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Saturday, May 28, 2022

‘Sorare Expecting a $532 Million Investment’

This post was originally published on Play-to-earn

Fantasy football game company Sorare is reportedly expecting a $532 million investment in their effort to go mainstream with their blockchain-powered product. This news came from Business Insider, and Sorare didn’t confirm or deny the news. They simply had ‘nothing to announce’.

According to other sources, the investment in Sorare would give the company a $3.5 billion valuation. That means that the investors get approximately 16.6% of the shares.

Supposedly SoftBank leads the investment round. When the investment has been confirmed, it would be one of the biggest in the blockchain gaming space yet. Sky Mavis, the company behind Axie Infinity, reported a $7.5 million investment round. Last month Mythical Games, the company behind Blankos Block Party, received a stunning $75 million investments.

Currently blockchain companies are getting lots of investment, pushed forward by the bull market and on-going mainstream attention and adoption. Dapper Labs is the company behind the Flow blockchain and the NBA Top Shot collectibles. Thanks to two investment rounds this year, they now have a $7.5 billion valuation.

Football season will start again

Italy became champions of Europe during Euro 2020, while Argentina took home the Copa America. Now the football loving world can look forward to their national and international club competitions. Sorare’s fantasy football game supports the international tournaments, but has been made with club football in mind.

The organization has signed agreements with the official leagues in for example Japan, the United States, Belgium and The Netherlands. In addition they make separate arrangements with clubs in Italy, France, Germany and Spain. Despite covering West Ham United and Liverpool, the Premier League is really missing. It’s in the line of expectations that Sorare will release many new cards in the coming weeks, as new football seasons are about to start.

According to data from DappRadar the fantasy football game has seen more than $12 million in trading in the past 30 days. Since May 2020 the blockchain-based game has been responsible for more than $94 million in trading, done by 27 thousand users.

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