Sorare is a fantasy soccer game that uses non-fungible tokens (NFTs) to represent players. Players can buy, sell, and trade NFTs on the Sorare platform, which is built on the Ethereum blockchain. Each NFT represents a unique player and is owned by a single person, who can use it to participate in the game.
Sorare has also partnered with the NBA to create NFTs for basketball players. These NFTs can be used to participate in fantasy basketball games on the Sorare platform. Like the soccer NFTs, each NBA NFT represents a unique player and is owned by a single person.
In Sorare games, players use their NFTs to create a fantasy team and compete against other players. The performance of the real-life players represented by the NFTs determines the success of the fantasy teams in the game. Players can earn rewards, such as cryptocurrency, based on the performance of their teams.
The game is a replica of the model that Sorare applies to football. Thus, it will allow fans to create rosters with NFT-based digital trading cards that represent their favorite players and teams. They will be able to earn points based on their performance in real life.
NBA and Sorare launch 1st NFT Basketball Game
The addition of this new sport is supported by Sorare ‘s two million registered users in 185 countries, including the European and Asian markets, where the company is experiencing rapid growth with its fantasy soccer game. This deal is Sorare ‘s third with a US sports league, consolidating the company’s expansion in this market. The free fantasy game Sorare will be available this fall.
The platform chosen by the NBA to create its first fantasy basketball game has extensive experience in virtual sports. Sorare is a successful fantasy football platform that uses blockchain and NFTs for players to create and manage teams in unique and innovative ways. On this platform, users can form digital sports teams with real players. The performance of each player in the fantasy game will depend on the actual performance they have on the field, in each of the games.
BREAKING: @Sorare x @NBA x @theNBPA enter a multi-year partnership to launch the first NFT-based fantasy basketball game. 🏀— Sorare (@Sorare) September 7, 2022
Sign up now 👉 https://t.co/kAYif7bCPI pic.twitter.com/IuDYxumAQC
As part of Sorare’s partnership with the NBA, the French blockchain startup will obtain the right to use the official NBA logo and brand. As well as the official logos of the sports teams that make up the professional league. On the other hand, to celebrate the agreement, the startup is raffling tickets for the NBA Opening Week through its platform.
Some of the alliances that Sorare has signed in the world of sports so far include the German National Soccer Team, La Liga, and Major League Baseball (MLB); who have released NFT tokens from their players using their platform.
After closing a $680 million funding round a year ago, Sorare reached a $4.3 billion valuation. The French startup is also owned by great football figures, such as Piqué and Griezmann. It currently has more than 2 million users located in 185 countries around the world.
The NBA Experience in NFTs
The blockchain industry has attracted the interest of companies, brands, and organizations around the world. In the case of the NBA, the professional basketball league launched a Flow market in 2020, developed by Dapper Labs. This market allows users to own moments of the most iconic NBA plays as NFT tokens. This market has moved more than $960 million in more than 19.87 million sales recorded to date.
It’s important to note that investing in NFTs (or any other type of asset) carries risk and you should do your own research and due diligence before making any investments.