$4 Million Raised by Sorare, the Fantasy Soccer Company that Supports Blockchain

Sorare is a very well-known fantasy soccer company that also happens to support blockchain technology. The company announced on Thursday that it had conducted a seed funding round that had led to the firm accumulating $4 million. The funding round was primarily led by e.ventures. The announcement made by the firm via email said that the investors in the firm included Fabric Ventures and also Andre Schurrle. Schurrle is a former soccer player who was formerly part of the German national soccer squad.

The modus operandi of the company is especially interesting, with the company generating “player cards” using blockchain. The blockchain in question is Ethereum and the company essentially provides “trading cards” of players that the users of the platform can then trade with each other. Being a fantasy soccer firm, the users act as team managers, each having five players on their team. The users use these five cards, which are their team players, to play against other platform users. The matches are held on a weekly basis in the form of league contests.

Each player on the platform comes through the official representation of the league and team in which they play. Sorare also made another announcement recently saying that they had successfully created partnerships with MLS, South Korean K-League, and also the U.S Soccer League. One of the most sought after and rare cards on the platform is that of Portuguese footballer Cristiano Ronaldo who is currently valued at more than $18,000.

The partnerships with these leagues have provided a major boost to the number of players that people can trade with. According to the CEO of Sorare Nicolas Julia, these agreements allowed the firm to add around 3500 new users to their platform. He said, “We’ve had major traction, essentially targeting the ‘crypto-enthusiast’ potential users.” He also pointed out that the firm is currently working towards creating a much more improved free-to-play experience for users and creating a better platform for users using fiat currencies. Julia said, “It’s important for us that they can play without needing to install MetaMask and buying ether.” MetaMask is a popular extension for crypto wallets used by a lot of people.

Another interesting feature of the platform is that the users on Sorare can buy tokens for different players of soccer. This can help them potentially boost their team and with a good real-life performance from the players, the users can be entitled to rewards paid in ether or even getting new trading cards. The head of the biggest seed funding participant Fabric Ventures, Max Mersch said, “When COVID hit, we thought that it would be the end of something like Sorare.” He pointed out how the same feature could be a problem that the platform could face since there were no live games happening due to global lockdowns.

Mersch is himself an enthusiast for such ventures and their previous investments may give a hint of the same as well. The firm also invested in the development of Decentraland, an online virtual-reality platform that also allows transactions in Ethereum for users. It was his interest in such ventures that also saw him become a user of the platform that Sorare has created. Being a user allowed him to closely look at the platform and see its potential.

According to Mersch, the way Sorare survived the pandemic is by allowing users to replay matches from the last season. This ability to replay previous matches proved to be a good motivation for most users and kept them on the platform. Mersch also expressed his surprise at how people were willing to spend such huge sums of money to buy digital cards. Sales have been doing quite well according to Sorare with the June figure alone touching a hefty $350,000.

German soccer player Andre Schurrle also shared how he was impressed by the way Sorare had envisioned what the future would look like for football collectibles. Schurrle has been in German national squad during the 2014 world cup. He was recently let go from the German soccer club Dortmund.

Sorare is quite proud of the model it has created for football collectibles in a digital format. Their token system is also quite impressive, and they say that the thing that makes these tokens valuable is their scarce nature. According to Sorare, these tokens, especially the expensive ones would go up even more in value as the players perform well in matches. With soccer matches now slowly coming back, albeit without a live audience, the platform is bound to see even better days.

Sorare is relying heavily on the success of its platform which is blockchain compatible. According to Julia, the current goal for the firm is to accumulate enough money to expand its team. This would be a key step in achieving their ambition which is to get “the top 20 leagues with all their clubs licensed” with Sorare.

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