Leading Sports non-fungible tokens (NFT) platform, Sorare, is set to receive a funding of $532 million from investors with a supposed valuation of $3.8 billion. Sorare is a sport digital collectibles platform that allows users to collect and trade digital cards of the favourite teams and players. The platform is co-owned by French entrepreneurs, Nicolas Julia and Adrien Montfort, and set up in 2018.
According to undisclosed sources, the funding will be done by reputable firms from across various industries including telecommunications conglomerate from Japan, Softbank, alongside a venture capital firm in Europe, Atomico.
Sorare Partners with Major Football Teams Across the Globe
Sorare has grown massively since its creation and currently ranks as the third among popular blockchain-based games. Other investors reported to be part of the funding include Investment company, Eurazeo and as well as France-based Fund, Blisce set up by entrepreneur, Alexander Mars. Before now, Sorare had partnered with reputable football teams across major leagues in the world such as Liverpool, Real Madrid, Paris Saint German, Juventus and Atletico Madrid.
Germany and Bundelisga-based football team Bayern Munich joined the sports digital collectibles platform late last year. The Bundelisga football team had initially struck a partnership deal with another firm to produce the club’s players’ digital cards. With the collectibles, fans could play a fantasy league and as well trade these cards among themselves.
However, Sorare’s co-founder, Nicolas Julia was unwilling to reveal that there was a funding round for the platform when asked. Meanwhile, sources claimed that the funding round is almost closed. Perhaps it is a private funding round, and the platform is reluctant to allow the public to know. It is likely that the funding amount will be directed towards expanding Sorare’s operations and introducing new products that users can take advantage of.
Sorare Raises $50 Million from Investors in February
Sorare had earlier raised $50 million from a funding round in February, with contributions from social media enterprises, Twitter, Reddit, Discord. Other investors that partook in the round were Accel Partners, Benchmark, VaynerMedia owned by Gary Vaynerchuk including Barcelona star, Antoine Griezmann.
The sporting industry is making its way into the blockchain space with creation of football tokens. Juventus, Manchester City, Real Madrid and Paris Saint German are among a few football clubs that have created fan tokens to create fun and experience for its fans across the globe. There is also the NBATopShots which is making waves currently in the NFT space. NBATopshots is a basketball-based non-fungible token platform that allows fans purchase or earn digital collectibles of their favorite basketball stars.
Available data show Sorare is currently ranked sixth among top NFT platforms, with a transaction volume of $12.37 million over the past month. Sorare boasts of thousands of traders and collectors who trade daily on the platform. Interestingly, Sorare has also partnered with the national teams of France and Germany. NFTs are also making headway into other industries including the music industry.