NFT Sports Platform Sorare Gets Regulatory Green Flag Ahead of FIFA World Cup

By November 19, 2022NFT
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NFT Sports Platform Sorare Gets Regulatory Green Flag Ahead of FIFA World Cup

The NFT trading card game Sorare gets a big win ahead of the FIFA World Cup. It will no longer be classified in the category of gambling.

Sorare is a blockchain-based fantasy game where players buy, sell, trade, and manage a virtual team with digital player cards in the form of Non-Fungible Tokens (NFTs). In Sep 2021, Sorare raised $680 million in a Series B funding round led by SoftBank’s vision fund team. The latest valuation of the company is $4.3 billion.

Sorare will no longer be classified as a gambling

The French startup was in a battle with the French National Gambling Authority (ANJ), which believed that the NFT fantasy game should be classified as gambling. Sorare explained that the players never lose their cards (NFTs), so it should not be classified as a gambling platform.

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According to The Big Whale report, Sorare has made peace with ANJ; both parties have come up with a solution. This is a big win for Sorare because it can get away with certain financial limitations that gambling platforms have to follow under regulatory rules.

We have found a provisional solution with the French National Gambling Authority (ANJ) that satisfies both parties.

Nicolas Julia, co-founder of Sorare

Lionel Messi X Sorare

According to a CNBC report, the Argentines Football legend – Lionel Messi joined Sorare as an investor and brand ambassador earlier this month. The partnership aims to set new standards for how fans connect with clubs and players.

We believe Messi will help us set new standards in how we do this, and we look forward to sharing what new content and fan experiences we’ve been collaborating on soon.

Nicolas Julia

Cristiano Ronaldo NFTs are Live

Messi’s greatest rival, Cristiano Ronaldo, announced his NFT collection ahead of the FIFA World Cup. The NFT collection is owned by 1048 fans and has a trading volume of 28,000 USD, according to the Binance NFT marketplace.

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