Ethereum-based NFT Soccer Platform Sorare Reportedly Raises $532M in Funding

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by Sanaa Sharma · 3 min read
Ethereum-based NFT Soccer Platform Sorare Reportedly Raises $532M in Funding
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Even though CEO Nicolas Julia denies the conjecture, Business Insider’s report claims that the fantasy soccer platform raised half a million dollars with a valuation of at least $3.8 billion.

Ethereum-based fantasy soccer platform Sorare is anticipated to announce the recent round of funding that raised $532M with a valuation of at least $3.8B. In a recent report by Business Insider, the series B round of funding was steered by Japanese multinational conglomerate SoftBank.

Atomico, which is a European Venture Capital Firm headquartered in London, also has a part to play in the recent Sorare funding round. Some of the other leading investors include global investment company Eurazeo and growth venture capital fund Blisce.

Sorare was established in 2018 with the game inaugurated in 2019. Identifying the ability of blockchain technology to curate a new field of the sports gaming industry, the founders Nicolas Julia and Adrien Montfort built Sorare’s online marketplace. Within a year of its game launch, Sorare experienced profits, with $ 1million worth of cards being sold across 50 nations in just over 12 months.

The Paris-based startup has been instrumental in establishing a trading ground where customers can conveniently buy and sell NFT collectibles. The fantasy game of soccer enables people to trade and operate a virtual team with digital player cards that are ranked on their performance in real matches. Blockchain technology helps in indicating the ownership of the digital card or token, fastening the card’s digital paucity.

The Non-Fungible Token (NFT) platform has 142 licensed teams from some of the best federations around the world. More than 70 football clubs from Europe, United States, and Asia have collaborated with Sorare to furnish formally licensed cards. It allows football fans to accumulate and trade cards on the online platform. This way, the clubs can manifest themselves to a global audience.

Even when CEO and co-founder Nicolas Julia disapproves of the recent round of funding being administered, Insider’s information, which includes three unnamed sources, is giving rise to several speculations in the market.

If the conjecture turns out to be true, this will prove to be a soaring rise for Sorare. The previous round of funding or the Series-A funding raised $50 million and was financed by Twitter, Instagram, and Discord. Currently, Sorare holds the 6th position on the list of top NFT platforms that allow the collection of digital assets. The company has accomplished an eruptive 52% month-on-month escalation over the past 12 months.

Football being a familiar entity for more than 4 billion people around the world, the current situation of the pandemic has however pulled people further away from real-life experiences. As the online space sees a sharp rise in demand, the need for a connection to sports has significantly led to digital experiences being given a priority.

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Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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