Can you imagine mixing the world of cryptocurrencies with the world of football? Today it seems that all this is possible thanks to Sorare, a service of digital trading cards based football NFTs ( ‘Non Expendable Tokens’ tokens non – expendable ), where players participating in this platform buy, sell, exchange and manage a team card with digital players cards. It is not the only known tool, since, for example, the giant of collectible cards in the United States, Topps, also studies entering digital collectibles with its sports cards such as baseball or wrestling .
Sorare uses ‘blockchain’ technology based on Ethereum, is backed by the video game company Ubisoft and has agreements with more than 100 football clubs, such as Real Madrid, Atlético de Madrid, Juventus, Liverpool or Paris Saint-Germain, among others.
In addition, it brings investors not only from the football world such as Gerard Piqué, Antoine Griezmann or Rio Ferdinand, but also by Alexis Ohanian, co-founder of Reddit, or Gary Vaynerchuck, who has also bet on other companies such as Uber, Snapchat or Facebook.
This is undoubtedly a growing business. According to data from NonFungible.com , Sorare has earned more than 1.93 million euros with the sale of these virtual cards in the last week, including the sales of an Antoine Griezmann card, for 95,528 euros, and a Kylian Mbappé card for 77,092 euros. Both wearing the French team that, along with the German, have been the first national teams to appear in this game.
In these last 30 days, Sorare has sold for 9.2 million euros. Last February, Sorare generated 15 million euros in sales and aims to earn more than 200 in its second full year in full operation, according to the company’s words to BeInCrypto . In these two years, Sorare has managed to achieve benefits with 5,000 users in Spain, registering an average monthly growth of 80%.
But how does it work?
By signing up for Sorare, each player receives a handful of player community cards that allow them to build a basic team and join the rookie trophy. All this with a starting budget of 400 million virtual. Each player looks for a different objective, that goes from winning trophies, with which you can obtain economic gains, collect stickers or simply speculate with them.
The prices paid for a card are related to both sports performance and the scarcity of the card, so the scarcer it is, the higher the price, which is based solely and exclusively on supply and demand. In addition to the common cards, which have no value and cannot be traded, there are three levels: unique (a single copy), super rare (10 copies), and rare (100 copies).
The value of the cards can be seen in ether or in euros. To buy in auction mode or in direct purchase from another player paying what he asks for the card, it can be done without problems with a debit or credit card. If it is in auction mode and they outbid, the balance is returned to your card. Each account is associated with a wallet that is responsible for storing the ether won in prizes, sale of players, etc. Today, one ether is equivalent to more than 1,592 euros.
“Ethereum is the best ‘blockchain’ in our eyes to build NFTs: it is open, decentralized and secure. We still have to be able to scale it with a good scalability solution, we are working on it,” they point out from Sorare.
To give an example, a single card from Cristiano Ronaldo as a Juventus player reached the value of 85,000 euros at auction. That same day, February 21, 2021, the owner resold that chrome to another collector for triple its value, 242,576 euros.