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Venture Capital Company Benchmark to Pump $50 Million into Ethereum-Based Fantasy Football Platform Sorare

Benchmark, a venture capital company that earlier backed Ebay Inc., Twitter Inc., and Uber Technologies, plans to invest a whopping $50 million into Ethereum-powered fantasy football platform Sorare.

Sorare’s sales skyrocket by 130 times

Sorare is a fantasy soccer video game founded on the Ethereum blockchain that enables users to build their preferred teams and trade football player cards.

These cards are limited and can be transferred as unique non-fungible tokens (NFTs). Moreover, the cards earn points on the foundation of every player’s respective real-world weekly performance.

One of Sorare’s primary goals is to boost blockchain and digital asset adoption in daily life. This has been paid off because its sales have increased exponentially by 130 times from $50,000 in January 2020 to nearly $6.5 million this month.

Benchmark, together with other investors like Reddit and Accel, intends to invest a total of $60 million into the platform as its popularity continues to grow.

Sorare hosts at least 4 billion football fans

Sorare is proving to be a force to be reckoned with in the NFT and fantasy football space because it is used by at least 4 billion football enthusiasts globally.

Nicolas Julia, Sorare CEO, noted:

“Human beings have been collecting for centuries; it’s something we do. This is a product that could bring the crypto asset class to millions of people.”

Furthermore, the platform hosts top-ranked soccer clubs like Juventus. In November last year, reigning UEFA Champions League Winners FC Bayern Munich joined Sorare, giving its fans the chance to trade digital cards based on its top players like Robert Lewandowski, Thomas Muller, and Manuel Neuer.

As more investments continue trickling into the Ethereum-based fantasy football platform, there is an enormous market to tap. NFTs are unique tokens compared to cryptocurrencies like Bitcoin because they are created in small batches to represent a digitally scarce item like football player cards.

Soccer NFT Trading Platform Sorare to Complete the Largest Round of Financing in French Tech with $530M

Football start-up NFT platform Sorare reportedly will raise 450 million euros (approximately $532 million US dollars) in the financing, led by SoftBank.

The Paris-based digital football NFT trading platform Sorare is expected to be valued at more than $4 billion once completing this round of large-scale financing. The platform will become the seventeenth unicorn technology company in France. It seems that this financing will be the largest record in the French technology sector.

According to a report by Business Insider Wednesday, other potential investors include the European fund Atomico, the French fund Eurazeo with more than $27 billion in assets under management, and the fund Blisce established by the famous French entrepreneur and philanthropist Alexandre Mars.

In February, venture capital company Benchmark, which earlier backed Ebay Inc., Twitter Inc., and Uber Technologies, led a whopping $50 million into Ethereum-powered fantasy football platform Sorare in series A round.

Sorare is a fantasy soccer video game founded on the Ethereum blockchain in 2018 that enables users to build their preferred teams and trade football player cards.

Many well-known football teams in Europe, including Bayern Munich, Juventus, Real Madrid, and Liverpool, have launched their unique non-fungible tokens (NFT) on their platforms.

As reported by blockchain.news on June 15, The French Football Federation has made history, connecting a partnership with blockchain-based fantasy soccer game Sorare to create collectable digital cards for its National Team players.

Messi Accepts PSG tokens for Partial Payment after joining Paris Saint-Germain Soccer Club

Argentinian football superstar Lionel Messi accepts cryptocurrency PSG tokens as part of the payment after signing a new contract with the Paris Saint-Germain (PSG) team.

On Tuesday, Messi transferred to Paris Saint-Germain (PSG) with a two-year contract after departing from his Spanish soccer club Barcelona. Messi will be able to practice a flexible contract right in his third year of the new contract.

This new signing brings him an annual salary of $41 million, plus bonuses, and according to CNBC reports, there is a $30 million signing fee.

According to PSG’s statement, the “Welcome Package” given to Messi worth approximately Euro 25-30 million ($2.9-35 million USD) contains a large amount of $PSG tokens. The club did not disclose the specific proportion of tokens in the package.

The cryptocurrency “$PSG Fan Tokens” was founded in January 2020 by an app for football (soccer) fans called Socios.com. The $PSG token is a fan token, tokenised asset representing proof of ownership or even membership. Users can acquire voting rights to influence the clubs they support by developing club-specific Fan tokens.

Various clubs are increasingly joining the boom of cryptocurrency. Socios.com, a cryptocurrency platform that provides tokens to PSG and other top clubs, stated that tokens generated nearly $200 million in revenue for its partner clubs in 2021

The CEO of Socios.com, Alexandre Dreyfus, said that in a statement:

“Fan Tokens and Socios.com play an increasingly prominent role across sport at the very highest level.”

The price of Paris fan tokens has risen this week due to the rumours of the Messi deal. New sales are about 30 million euros, and PSG accounts for the majority of them, at least 15 million euros (at least 15 million euros).

According to data from CoinMarketCap, the market value of PSG’s token is approximately $123,165,140, which has soared by more than 130% in just five days due to the endorsement of football superstars.

Paris Saint-Germain Fan Token (PSG) was trading at $42.12, up by 11.16%within 24 hours.

Spanish LaLiga League Joins Hands With Sorare to Launch NFTs for all Players

Spanish LaLiga league, the top football division in Spain whose top scorer is Lionel Messi with 474 goals, has partnered with Ethereum-based fantasy soccer game platform Sorare to establish non-fungible tokens (NFTs) for all its players.

Per the announcement on Thursday:

“LaLiga fans, collectors and fantasy football players will for the first time be able to freely trade and play with digital cards of players from LaLiga.”

This partnership is seen as a stepping stone towards creating new revenue streams for LaLiga clubs. This league is home to world-class football clubs, such as FC Barcelona, Real Madrid, and Atletico Madrid.

Sorare has a mission of collaborating with the rest of the world’s top 20 football leagues like the English Premier League (EPL) by the end of 2022.

Offering fans innovative and exciting experiences

According to LaLiga president, Javier Tebas:

“At LaLiga we are always looking for innovative ways to offer our fans new and exciting experiences and to broaden the appeal of our competition, the greatest in the world.”

On the other hand, the CEO and co-founder of Sorare Nicolas Julia stated:

“NFTs are the future of global sports fandom because they allow fans to come together and to feel ownership of the sports they love.”

Sorare is a fantasy soccer video game founded on the Ethereum blockchain that enables users to build their favourite teams and trade football player cards. These cards are limited and can be transferred as unique non-fungible tokens (NFTs). Moreover, the cards earn points on the foundation of every player’s respective real-world weekly performance.

By creating unique digital tokens and signing top football clubs to its fantasy platform, Sorare seeks to boost NFT and blockchain adoption in daily life. The football player cards used are based on blockchain technology, and they comprise built-in scarcity.

In July, Sorare sought to raise $530 million in financing to enhance its NFT adoption objective.