After a $680 million funding round, the non-fungible token market (NFT) Sorare is looking to be an active player in bridging the gap between sports and digital entertainment.
Now worth $4.3 billion, Sorari said the company plans to use the new capital to expand its business through new hires and partnerships, as well as support community-led programs.
Besides working with community-led football programs aimed at helping young people from disadvantaged backgrounds and supporting disadvantaged entrepreneurs in sports and gaming, Sorare CEO Nicholas Julia explained by email that Unicorn NFT will also support female representation in sports. He said:
“We believe that sports federations of football can significantly accelerate the development of women’s sports. We will actively invest in this by starting with women’s football.”
Sorare, a Paris-based NFT marketplace focused on sports, made headlines in September with a $680 million Series B funding led by SoftBank.
Julia provided more details about how Sorare will use the increased capital for business purposes, starting with new hires to expand the team. “We are looking to fill many new roles,” he said, both in Europe and the United States.
He added that the new partnerships will introduce new football leagues and national teams to the NFT market. Partnerships like this require a down payment, and Sorare is loaded enough to sign the deal with the top 20 league and top 50 national teams, thanks to massive funding.
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Sorare also plans to keep a portion of the money for its mobile and marketing efforts. “Our fantasy game will be mobile first experience,” Julia explained, adding that the company’s growth has been organic so far.
The last topic on Sorare’s agenda is bringing new sports to the podium. “We have received interest from leagues and fans around the world to replicate our model in other sports,” Julia said.
