In an auction on Sunday night, a Sorare digital playing card of Borussia Dortmund forward Erling Haaland was bought for £511,000 ($684,000). This NFT (non-fungible token) is a one-of-one exceptionally rare object that grants maximum points in the fantasy football company’s paid contests, implying that it would be utilized in cash games as well as being a collection. Sorare is a rapidly growing company with a market capitalization of over £3 billion, and it has emerged as one of the pillars of the rising NFT scene in football.
What does the card look like?
The Haaland NFT is designed to look like real trade cards, with vital player information like number, age, position, and nationality displayed. The level of uniqueness is also indicated in the top-left side, which is unusual in this circumstance. The cards are also color-coded according to rarity.
How is Sorare different from other NFT projects?
Sorare, unlike other ventures that have recently achieved mainstream appeal, such as John Terry’s controversial apes, is focused on making its NFTs useful in addition to being collectibles. Cards can be submitted into fantasy competitions based on factual player quality, and rarer things have larger multipliers, allowing users to potentially earn cashback on the investments.
Sorare has been insulated from wider cryptocurrency trends thanks to its functionality, and CEO Nikolas Julia informed GOAL that consumers frequently don’t even realize they’re using cryptocurrency. While the cryptocurrency market as a whole has plummeted in recent months, Sorare’s marketplace has seen slight advances.
Sorare’s rapid growth
Sorare has been riding the increasing wave of NFTs as a company since late 2020, with Sunday’s large sale of the Haaland piece demonstrating its popularity and users’ trust in it as a long-term model. Julia told GOAL last year that his major priorities were establishing a smartphone application and refining the user interface for novice players. He now says he’s pleased with the latter category’s progress and that an app will be introduced this fiscal quarter. It is currently in beta testing.
Still, football is going to be the lifeblood of Sorare for a long time. It is, after all, the foundation upon which it grew from obscurity to a multibillion-pound corporation. It’s a growth curve that has attracted the participation of some of football’s major leagues, and those alliances have lent credibility to the initiative.
“The Bundesliga has long kept its position as the leader in sports innovation; we are continually looking ahead, focusing on offering our global audience with new experiences and opportunities to interact with their favorite clubs and players,” said Bundesliga international CEO Robert Klein to GOAL.
Sorare’s fantasy game, which has become popular all over the world, was a major factor in their selection. The fact that the videogame emphasizes building a roster that includes both obtaining established worldwide players and exploring fresh new potential makes it a perfect match for the Bundesliga. Sorare’s drive for innovation is similar to ours, and we’re looking forward to expanding the cooperation in the near future.”