- Sorare is fusing NFT collectibles with fantasy sports to increase NFT utility and value on the platform and beyond, ushering in a new era of sports fandom on and off the field.
- Serena Williams, one of the best tennis players of all time, has joined the board of directors of Sorare, a $4.3 billion blockchain-based fantasy soccer game.
- Sorare, for Williams, straddles the line between her crypto and sports interests. She made a personal investment in Sorare in addition to her board position.
Serena Williams has joined the board of directors of Sorare, the player-owned fantasy sports game that uses NFTs. Williams is not just one of the most famous players of all time, but also an entrepreneur, brand builder, and investor at the cutting edge of sports and technology.
Sorare was founded in 2018 by football enthusiasts for football fans. Sorare is revolutionizing online sports fandom by providing a new way for fans to connect with their favourite teams and players.
Sorare, based in Paris, is backed by a world-class team that includes footballers Gerard Piqué, Antoine Griezmann, and Rio Ferdinand, as well as Benchmark, Accel Partners, and Softbank.
In September 2021, the Parisian football fantasy startup raised $680 million in cash at a $4.3 billion value, making it the fifth-largest investment round ever in the crypto industry.
On the Ethereum blockchain, Sorare is a fantasy football game. It allows users to purchase NFTs of well-known football players (such as Lionel Messi of PSG or Erling Haaland of Dortmund), add them to fantasy leagues, and trade with other users.
Sorare is fusing NFT collectables with fantasy sports to increase NFT utility and value on the platform and beyond, ushering in a new era of sports fandom on and off the field. Since its inception in 2018, the company has shown great demand and hypergrowth, raising its trade volume from $7 million in 2020 to $325 million in 2021 and reaching over 1 million customers globally through 230 partnered sports organizations.
Williams will advise the board on a variety of topics in her new role, including growing Sorare’s relationship with athletes around the world, advising on Sorare’s strategies to expand into new sports categories, including women’s sports, and future impact initiatives to make Web3 more inclusive and diverse.
Web3 is a term used by internet enthusiasts to represent the next phase of the internet, which is defined by decentralised blockchain-based online services and mobile apps. It frequently encompasses a wide range of developing technology such as cryptocurrencies, decentralised autonomous organisations (DAOs), and digital assets such as non-fungible tokens (NFTs).
As of December 2021, Sorare has 1 million registered players, 270,000 of who are active on a monthly basis, and 90,000 of whom had paid in-game NFTs using fiat or cryptocurrency to unlock more features (initial league is free). Sorare, which was founded in 2018, saw its transaction volume increase from $7 million in 2020 to $325 million in 2021. A Cristiano Ronaldo Sorare NFT card sold for $400,313 at London’s Bonhams auction house in November.
Williams’ appointment coincides with Sorare’s anticipated entry into the North American market, with a special focus on women’s sports. Sorare presently has intellectual property licence agreements with 230 men’s soccer clubs and leagues, including La Liga in Spain, Bundesliga in Germany, J-League in Japan, MLS in North America, and Juventus in Italy.
“Serena Williams is among the most important figures in sports and culture, who has redefined the modern athlete and entrepreneur, including her unprecedented early-stage investing successes,” commented Nicolas Julia, CEO at Sorare. “The strategic counsel that Serena will bring in building one of the most iconic sports entertainment brands is invaluable. I’m thrilled to have her join the team. Together, we’ll forge new ways for fans to engage with their favourite athletes.”
In 2022, the company plans to expand into women’s sports and other sports categories, providing fans with new possibilities to invest in a variety of sports teams and athletes while also fostering a more inclusive community.
As per Serena Williams, NFTs have the potential to be a strong vehicle for promoting women’s sports parity and funding. She is looking forward to working with Nicolas and the team because they understand the interaction between athletes and fans better than anyone else in the industry, and she believes Sorare will define the culture and tone for sports entertainment in the future.