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- The platform has licensing agreements with some of the most prominent sports leagues globally.
- Sorare has announced the removal of the requirement to pay exclusively in ETH on the platform.
Sorare, a Web3 fantasy sports company, now allows fiat payments for its digital trading cards, eliminating the necessity for users to purchase solely in ETH. Participants in the Sorare blockchain-based game can acquire and exchange non-fungible tokens (NFTs) that represent professional athletes to create teams for competition.
The platform holds licensing agreements with some of the most notable sports leagues worldwide, including MLB, NBA, and soccer’s Premier League, La Liga, and Bundesliga.
Strategic Expansion Plan
With over 5 million registered participants, Sorare is beginning to express concerns that its previous association with the crypto sector might hinder its growth. Consequently, it has started to support payments in the U.S. dollar, euro, and British pound. This move follows the example set by NBA Top Shot, another NFT-focused sports game that recently incorporated U.S. dollar support.
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In addition to attracting a larger user base, these platforms may be seeking to distance themselves from the negative perceptions linked to cryptocurrencies following the market downturn and the dramatic collapse of the FTX crypto exchange in November. Sorare communicated via email on Monday that the requirement to pay in ETH on the platform has been eliminated.
The company stated:
This “removes one of the primary barriers to entry and simplifies the experience for both existing and new Managers to engage with its fantasy sports game and marketplace.”
As Sorare trading cards are NFTs and transactions are documented on the blockchain, the platform’s popularity may contribute to the broader acceptance of digital assets and decentralized technologies.
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