- Till now, it allowed users to trade assets via Ethereum (ETH).
- Fiat on-ramps in crypto allow users to trade digital assets using fiat currencies.
Non-fungible token (NFT) sports fantasy platform Sorare will allow players to use fiat currencies in-game. The announcement comes following their collaboration with Mangopay, an end-to-end payment solution.
Sorare Is No Longer Limited to Cryptocurrencies
The initiative will launch Cash Wallet to expand their payments ecosystem, American technology website VentureBeat reported. Sorare CEO Nicholas Julia says “Sorare is built using blockchain technology because we believe it can deliver unique benefits to sports fans and fantasy gamers in the form of proven authenticity, scarcity, and portability.”
Fantasy games have gained immense popularity during the past few years. Managing their virtual sports team allows users to feel more connected with their favorite players. Covid-19 has given a boost to the industry with youngsters finding such games fun and interesting pastimes.
“As a frontrunner in the payment infrastructure industry, we are committed to shaping the next era of payments,” says Romain Mazeries, Mangopay CEO. After joining hands with Sorare, the company will get exposure to over 5 Million users on their platform.
Sorare has established itself as a goliath in NFT gaming. The company signed a four-year deal with the English Premier League (EPL), the highest level football league in England, in January this year. Former Barcelona star Lionel Messi’s announcement to play in the US-based Major League Soccer (MLS) kicked up MLS user base on Sorare by 12%.
The platform features multiple sports segments including International Association Football Federation (FIFA), National Basketball Association (NBA) and Major League Baseball (MLB). Users can own digital trading card NFTs and earn rewards by playing fantasy sports.
Fantasy Sports Offers Growth Opportunities For Web3 Firms
American business magazine Fast Company listed Sorare at number 34 in ‘THE WORLD’S MOST INNOVATIVE COMPANIES OF 2023’ list. In 2021, the company raised $680 Million series B funding at a valuation of $4 Billion. Currently, there are 3 Million users currently using the platform according to their website. This counts to 7.5% users who play fantasy sports globally.
A study shows the fantasy sports market could become a $56 Billion market by 2030. Technologies including 5G, 6G and increasing smartphone usage could be a major driver of growth. However, a United Nations’ (UN) report says half the global population still do not have access to the internet.
Last year, the National Gaming Authority (ANJ) in France forced Sorare to make certain amendments regarding protection of children, compulsive gamblers, money laundering and more. Moreover, the announcement also called for the expansion of the platform’s free access to avoid penalties.
Web3 companies are on the sports industry’s tail. Reality+ recently announced its collaboration with OTZ Sports to develop a Women’s FIFA World Cup-based NFT game. Users can earn NFTs via in-game predictions.