image credit:So weird
French startup So weird has announced that it has raised a major round of funding. SoftBank’s Vision Fund 2 has led a Series B round of $ 680 million, which values the company at $ 4.3 billion.
Sorare has built a fantastic football (soccer) platform based on NFT, or non-fungible tokens. Each digital card is registered as a unique token on the Ethereum blockchain. Players can buy and sell cards from other players. All transactions are recorded on the Ethereum blockchain.
What makes Sorare unique is that he has partnered with 180 football organizations, including some of the most famous clubs in Europe, such as Real Madrid, Liverpool and Juventus. Create a barrier to entry for other businesses in the space.
With today’s funding round, the company plans to expand into new sports, open an office in the United States, hire more people, and invest in marketing campaigns. You can expect more announcements of association with professional sports organizations in the future.
In addition to SoftBank’s Vision Fund team, Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP and Liontree are also participating in the round. Some of the startup’s existing investors are also investing once again, such as Benchmark, Accel, Headline, and various business angels.
Sorare generates income by issuing new cards on the platform. Players can then purchase those new cards and add them to their collection. They can also manage a team of players and earn points based on real life performances.
Over time, the value of a card can go up or down. This is why players often buy and sell other players’ cards; there is even third party websites They help you keep track of auctions. Since January, cards worth $ 150 million have been traded on the platform. Sorare is not taking a cut in player-to-player transactions at this time.
While the volume of transactions is quite large, there is still a lot of potential for user growth. There are currently 600,000 registered users and 150,000 users who are buying a card or building a team each month. Sales have multiplied by 51 between the second quarter of 2020 and the second quarter of 2021.
“We saw the immense potential that blockchain and NFTs brought to unlock a new way for soccer clubs, footballers and their fans to experience a deeper connection with each other. We are delighted with the success we have seen so far, but this is just the beginning. We believe this is a great opportunity to create the next sports entertainment giant, bring Sorare to more soccer fans and organizations, and present the same proven model to other sports and sports fans around the world, ”he said. Sorare co-founder and CEO Nicolas Julia.
Sorare’s Series B is a great round of funding, especially for a French startup. Fantasy sports games are one of the best ways to expose new people to the world of NFTs. That’s probably why NBA Top Shot too incredibly popular for NBA fans.
And those platforms have become a great gateway to get started with cryptocurrencies. It will be interesting to see if it becomes more regulated in the future as more people start playing on Sorare.