Sorare scores $680M funding led by SoftBank to grow its NFT sport portfolio. With a Series B funding round headed by the Tokyo-based holding firm, Sorare was valued at $4.3 billion.
Significantly, Sorare, a marketplace for nonfungible token (NFT) trading cards, has secured $680 million in a Series B investment round spearheaded by SoftBank, putting the platform’s updated worth at $4.3 billion. Sorare plans to use the new financing to grow its portfolio of football player NFTs by collaborating with other football leagues and associations.
Sorare intends to diversify its NFT-based portfolio
The French NFT-based trading platform gained its first soccer league agreement with La Liga in early September. In addition to NFT partnerships with PSG, Liverpool, and other elite soccer teams. Sorare also intends to expand its range of NFT-based fantasy sports products.
A number of existing investors and business angels, including Benchmark, Accel and Headline, contributed to the funding. In addition to new investors such as Atomico and Bessemer Venture Partners, D1 Capital, Eurazeo, IVP and LionTree.
SoftBank led a $532 million fundraising round for Sorare in July. Sorare CEO Nicolas Julia, on the other hand, rejected the financing assertions. Which were based on insider information at the time.
NFL prohibits teams and members from engaging in NFTs
The United States National Football League (NFL) has lately prohibited teams and members from engaging in NFTs or any other kind of crypto-related collaborations. Despite the fact that the football community has quickly welcomed the NFT marketplace.
Until further notice, according to an unnamed NFL member, the new restrictions ban teams from selling, promoting, or advertising blockchain and digital assets in any manner.
Furthermore, conventional fintech like Visa has hailed NFTs as a potential medium for fan interaction. With sales of $2.5 billion in the first half of 2021.