How much the company makes from minting new NFTs is determined by their scarcity and to a lesser extent, the player who is featured on the card. These cards are sold in an auction system, with prices starting at around 0.004 ETH or approximately $16. New signings – where cards have been minted by Sorare and listed for sale without any previous owners. Playing cards can be purchased in a few different ways: This allows the company to bundle many transactions together and reduce the cost per minted card. While the cost of minting new NFTs for thousands of players might be considered prohibitive, Sorare runs on the Ethereum L2 network Starknet. Sorare makes money by the issuance and sale of new NFT playing cards on its platform. The platform now boasts 228 officially licensed football clubs. In September 2021, Sorare raised $680 million in Series B funding to be worth $4.3 billion. The team that receives the most points is the winner and may themselves be awarded with Ether or rare cards. On game day, the user assembles a team of five with points awarded based on the real-world performance of each player. Users can join a variety of different leagues, including those designed for rookie players or region-focused tournaments. The ability to use NFT collectibles in a competitive environment is what differentiates Sorare from similar platforms. These cards are acquired via packs sold by the company or on a secondary marketplace by owners who auction them off. To play the game, participants need to own NFT cards which range in abundance from limited to rare, super rare, and unique. Securing licensing deals with these clubs was a boon for the co-founders, especially when one considers that Sorare was an unproven start-up operating in an industry shrouded in misconception and complexity. Sorare is a fantasy football game where NFT collectibles are based on real-world football players and clubs. With NFTs, there is now the possibility of collecting something digital.” “ We as human beings have been collecting things for centuries in the physical space. The allure of NFTs struck a very personal chord with Julia, who noted that: In late 2017, Julia and Montfort discovered NFTs which enabled the creation of scarce digital items. The platform enables players to buy, sell, trade, and manage a virtual team using digital player cards on the Ethereum blockchain. Sorare is a fantasy football platform developed by Nicolas Julia and Adrien Montfort in 2018. Digital Business Models Podcast by FourWeekMBA.Business Strategy Book Bundle By FourWeekMBA.An Entire MBA In Four Weeks By FourWeekMBA.
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