Almost every year, a new NFT project emerges claiming to be the “next big company”. In 2019, a company called Sorare was created with the aim of commercializing and revolutionizing fantasy sports. Since then, however, Sorare’s popularity seems to have waned. This is all the more true as the biggest sporting event in the world (the FIFA World Cup) is about to end and nothing spectacular has happened. Why is Sorare’s popularity declining? Is it still worth playing Sorare or will the project die?
What is Sorare?
Sorare is a Fantasy football game, which uses blockchain technology to create and trade unique digital collectibles called “player cards”. These cards represent real football players and can be used in online matches and tournaments.
So in Sorare, players can create their own fantasy football teams by buying and trading player cards on the Sorare Marketplace. The game uses real football matches to determine the performance of players on each team, and players can then earn rewards through their team’s point-based performance. Players can compete in leagues or tournaments. The goal is to build a team that then gets as many points as possible.
Sorare is based on blockchain technology, which means player cards are unique and cannot be duplicated. This adds to the rarity and value of the cards as there are only a limited number of each card. The game also allows players to trade and sell their cards in Sorare’s market, adding a collectible element to the game.
How many partner clubs does Sorare have?
Sorare has partnered with a number of professional football clubs around the world. According to the Sorare website, the company has partnerships with more than 300 clubs*including big teams like Paris Saint-Germain, Bayern Munich, Juventus and Manchester United.
In addition to these partnerships, Sorare has also entered into partnerships with several major football leagues, including the English Premier League, Spanish La Liga and Italian Serie A. These partnerships allow Sorare to use the official logos, player photos and other intellectual property of the clubs and leagues in-game for use.
*Sorare has removed the section from his website where he publicly lists all the clubs he is currently signed with.
How to play Sorare?
To play Sorare, you must create an account on the Sorare website and purchase player cards. Here is a general overview of the steps you can follow to start playing Sorare:
- Visit the Sorare website and create an account. You will need to provide certain personal information such as your name and email address in order to create your account.
- Explore Sorare’s market and browse the available player cards. You can filter the maps by team, league or other criteria to find the maps that interest you.
- Buy gamer cards using a supported cryptocurrency such as Ethereum (ETH) or Bitcoin (BTC). You can buy the cryptocurrency through a wallet or an exchange and then transfer it to your Sorare account.
- Once you have player cards, you can create your own fantasy football team by choosing a roster and picking players for each position.
- Join a league or create your own league and compete against other players’ teams in matches and tournaments. You can earn points for your team’s performance in real football matches.
- You can also trade Player Cards with other players in Sorare’s Market or keep them as collectibles.
Is Sorare risky?
One might ask: how can playing a game be risky and result in losing money? Well, many issues arise when looking at Sorare. Here are some potential risks to consider when considering investing in Sorare:
- Volatility: As with many other cryptocurrencies, the value of Sorare Player Cards can fluctuate significantly over time. This means that the value of your investment can rise or fall quickly, leading to significant losses if you decide to sell at the wrong time. You can buy a card today that will be worthless a few days later.
- Lack of regulation: Sorare operates in the cryptocurrency space, which is largely unregulated. This means that there may be less protection for investors compared to traditional investments like stocks or bonds. Sorare has even been investigated in the UK.
- Competition: Sorare isn’t the only company in the digital collectibles space, and the market is fiercely competitive. This could affect the demand for Sorare’s player cards and possibly affect their value.
- Risk of loss: As with any online game or service, there is always a risk of the company going bankrupt or other problems which could result in a loss of your investment. The company has indeed raised millions of dollars in funding through multiple investment rounds, but it looks like the company is making its mark. deplete cash reserves.
Bad rating on TrustPilot
Sorare currently has a rating of 2.9 out of 5 on Trustpilot. Over 40% of users who left a review gave it a 1 out of 5 star rating. Most users complained about very poor customer support, stolen credit cards, fraudulent charges and reviews written by bots.
How has Sorare behaved lately?
Judging by the hype, you would think the company is doing well. However, this is far from reality. It is true that their beginnings were flourishing thanks to their fundraising which inflated their marketing budgets. But due to the bear market, the NFT market also experienced a big crash. NFT sales have dropped over 80% in 2022. So has Sorare, whose sales have dropped over 75% in 2022 to date…a horrific feat, especially as the World Cup is on!
Did Sorare miss the World Cup?
The World Cup is the biggest sporting event in the world. The money paid to organize the 2022 World Cup exceeds 220 billion dollars. Did Sorare take advantage of this event? If you look at the numbers, you can answer this question with a clear no.
The company’s sales appear to be down. This is no surprise as 2022 has been a tough year for the crypto market and, by extension, for NFTs. But missing out on the biggest sporting event shows the company is no longer capable of generating any hype. One would expect sales volumes to increase during this period, but the numbers continued to drop day by day.
In Figure 2 below we see the latest stats from the last 7 days which coincided with the FIFA World Cup semi-finals…a disaster. Are these statistics worth millions in investment cycles? Or is it the dozen interactions on theirs Twitter posts?
Is Sorare still a good investment?
According to the latest sales figures that we have just seen, Sorare is in great difficulty. Low sales mean less profit for the business. It seems the only thing keeping the company afloat is its affiliate program, which promises 10% of every sale made through a referral. The coming year will therefore be crucial for the company, especially since the “football hype” is running out of steam just a few weeks after the World Cup. Can the NBA and baseball help recover losses? We do not think so.
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