Web3 Fantasy-Sports Game Sorare Adds Fiat Support, Expanding Beyond Crypto for Broader Growth
Sorare, a leading Web3 fantasy-sports company boasting a vast user base of over 5 million registered users, is geared towards further expansion by introducing support for major fiat currencies – the U.S. dollar, euro, and British pound.
In a significant development, Sorare has now integrated fiat payment options for its digital trading cards, doing away with the requirement for users to transact exclusively in ether (ETH), which the company identified as a major obstacle for potential entrants.
Operating on the blockchain, Sorare functions as a captivating gaming platform, enabling managers to purchase and trade non-fungible tokens (NFTs) representing top-tier sports players. These NFTs are strategically used to form teams, which managers then deploy in competitive events. The platform boasts official licensing agreements with prominent sports leagues such as Major League Baseball (MLB), the National Basketball Association (NBA), Premier League, La Liga, and the Bundesliga.
Despite its impressive user base, Sorare has come to perceive its association with cryptocurrencies as potentially limiting further growth. As a strategic step, the company has taken a cue from fellow NFT-related sports game, NBA Top Shot, which already accepts U.S. dollars for transactions.
Besides fueling user expansion, the move might also be driven by the desire to dissociate from crypto’s negative connotations resulting from events in recent times, including the cryptocurrency market downturn and the dramatic collapse of crypto exchange FTX in November.
Sorare’s decision to remove the obligation to pay in ETH has been heralded as a vital move, eradicating a significant entry barrier. This move is aimed at offering both existing and new managers a seamless experience in participating in the platform’s fantasy sports games and marketplace, as stated in an official email announcement on Monday.
Though Sorare’s transition to fiat may signal a shift away from exclusive cryptocurrency involvement, it is essential to acknowledge that its NFT-based trading cards and blockchain-recorded transactions can still contribute positively to the broader adoption of digital assets and decentralized technology.
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