![]() ![]() The funding will be used to rapidly accelerate the company’s growth within football while also allowing Sorare to replicate its model in other sports, expand its world-class team by hiring across key roles, and launch ambitious marketing campaigns with partners, athletes, and media companies. Sorare is effectively opening up a new traceable and sustainable revenue stream for professional sports organisations globally. This next-generation gaming experience allows leagues and clubs to expand their international brand by reaching an untapped audience of fans. The company’s ambition in football is to onboard the top 20 football leagues globally and the top 50 football associations, across not just men’s football but also women’s football. Sorare has already established a leading position in the fast-growing football NFT space the company has over 600,000 registered users on the platform and has licensed players from over 180 football organizations, including Real Madrid, Liverpool, Juventus, the French and German Football Federation. The number of monthly active paying Sorare users grew by 34X between Q2 2020 and Q2 2021, with quarterly sales increasing by 51X over the same period. ![]() ![]() The company has experienced tremendous growth this year with over $150 million worth of cards traded on the platform since January. Through collecting, owning and trading these limited edition digital collectibles, Sorare is designing a unique game experience where users can truly own their game and build real world connections. It is a secure and transparent model of digital ownership. Sorare cards are NFTs, meaning each card is unique, scarce, and its ownership is publicly verifiable via the Ethereum blockchain. Other investors in Sorare’s raise include: venture capital firms Accel and Bessemer Ventures as well as the footballers Pique, Ferdinand, France’s Antoine Griezmann and Spain’s Cesar Azpilicueta.Sorare operates at the intersection of the fast growing non-fungible token (NFT) market ( $2.5bn already sold this year), sports cards ( $5bn) and global fantasy sports ( $48bn by 2027), creating a multi-billion-dollar total addressable market opportunity 1. This is not SoftBank’s first foray into NFTs: it also led investment in the NFT marketplace OpenSea in July and invested in the decentralised finance platform Juggernaut in March. and Latin American soccer leagues and its investment in broadcaster Televisa-Univision, to increase Sorare’s user base there. SoftBank’s Latin America fund also contributed, which Combes said was because SoftBank can use its relationships with U.S. The fundraising round was SoftBank’s first time investing in Sorare, via its SoftBank Vision Fund 2. The most expensive unique card is of Cristiano Ronaldo, which was bought for 245,072 euros ($287,420.44) on March 13. Since January 2021, there have been $150 million of sales on Sorare, which accepts payments via credit card and the cryptocurrency ether. “We believe this is a huge opportunity to create the next sports entertainment giant.” “We saw the immense potential that blockchain and NFTs brought to unlock a new way for football clubs, footballers, and their fans to experience a deeper connection with each other,” said Nicolas Julia, CEO and co-founder of Sorare. It plans to open an office in the United States and expand into sports other than soccer. Sorare is the largest sports-based NFT platform by sales volume, according to, a website which tracks NFT market data. “This evolution from physical assets to digital assets is very powerful, and creates a lot of exciting potential business models.” “We think NFTs represent a new paradigm in the collectability, usability, and engagement with assets,” Michel Combes, president of SoftBank Group International, said in emailed comments. The market for NFTs has seen explosive growth in 2021, with collectible and sports-related the most popular types of token. The cards are traded in the form of non-fungible tokens ( NFTs), a kind of crypto asset which records the ownership status of digital goods on the blockchain. Paris-based Sorare said the investment valued the company at $4.3 billion.įounded in 2018, Sorare is an online game where players buy officially licensed cards representing soccer players and build teams which play against each other, with the outcome based on the players’ performance in real-life games. LONDON – Blockchain-based fantasy soccer game Sorare has raised $680 million in a funding round led by SoftBank, with players including ex-England international Rio Ferdinand and Spain’s Gerard Pique also investing, the company said on Tuesday. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |