The market size for digital collectables known as NFTs is very quickly catching up to that of the traditional art market. By the end of 2021, the market reached a $41 billion value.
Sorare has built a fantasy football platform based on NFTs. Each digital card is registered as a unique token on the Ethereum blockchain, which players can buy and sell from each other. It has partnered with 180 football organizations, including Real Madrid, Liverpool and Juventus, which has created a barrier to entry for other companies in the space.
A total of $318 million worth of cards were traded on the platform by December 2022 and Sorare is expecting its growth to continue since its expansion into new sports such as US basketball and baseball that year. Moving forwards, Sorare plan to make NFTs across different sports tradable and continue to invest in expanding its high-profile partnerships.
Freddie
Company Specialist at Welcome to the Jungle