Sorare to expand its portfolio after second round of funding, raises $680 million

  • Sorare raised $680 million in Series B fundraiser
  • All set to develop its portfolio of football player
  • Sorare also intends to expand its NFT-based portfolio

Sorare, a non-fungible token (NFT) trading card market, raised $ 680 million in a Series B fundraising round spearheaded by SoftBank, putting the platform’s updated worth at $4.3 billion. Sorare plans to use the new capital to develop its portfolio of football player NFTs by working with other football leagues and associations, according to the company.

The French NFT-based trading platform won its first soccer league agreement with La Liga in early September, in addition to NFT collaborations with PSG, Liverpool, and other top-tier soccer teams. Sorare also intends to expand its NFT-based portfolio to include other fantasy spores.

New Investors 

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Benchmark, Accel, and Headline were among the existing investors and high-profile business angels who contributed to the fundraising. The new investors include Atomico, Bessemer Venture Partners, D1 Capital, Eurazeo, IVP and LionTree.

In the July fundraising round of Sorare, SoftBank led a $ 532 million round. Nicolas Julia, Sorare CEO, on the other hand, refuted the funding allegations, which at the time were based on insider information.

The United States National Football League (NFL) has lately forbidden teams and members from participating in NFTs or any other type of crypto-related collaborations, despite the fact that the football community has readily welcomed the NFT marketplace.

Until further notice, according to an unidentified NFL member, the new standards prevent clubs from selling, promoting, or advertising blockchain and digital assets in any way.

NFTs have also been described as a promising medium for fan engagement by conventional fintech companies such as Visa, with the market reaching $2.5 billion turnover in the first half of 2021.

The teams could only consider sponsorship agreements for crypto related investment advice and fund management services and cryptocurrencies. If their advertising sponsorship rights are confined to promoting the company’s corporate brands, according to the NFL official.

Lionel Messi, Naomi Osaka, and other sports stars have expressed interest in cryptocurrency investments in the past. NFL player Saquon Barkley announced on July 15 that he intends to convert his endorsement income to Bitcoin (BTC).

One of the biggest reasons why one cannot save money, according to Barkley, is inflation. He explained, That’s why I’m going to take my marketing money in Bitcoin.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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