After a $680 million funding round, non-forgeable token (NFT) marketplace Sorare wants to be an active player in bridging the gap between sports and digital entertainment.
Now valued at $4.3 billion, Sorare tells us that the company plans to use the new capital to expand its business, hire new employees and build partnerships, and support community-led projects.
As well as working with community-led football projects aimed at helping young people from disadvantaged backgrounds and supporting underprivileged entrepreneurs in sport and gaming, Sorare CEO Nicholas Julia explained via email that the NFT Unicorn will also support female representation in sport. He said.
“We believe that NFT can significantly accelerate the growth of women’s sport. We will be investing actively in this, starting with women’s football.”
Sorare, a Paris-based sports-focused NFT marketplace, made headlines in September after securing a $680 million Series B funding round led by SoftBank.
Julia further detailed how Sorare will use the funds raised for commercial purposes, starting with new hires to expand the team. “We’re looking to fill a lot of new roles,” he said, both in Europe and the US.
The new partnership will introduce new football leagues and national teams to the NFT market, he added. The partnership will require an upfront payment and, being well-funded, Sorare is strong enough to sign deals with the top 20 leagues and top 50 national teams.
Sorare also plans to retain some of the funds for mobile and marketing efforts.” Our fantasy game will be a mobile-first experience,” Julia explained, adding that the company’s growth has been organic so far.
The final topic on Sorare’s agenda is bringing new sports to the platform.” We’ve received interest from leagues and fans around the world to replicate our model in other sports,” Julia said.