A fantasy sports platform based on NFT very rare It is currently one of the most discussed platforms in the field of cryptography. Well deservedly, if you think about active players. Sorare is a fantasy football manager game. Managers (the name given to the players) can create a virtual team consisting of digital player cards. These player cards are NFTs on the Ethereum blockchain and can be purchased as well as traded there.
Sorare is one of the most successful NFT games and allows players to make decisions and improve their squad based on the real-world performance of the pros.
Own your game – Experience football like never before, bringing fantasy to reality. – sorare.com
Sorare SAS was founded in France in 2018 by Nicolas Julia and Adrien Montfort. Prior to that, they both gained experience in the blockchain field by working together at tech startup Stratum. Quickly, Sorare has become the most popular game in the NFT football world. There are currently more than 600,000 managers from 170 countries.
In September 2021, Sorari announced that another 580 million euros have been invested in a new financing round by Japan Softbank Group. Sorare is now valued at around $4.3 billion. The company employs about 200 people in Paris and New York, making it the most valuable startup in France.
Sorare now earns several hundred million US dollars annually by minting football trading cards.
The company also has expansion plans in other areas. It was recently announced Sorare will soon launch its own MLB baseball platform.
Sorare has official licensing agreements with 245 clubs from 39 different leagues, totaling 6000 different player cards. Among them are Barcelona, Bayern Munich, Paris Saint-Germain, and others.
In addition to the many official licenses, Sorare has many well-known personalities who support the startup. Investors include Reddit co-founder Alexis Ohanian and well-known entrepreneur Gary Vaynerchuk. Also among the investors are sports stars such as Antoine Griezmann, Gerard Pique, Andre Schurrle, Rio Ferdinand, Oliver Bierhoff and Serena Williams.
- SoRare is a fantasy football game built on the blockchain with real players and teams or leagues.
- Football NFTs are issued as NFTs on the Ethereum blockchain (ERC721 token standard).
- Earning money with Sorare NFTs is possible in two ways: trading football NFTs after an increase in value on the one hand, or weekly income based on the performance of the football players lined up in the team.
Player cards are licensed digital collectibles: each digital card is registered as a unique token on the Ethereum blockchain. Cards have a verifiable rarity. Card presence and transaction history are stored transparently on the Ethereum blockchain.
As a result, the cards cannot be changed and are not tamper-proof. Player cards come in five different denominations. “Common” starting cards cannot be traded, they are unlimited and not very useful for the game. Players of the other four types are ‘Limited’ (of which there are 1,000 footballers), ‘Rare’ (100), ‘Extremely rare’ (10) and ‘Unique’ (1) for purchase.
On the cards there is other information, such as the serial number, the season the card came from (there are new player cards every season), the player’s age, status, and nation.
How does Sorare play with NFTs?
Player card NFT cards are not only valuable assets, they can also be used in the game. For each match day, managers create their virtual teams with five players each. Goalkeeper, Defender, Midfielder, Striker, as well as another favorite player. With the fantasy team, the manager participates in match days and competes for prizes. The more players, the higher the prizes. After match day, points are determined based on the player’s performance (eg goals and assists) the winner(s). Depending on the card’s rarity, players also receive various boosts for points scored.
Depending on player rarity levels and other requirements, managers can sign up for tournaments. There are different tournaments in individual categories, which are categorized by league or the age of the players for example.
How much do NFTs cost?
Prices vary greatly depending on the rarity and potential of the player. The most expensive player card to date was the Erling Haaland “Unique” card, which sold for about $630,000 USD in January. However, the less rare limited cards can be purchased for a few dollars.
Free cards can only be played within the Rookie League. New player cards can be purchased at auctions after they have been minted or traded between managers in a secondary market, the Sorare Market. Buying or trading NFT requires an NFT portfolio.
Other than the Ethereum gas fee and the cost of cards, Sorare is free to play. You can also pay by credit card.
Sorare coin…just kidding! There is no. In fact, the game does not require its own utility code. Ethereum is only required to pay NFTs football fees and gas fees associated with blockchain transactions.
This means that the way to invest in the success of the platform is to buy and hold Ethereum tokens.
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Since its launch in 2020, the Sorare NFT football platform has experienced exponential growth, increasing its user base by more than 500% to around 150,000 users in 2021 alone. Revenue from NFT football auctions has also increased by more than 5100% (51-fold). Given that the global fantasy football industry is worth nearly $16 billion and already has an active user base of more than 60 million players worldwide in 2020, Sorare NFT still has huge potential in the current market alone. Also, Sorare is the market leader and has massive assets on its side with exclusive licenses to football clubs and leagues; It’s almost a monopoly in this place. At the same time, in addition to the constant expansion of its fan base of fantasy football, Sorare can still grow in two directions: women’s football or even other sports.
Technically, the startup from France is based on the Ethereum blockchain. Managers can buy trading cards with ETH and any winnings are also paid via the Ethereum blockchain.
Due to its success, Sorare plans to expand its ecosystem in the near future by creating a new platform for the MLB Major League Baseball.
Sorare combines classic fantasy football with real tournaments and football NFTs based on the Ethereum blockchain. One of the best for-profit gaming concepts I’ve spotted so far.