The global sports industry is worth over $500 billion. And almost half of that value comes from one sport; soccer.
Fantasy sports is set to double in the next few years, which would give it a value of around $50 billion.
And the NFT market is also surging. Q3 of 2021 saw more than $10 billion in NFT sales volume as more and more people want to own unique, digital assets.
Wondering what happens when you combine the global appeal of soccer, the interactive gameplay of fantasy sports, and the ownership incentives of NFTs? You get Sorare.
Sorare is a fantasy soccer platform that allows players to buy and sell soccer players, in the form of NFTs, to build their teams, compete against others, and win cryptocurrency and other valuable NFTs in the process.
So how do NFTs work in the world of fantasy soccer? Keep reading to find out why platforms like Sorare are the future of sports.
Sorare is the combination of two unique platforms; a fantasy sports game and an NFT marketplace.
Traditional fantasy sports games don't involve the ownership of virtual assets. Instead, it functions more like a video game. You get to select the players from a draft to join your team.
You then get to select your weekly team. And depending on your players' real-life performance, you'll earn points that will help you to compete with other fantasy soccer players.
If you do better than the other fantasy players in your league, you can win some or all of the money waged at the start of the competition. But that's where the benefits of fantasy sports typically stop.
However, with Sorare, things are a bit more involved. Rather than randomly selecting digital players on the screen, you get to buy them. With real money.
You own the players that you purchase, in the form of an NFT. Your ownership is verifiable on the blockchain.
When you're done with a certain player, you can sell them on the marketplace, and use the proceeds to purchase the players that you actually want on your team.
Sorare takes what players know and love about fantasy sports, and makes it much more real by requiring players to put some "skin in the game."
NFTs are non-fungible tokens, kind of like cryptocurrency, that live on the Ethereum blockchain. But it's a unique asset, not an interchangeable one.
Fungible tokens would be those that are interchangeable, like bitcoin or a dollar bill. My dollar is the same as your dollar.
Non-fungible tokens are assets that are unique, not interchangeable. They're like trading cards, which have a limited quantity and increasing value.
NFTs on Sorare are like sports trading cards. Each player that you purchase is another unique, limited card added to your team. A team of players costs real money. But it's also an asset that can help you win games, earn real money in the form of cryptocurrency, and can be sold later on.
Many artists and companies create NFTs, for many different reasons. Some function as digital art, others as invites into a community. SOrare focuses first on utility for the user, b allowing players to use their NFTs to their own benefit, unlike most other NFT projects out there.
Fantasy sports have always been more fun when money was on the line. But for new players looking to test out the game for themselves, no upfront investment is required.
You can sign up to join the platform, and receive 12 free "common player" cards. These cards are enough to compete with, but they don't carry any tangible value, and cannot be sold.
You can go through an entire season using your free cards, and even trading and earning other free cards. While you aren't going to win big, you still have the opportunity to win prizes and have fun in the process.
And whenever you'd like to upgrade your squad, to increase your chances of real rewards, you can jump into the Sorare marketplace and make a purchase on a Limited, Rare, Super Rare, or Unique digital player card.
Cards come in four different scarcity tiers.
Limited cards are those with availability of 1,000. Each Rare card is limited to 100 per season, a Super Rare card is limited to 10, and the Unique card is a single, one-of-one card.
In the marketplace, you can acquire new players in multiple ways. You can bid on "New Signings" which are players introduced to the platform for the first time.
Or you can purchase players in the transfer market. The transfer market is where other fantasy football players are selling their cards for a fixed price, similar to how the actual soccer transfer window works in the summer and winter.
If you're lucky enough to get your hands on a Unique card, you could earn some serious money when you go to sell.
According to the Sorare Twitter Feed, the Christiano Ronaldo card from the 2020/2021 season for $289,920. More than a quarter of a million dollars, on a virtual trading card. Do you still think NFTs are a passing fad?
Fantasy soccer, partnered with asset ownership, deepens the connection that fans have with their favorite teams.
When fans join Sorare, and start building out their teams, they'll have an even greater incentive to watch the latest match on TV, or at least follow along with post-game statistics.
And not only will they have a deeper interest in their favorite teams, but they'll start paying attention to other teams and other leagues, as well. Traditionally, football fans have a favorite team, and a favorite league, and don't pay attention to other domestic leagues.
But with Sorare, you'll start out your career with players from many different teams and leagues. And all of a sudden, as a manager, you have the opportunity to buy the best players not just from the Premier League (who are super expensive, anyway), but you can scout for the best players in Japan, South Korea, the US, or Algeria.
Now, all of a sudden, you have an innate desire to keep up with different clubs, different leagues, and different nations. And as they do, they fall in love with football all over again.
It's not all fun and games for Sorare. At least, not for everybody.
The game is a lot more fun when your team performs well, and you earn rewards. Rewards come in the form of ETH or new player cards. However, if you're using free "common" cards, your chances of winning any of these rewards are very slim.
Players who don't have money to invest in better players struggle to advance in the game.
While Sorare offers a free version of the game, to those who don't want to drop cash on better cards, it's only intended to act as a free trial or a "freemium" game. Playing for free means testing the game out for yourself, to see if it's worth spending money on.
If you want to enjoy the game to the fullest, and boost your chances of real rewards that you can take to the bank, you need to be willing to invest real money into your team.
The problem with other fantasy sports platforms is that they are owned by the company. The players, like you and me, are just customers.
When it comes to Sorare, however, the individual players own the Sorare platform. It's the trading cards that create the gameplay and lead to rewards and winnings.
And the trading cards aren't owned by Sorare. They're owned by you and me.
Sorare is a community-first gaming platform, where the players stand to win every step of the way.
The NFT has been growing quietly since 2017. But in 2021, we saw an NFT explosion that captured the attention of the globe.
While billions of dollars are spent on NFTs each month, most people are either buying to speculate and sell for a quick profit or are buying to collect limited assets.
In either case, these NFTs aren't providing utility to the holder.
With Sorare, we can clearly see how the use of scarce, unique assets can actually benefit those who invest in them. Sorare has created a world of utility for NFTs, allowing people to play games, win rewards, and deepen their appreciation for their passion; soccer.
Sorare is one of the few companies that are focused on the utility side of NFTs. Yes, they make for great collectibles. Yes, they can appreciate in value and be sold for a profit.
But they can also do far more than that. In the near future, we will see more and more NFT companies embracing a utility-first approach to their assets, that benefit those who hold, rather than sell.
It's clear to see that NFTs and the sports industry have a long, bright future ahead. These two industries are already starting to merge together with platforms like Sorare, and will continue to do so at a rapid pace in the coming years.
Do you wish you could spend all day, every day, thinking about sports, NFTs, and how the two can benefit the global population? Then consider getting a job in the NFT industry. It's here where you get to help build the future of sports, and how fans interact with their favorite teams and players.
NFT companies are growing at alarming rates, and are constantly searching for top talent to join their teams as they continue to dream and build about the future of asset ownership. You can check out the latest NFT job openings, at the biggest and brightest NFT companies here.