The company has defended its model as being entirely new, citing the free cards, a lack of randomness when acquiring players, and the retention of cards after competitions. Previously, the UK Gambling Commission investigated whether Sorare’s game should be regulated as a form of gambling. An expansion of free-to-play access was part of a 2022 agreement with France’s national gambling authority. “It’s a major milestone for us as we pursue our goal to build a compelling global sports community for fans.”Īlong with the Premier League expansion, Sorare recently launched a new “Amateur” competition built around drafting free player cards within a set points budget. “This partnership is something we’ve dreamt of since we founded the business,” Sorare CEO Nicolas Julia said in a statement announcing the Premier League tie-up. It has also attracted high-profile athlete investors, including Lionel Messi and Serena Williams. Sorare raised a $680 million Series B round in 2021, valuing the company at $4.3 billion. Crypto believers have gotten some good news of their own recently, with the price of Bitcoin up roughly 40% over the last month. “From the very beginning, we built Sorare for sports fans, not for crypto speculators,” a company spokesperson said via email, “so despite the 2022 market headwinds, we kept growing.” After launching its NBA product late last year, Sorare reached 650,000 monthly active users in December 2022. Ethereum-based NFT trading totaled roughly $500 million in December, according to The Block, down from $2.8 billion in December 2021. The EPL has been linked with Dapper Labs regarding a video NFT deal, as companies like Dapper and Sorare continue adding sports partners while other companies have begun focusing elsewhere during the crypto winter. Some reports also indicated that ConsenSys was previously close to an NFT contract with the league, only for the deal to fall apart amid a drop in crypto-related asset values during the second half of last year.
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