Sorare receives $ 50 million investment to expand his fantasy football on Ethereum

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Key facts:

Figures such as French footballer Antoine Griezmann also participated in the round.

Sorare plans to add more soccer leagues, expand his team, and launch a mobile app.

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Sorare’s fantasy football, based on collectibles running on the Ethereum blockchain, receives significant financial backing to expand its platform. Total, the French company managed to raise up to USD 50 million, during a financing round led by venture capital firms Benchmark and Accel.

Sorare reported on the result of the investment round this Thursday, February 25, through a statement on his blog. The company reported that among the investors are also entrepreneurs Alexis Ohanian and Gary Vaynerchuk.

Some figures from world football also participated in the investment: the French star of FC Barcelona, Antoine Griezmann; and former players Rio Ferdinand and Oliver Bierhoff. These join defender Gerard Piqué and former German striker André Schürrle, who both backed Sorare previously.

Nicolas Julia, CEO of Sorare, explained that the funds will be used to achieve three specific objectives: “Accelerate the hiring of a world-class team”, add the 20 best leagues in the world to the platform and launch a mobile application.

Julia believes that tokens on a blockchain represent a new step in the evolution of games. “15 years ago, buying a virtual sword in a game was crazy. Today, collecting digital cards feels excitingly avant-garde, ”said the company director in the press release.

In Sorare, the players or collectors can participate in various tournaments, using their cards. Each card represents a player, whose score in each competition is based on the sports performance of that player in the games he plays in real life.

In addition to the powers, the user of this platform can buy or sell the collectibles, which are non-fungible tokens created under the Ethereum ERC-721 standard. In this protocol, each token is unique. Hence its collectible character.

Growth of Sorare and his fantasy football on Ethereum

Sorare is just over a year old, after its launch in December 2019. And since then, the popularity of the platform has been remarkable: more than 100 clubs, representation of some 15 leagues in the world and more than 45,000 active users they are a reflection of that growth.

This platform already has some of the highest figures and most important teams on the planet, although this financing and the participation of Piqué as special advisor point to a greater scope.

Until now, in Sorare you can find collectibles of great European champions, such as the Bayern Munich from Germany, Juventus from Italy; Real Madrid (Spain) or Liverpool of England, most recent addition reported by CriptoNoticias.

According to NonFungible data, Sorare is among the 6 blockchain collectibles platforms that have moved the most money over time, with more than USD 15 million in volume. In addition, the soccer collectibles platform is fifth in the ranking with the most tokens exchanged, about 150,000 in total. In the last 7 days, Sorare has traded more than USD 2.5 million.

Sorare ranks in the top 5 best-selling collectibles platforms. Source: NonFungible.

In Sorare, each user receives a pack of 5 random cards to start experiencing the platform. With them, you can participate in tournaments, and even earn experience points depending on the performance of each player.

The value of these collectibles has reached such a point that the most expensive cards in the history of this platform have been sold for the equivalent of more than $ 60,000 in ETH, the cryptocurrency of Ethereum.