Sorare, a nonfungible token (NFT), marketplace is seeking to bridge the gap between digital entertainment and sports.
Sorare, now valued at $4.3Billion, told Cointelegraph that the company intends to use the new capital to expand its business through new hires and partnerships as well as to support community-led programmes.
Nicolas Julia, Sorare CEO, explained via email that NFT would support female representation in sport. He stated:
“We believe that NFTs can significantly accelerate the development of women’s sports. We will actively invest in this by beginning with women’s football.”
Sorare, a Paris-based NFT marketplace focused on sports, made headlines in September following a SoftBank-led $680-million Series B funding.
Julia further detailed how Sorare was going to use the raised capital for business purposes, starting with the new hires to expand the team. “We’re looking to fill many new roles,” he said, both in Europe and the United States.
He added that new partnerships would introduce new football leagues and national teams to the NFT marketplace. Such partnerships require an upfront payment, and Sorare is loaded enough to sign the deal with the top 20 leagues and top 50 national teams, thanks to the hefty funding.
Sorare also plans to reserve some part of the funds for mobile and marketing efforts. “Our fantasy game will be a mobile-first experience,” Julia explained, adding that the company’s growth was organic until now.
The last topic on Sorare’s agenda is to bring new sports to the platform. “We’ve received interest from leagues and fans across the globe to replicate our model in other sports,” Julia said.
