NFT-based fantasy sports platform Sorare is currently one of the most talked about platforms in crypto space. Well deserved considering the active players. Sorare is a fantasy soccer manager game. Managers (the name given to players) can create a virtual team consisting of digital player cards. These player cards are NFTs on the Ethereum blockchain and can be both bought and traded there.
One of the most successful NFT games, Sorare allows players to make decisions and tweak their squad based on real-life pro performance.
Own Your Game – Experience football like never before and make your imagination come true. — sorare.com
Sorare SAS was founded in France in 2018 by Nicolas Julia and Adrien Montfort. Previously, both gained experience in the blockchain space by working together at tech startup Stratum. Sorare quickly became the most popular game in the soccer NFT universe. There are currently well over 600,000 managers from 170 countries.
In September 2021, Sorare announced that it had invested an additional EUR 580 million in a new round of financing from the Japanese Softbank Group. Sorare is now valued at around $4.3 billion. The company employs around 200 people in Paris and New York, making it the most valuable startup in France.
Sorare now generates several hundred million US dollars a year with the minting of football trading cards.
The company also has expansion plans in other areas. It was recently announced that Sorare will soon launch its own platform for the American baseball league MLB.
Sorare has official licensing agreements with 245 clubs from 39 different leagues with a total of 6000 different player cards. Including FC Barcelona, Bayern Munich, Paris St. Germain and others.
In addition to the numerous official licenses, Sorare has many well-known personalities behind the startup. Investors include Reddit co-founder Alexis Ohanian and well-known multi-entrepreneur Gary Vaynerchuk. The investors also include sports stars such as Antoine Griezmann, Gerard Piqué, André Schürrle, Rio Ferdinand, Oliver Bierhoff and Serena Williams.
- SoRare is a blockchain based soccer fantasy game with real players and teams or leagues.
- Football NFTs are issued as NFTs on the Ethereum blockchain (ERC721 token standard).
- Earning money from Sorare NFTs is possible in two ways: trading football NFTs by value increase or earning weekly income based on the performance of the football players in the team.
The player cards are licensed digital collectibles: each digital card is registered as a unique token on the Ethereum blockchain. The cards have a verifiable rarity. The presence and transaction history of the cards are stored transparently on the Ethereum blockchain.
This makes the cards unchangeable and forgery-proof. Player cards come in five different categories. The starter cards “Common” are not tradable, they are unlimited and of little use for the game. Players of the four other rarity types “Limited” (of which there are 1000 per footballer), “Rare” (100), “Super Rare” (10) and “Unique” (1) are available for purchase.
There is more information on the cards, such as the serial number, the season the card is from (there are new player cards every season), as well as the player’s age, position and nation.
How to play Sorare with NFTs?
The player card NFTs are not only valuable assets, they can also be used in the game. For each game day, the managers put together their virtual teams of five players each. A goalkeeper, a defender, a midfielder and a striker, plus another player of your choice. With the fantasy team, the manager takes part in game days and competes for prizes. The more players, the higher the prizes. After matchday, points based on a player’s performance (e.g. goals and assists) will determine the winner(s). Depending on the rarity of the card, players will also receive different boosts to the points they earn.
Depending on player rarity and other requirements, managers can register for tournaments. There are different tournaments in the individual classes, which are categorized by league or age of the players, for example.
How much do the NFTs cost?
Prizes vary significantly depending on the player’s rarity and potential. The most expensive player card to date has been Erling Haaland’s ‘Unique’ card, which sold for around $630,000 in January. However, less rare Limited cards can be purchased for a few dollars.
The free cards can only be played within the Rookie League. New player cards can be bought in auctions after minting, or traded between managers on a secondary market, the Sorare Marketplace. An NFT wallet is required to buy or trade NFTs.
Aside from the Ethereum gas fees and the cost of the cards, Sorare is free to play. You can also pay by credit card.
The Sorare Coin is…just kidding! There is nothing. In fact, the game does not require its own utility token. Only Ethereum has to pay soccer NFTs and gas fees related to blockchain transactions.
This means that one way to invest in the platform’s success is to buy and hold Ethereum tokens.
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Since its launch in 2020, the Sorare NFT football platform has seen tremendous growth, growing its user base by over 500% to around 150,000 users in 2021 alone. Football NFT auction revenue is also up more than 5100% (51x). Considering that the global fantasy football industry is worth nearly $16 billion and already had an active user base of over 60 million players worldwide in 2020, Sorare NFT still has tremendous potential in the existing market alone. In addition, Sorare is the market leader and has an immense advantage with the exclusive licenses of football clubs and leagues; it’s almost a monopoly in this niche. At the same time, Sorare can not only constantly expand its base of imaginative football fans, but also grow in two directions: women’s football or even other sports.
Technically, the project from France is based on the Ethereum blockchain. Managers can buy the trading cards with ETH and any winnings are also paid out 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 American professional baseball league MLB.
Sorare combines classic fantasy soccer with real leagues and soccer NFTs based on the Ethereum blockchain. One of the best play-to-earn concepts I’ve discovered so far.