bayern Munich, Juventus, Real Madrid, and Liverpool taking part in the game, Sorare can leverage their fan bases to sell more virtual cards.
Clubs earn money from licensing agreements with Sorare, which provides an additional marketing channel and a way to reach a worldwide audience, including new fans in countries with less developed soccer leagues.
According to Sorare, the global market for soccer collectibles is worth around $4 billion annually, and its virtual card game is uniquely positioned to tap into this market.
Sorare is set to take advantage of this growing market as part of its expansion plans.
Future Plans and Expansion
Sorare aims to become the go-to platform for soccer fantasy leagues, bringing on pro football leagues worldwide as its partners. In addition, Sorare has plans to add other sports such as basketball to its virtual card game.
Sorare’s business model is scalable, which means that it can easily expand to other sports and countries, tapping into local sports fan bases. Going forward, Sorare hopes to introduce more rare and unique cards, making them even more valuable on the secondary market.
Sorare Funding, Revenue & Valuation
Sorare’s success has attracted attention from some of the biggest venture capital firms and investors globally. Sorare has raised $60 million in funding so far, with investors such as Accel, Atomico, SoftBank, Benchmark, and Futury Capital taking part in its Series A and Series B funding rounds.
Notable personalities, such as soccer star Antoine Griezmann, entrepreneur Gary Vaynerchuk, and Reddit co-founder Alexis Ohanian, have also invested in Sorare.
Sorare’s private ownership makes it challenging to ascertain its revenue figures, with the company still in its nascent stage.
Nevertheless, the company’s strong investor interest has attracted a $4.2 billion valuation, indicating that significant growth potential lies just ahead. Holger Seim, Sorare’s CEO, believes that the company’s valuation reflects how investors view the potential value of blockchain technology in revolutionizing the gaming and collectibles sector, particularly in light of NFTs’ growing popularity.
Given Sorare’s scalability, there is no doubt that the company is poised for significant growth, creating significant interest among investors worldwide. In conclusion, Sorare’s unique blend of soccer fandom, blockchain technology, and cryptocurrency has set the stage for a promising new type of sports fantasy game.
With Sorare’s many partnerships with the world’s top soccer teams and investors worldwide, the company is positioned for significant growth. Sorare’s expansion plans to other countries and sports, combined with the ever-increasing demand for virtual collectibles on the blockchain, make it an exciting time for the company and investors.
In conclusion, Sorare’s innovative model of virtual football gaming, powered by blockchain and cryptocurrency, has successfully tapped into the global soccer collectibles market, all while positioning itself for significant expansion into other sports and regions worldwide. With notable investor interest and a $4.2 billion valuation, Sorare’s scalability and potential growth make it a promising venture.
Its success highlights the potential for blockchain technology in the gaming and collectibles sector, as well as the market value of NFTs. As the world shifts toward digital collectibles and gaming experiences, Sorare is poised to make a significant mark in the sports fantasy game industry.