Sorare, an Ethereum-based NFT platform, has launched a fantasy basketball game in partnership with the National Basketball Basketball Association (NBA) and the National Basketball Players Association (NBPA). Launching in the fall, the game will coincide with the 2022–2023 NBA season. The game will also have digital collectibles and be available for free. The partnership is a big boost for Sorare in its efforts to broaden its footprint in the US market.
NBA fantasy and Sorare’s upward trajectory
The firm has long eyed the lucrative American market and previously inked an agreement with Major League Soccer (MLS). When compared to the MLS deal, the NBA deal is definitely a step up because basketball is more popular in the country than soccer. Sorare currently boasts two million registered users, the vast majority of whom are in Europe and Asia.
NBA Commissioner Adam Silver said:
“Our partnership with Sorare will give NBA fans an entirely new way to engage with our teams and players. With Sorare’s emerging NFT fantasy platform, we see significant opportunities to broaden our community of fans and grow NBA basketball around the world.”
If you’re already a fan of NBA Top Shot, you should definitely check out Sorare’s new basketball offering. In addition, some of Sorare’s current users might have an interest in basketball. In 2022, the US sports market is projected to be worth $80bn, making it more valuable than all of Europe’s sports leagues put together. Furthermore, it is anticipated that by 2028, the global play-to-earn market would be worth $28 billion.
The Sorare blockchain-based gaming platform offers users the ability to earn real money while having fun. The company generates around €150m in annual revenue because to the sale of sports-themed NFT cards. These cards, featuring real athletes, are rare and valuable collectibles in the sports card community. Users can then assemble a team with these player cards.
Some of the leading investors in Sorare include VC firms like SoftBank’s Vision Fund 2, Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP and Liontree. The likes of Serena Williams, Antoine Griezmann, Rio Ferdinand, Oliver Bierhoff, and Kylian Mbappé are among the list of prominent angel investors.