Venture Capital Company Benchmark to Pump $50 Million into Ethereum-Based Fantasy Football Platform Sorare
Brian Njuguna Feb 25, 2021 08:43
Benchmark, a venture capital company that earlier backed Ebay Inc., Twitter Inc., and Uber Technologies, plans to invest a whopping $50 million into Ethereum-powered fantasy football platform Sorare.
Benchmark, a venture capital company that earlier backed Ebay Inc., Twitter Inc., and Uber Technologies, plans to invest a whopping $50 million into Ethereum-powered fantasy football platform Sorare.
Sorare’s sales skyrocket by 130 times
Sorare is a fantasy soccer video game founded on the Ethereum blockchain that enables users to build their preferred teams and trade football player cards.
These cards are limited and can be transferred as unique non-fungible tokens (NFTs). Moreover, the cards earn points on the foundation of every player’s respective real-world weekly performance.
One of Sorare’s primary goals is to boost blockchain and digital asset adoption in daily life. This has been paid off because its sales have increased exponentially by 130 times from $50,000 in January 2020 to nearly $6.5 million this month.
Benchmark, together with other investors like Reddit and Accel, intends to invest a total of $60 million into the platform as its popularity continues to grow.
Sorare hosts at least 4 billion football fans
Sorare is proving to be a force to be reckoned with in the NFT and fantasy football space because it is used by at least 4 billion football enthusiasts globally.
Nicolas Julia, Sorare CEO, noted:
“Human beings have been collecting for centuries; it’s something we do. This is a product that could bring the crypto asset class to millions of people.”
Furthermore, the platform hosts top-ranked soccer clubs like Juventus. In November last year, reigning UEFA Champions League Winners FC Bayern Munich joined Sorare, giving its fans the chance to trade digital cards based on its top players like Robert Lewandowski, Thomas Muller, and Manuel Neuer.
As more investments continue trickling into the Ethereum-based fantasy football platform, there is an enormous market to tap. NFTs are unique tokens compared to cryptocurrencies like Bitcoin because they are created in small batches to represent a digitally scarce item like football player cards.
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