- The platform has licensing agreements with some of the greatest sports leagues in the world.
- Sorare announced that the need to pay only in ETH on the platform has been removed.
Sorare, a Web3 fantasy-sports firm, now accepts fiat payments for its digital trade cards instead of requiring customers to only purchase in ETH. Managers (participants) in the Sorare blockchain-based game may acquire and transfer non-fungible tokens (NFTs) representing professional athletes to form teams for tournament participation.
The platform has licensing agreements with some of the greatest sports leagues in the world. These include MLB, NBA, and soccer’s’ Premier League, La Liga, and Bundesliga.
Strategic Expansion Plan
Despite having more than 5 million registered managers (participants). Sorare is beginning to worry that its previous closeness to the crypto industry would hurt its ability to expand. So it has begun offering support for the U.S. dollar, the euro, and the British pound. This change follows the lead of NBA Top Shot, another NFT-related sports game that recently added support for the U.S. dollar.
In addition to attracting more users, these platforms may be attempting to distance themselves from the stigma associated with cryptocurrencies after the market crash and the spectacular fall of the FTX crypto exchange in November. Sorare announced via email on Monday that the need to pay in ETH on the platform has been removed.
The firm stated:
This “eliminates one of the main barriers to entry and makes it easier than ever for existing and new Managers to experience its fantasy sports game and marketplace.”
Because Sorare trade cards are NFTs and transactions are recorded on the blockchain. Widespread adoption of digital assets and decentralized technologies may benefit from the platform’s popularity.
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