JAKARTA – Blockchain-based fantasy soccer game Sorare has raised US$680 million in a funding round led by SoftBank. High-profile figures such as former England international Rio Ferdinand and Spain's Gerard Pique are also investing in Sorare, the company said on Tuesday, September 21.
Paris-based Sorare said the company's investment value had reached US$4.3 billion (Rp61 trillion). Founded in 2018, Sorare is an online gaming company where players buy officially licensed cards that represent soccer players and build teams that play against each other, with results based on players' performance in real-life games.
The card is traded in the form of a non-fungible token (NFT), a type of crypto asset that records the ownership status of digital goods on the blockchain.
The market for NFTs has seen explosive growth in 2021, with the most popular types of collectible and sports-related tokens.
"We think NFT represents a new paradigm in collectability, usability and engagement with assets," Michel Combes, president of SoftBank Group International, said in emailed comments. "This evolution from physical assets to digital assets is very strong, and creates many interesting potential business models."
Sorare is the largest sports-based NFT platform by sales volume, according to NonFungible.com, a website that tracks NFT market data. They plan to open an office in the United States and expand their network to various sports, apart from football.
“We see the enormous potential that blockchain and NFT bring to open new ways for football clubs, footballers and their fans to experience deeper connections with one another,” said Nicolas Julia, CEO and co-founder of Sorare. "We believe this is a great opportunity to create the next sports entertainment giant."
Since January 2021, there have been 150 million US dollars (Rp 2.1 trillion) in sales on Sorare, which accepts payments via credit cards and the cryptocurrency ether. The most expensive unique card is Cristiano Ronaldo, which was bought for 245,072 euros (Rp 4 billion) on 13 March.
This fundraising round is SoftBank's first time investing in Sorare, through the SoftBank Vision Fund 2.
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