Sorare, a nonfungible token (NFT) marketplace, is aiming to be a key player in bridging the gap between sports and digital entertainment following a $680 million fundraising round.
Sorare stated that the extra funding will be used to expand the company’s business through new employees and collaborations, as well as promote community-led projects.
Sorare CEO Nicolas Julia indicated via email that the NFT unicorn will encourage female representation in sports in addition to working with community-led football initiatives aiming at aiding young people from disadvantaged backgrounds and funding impoverished entrepreneurs in sports and games. He stated, “
“We believe that NFTs can significantly accelerate the development of women’s sports. We will actively invest in this by beginning with women’s football.”
Sorare, a sports-focused NFT marketplace situated in Paris, made headlines in September after receiving $680 million in Series B funding from SoftBank.
Julia went on to explain how Sorare planned to use the funds for business objectives, beginning with new hiring to expand the team. “We’re trying to fill a lot of new posts throughout Europe and the United States,” he said.
Additional agreements, he noted, would bring new football leagues and national teams into the NFT marketplace. Such collaborations necessitate an upfront payment, and Sorare is well-funded enough to clinch deals with the top 20 leagues and top 50 national teams.
Sorare also intends to set aside a portion of the funding for mobile and marketing initiatives. “Our fantasy game will be a mobile-first experience,” Julia said, adding that the company had grown organically up to this point.
Sorare’s final agenda item is to introduce additional sports to the platform. “Our approach has sparked interest from leagues and fans all over the world to duplicate it in other sports,” Julia said.