SORARE barely benefited from the World Championship… END of NFT Cards?
Every now and then a new NFT project pops up claiming to be the “next big company”. Back in 2019, a company called Sorare was founded, with the goal of introducing fantasy sports to the market. Since then, however, Sorare’s popularity seems to have faded. This is especially true as the biggest sporting event in the world (World Cup) is coming to an end and nothing spectacular happened. Why is Sorare’s popularity waning? Is it still good to play Sorare? Let’s analyze in this Sorare review 😉
What is Sorare Crypto?
Sorare is one fantasy football game which uses blockchain technology to create and trade unique digital collectibles called “playing cards”. These cards represent real football players and can be used to compete in online matches and tournaments.
In Sorare, players can create their own fantasy football teams by buying and trading player cards in the Sorare Marketplace. The game uses real football matches to determine the performance of players in each team and players can earn points based on the performance of their team in these matches. Players can compete against each other in leagues and tournaments, and the ultimate goal is to build a team that performs well and earns a high score.
Sorare is built on blockchain technology, which means that the player cards are unique and cannot be replicated. This helps to create scarcity and value for the cards, as there is limited access to each card. The game also allows players to trade and sell their cards on the Sorare Marketplace, which adds an element of collectability to the game.
How many clubs did Sorare collaborate with?
Sorare has partnered with a number of professional football clubs from around the world. According to Sorare’s website, the company has cooperation with over 300 clubs*including major teams such as Paris Saint-Germain, Bayern Munich, Juventus and Manchester United.
In addition to these partnerships, Sorare has also formed partnerships with several major soccer leagues, including the English Premier League, the Spanish La Liga, and the Italian Serie A. These partnerships allow Sorare to use official logos, player images, and other intellectual property of the clubs and leagues in the game .
*Hurt removed the section on their website where they publicly list all the clubs they are currently signed with.
How to play Sorare Crypto?
To play Sorare, you need to register for an account on the Sorare website and purchase some player cards. Here is a general overview of the steps you can follow to start playing Sorare:
- Visit the Sorare website and create an account. You will need to provide some personal information, such as your name and email address, to set up your account.
- Explore the Sorare Marketplace and browse the available player cards. You can filter the cards by team, league or other criteria to find the cards you are interested in.
- Buy player cards using a supported cryptocurrency, such as Ethereum (ETH) or Bitcoin (BTC). You can use a wallet or exchange to buy the cryptocurrency and then transfer it to your Sorare account.
- Once you have some player cards, you can create your own fantasy football team by selecting a formation and selecting players for each position.
- Join a league or create your own league and compete against other player teams in matches and tournaments. You can earn points based on your team’s performance in real football matches.
- You can also trade player cards with other players on the Sorare market or keep them as a collectible.
Is Sorare risky?
One might ask: how can playing a game be risky and make you lose money? Well, there are many problems that arise when looking at Sorare. Here are some potential risks to consider when thinking about investing in Sorare:
- Volatility: Like many other cryptocurrencies, the value of Sorare’s player cards can fluctuate significantly over time. This means that the value of your investment can go up or down quickly, leading to significant losses if you decide to sell at the wrong time. You can buy a card today that becomes worthless a few days later.
- Lack of regulation: Sorare operates in the cryptocurrency space, which is largely unregulated. This means there may be fewer protections in place for investors compared to traditional investments, such as shares or bonds. Sorare was even under investigation in the UK.
- Competition: Sorare is not the only company in digital collectibles, and there is considerable competition in the market. This could affect the demand for Sorare’s player cards and potentially affect their value.
- Risk of loss: As with any online game or service, there is always a risk that the company may go bankrupt or experience other problems that could result in the loss of your investment. The company actually received millions in funding through multiple investment rounds. However, it looks like the company is burning through the cash balance.
Bad rating on TrustPilot
Sorare currently has a rating of 2.9 out of 5 on Trustpilot. More than 40% of users who rated added a 1-star review out of 5. Most users complained about very poor customer support, stolen credit cards, fraudulent charges, and reviews written by bots.
Is Sorare all right?
If you easily buy into the hype, you might think the company is doing well. However, this is far from reality. It’s true that their beginnings were prosperous thanks to funding rounds that increased their marketing budgets. However, due to the bearish crypto market, the NFT market had its share of a crash. NFT sales fell by more than 80% in 2022. For Sorare, this is also true, as sales in 2022 fell by more than 75% year to date… a terrible achievement, especially since the World Cup is going on now!
Does Sorare miss the World Cup?
The World Cup is the biggest sporting event in the world. The money thrown into making the World Cup happen in 2022 topped $220 billion. Has Sorare taken advantage of this incident? Well, it seems the company didn’t.
Sales of the company appear to be on the decline. This is no surprise as the year 2022 has been a tough year in the crypto market, including for NFTs. But missing the biggest event shows that the company is not able to generate any kind of hype anymore. We should expect the sales volume to increase during that time, but the numbers continue to crash day by day.
In figure 2 below we can see the latest statistics from the last 7 days, coinciding with the semi-finals of the World Cup…disaster. Are these statistics worthy of millions in investment rounds? Or are there dozens of interactions on their Twitter posts?
Is Sorare a good investment?
Based on the latest sales numbers we just saw, Sorare is in deep trouble. Low sales volume means less profit for the company. It seems the only thing keeping the company afloat is its affiliate program, which promises 10% of any sale made in any referral. The coming year will be a crucial year for the company, especially since the “Soccer Hype” fades away after a few weeks. Can the NBA and baseball help recoup the losses? We don’t think so.
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