The government agency that regulates gambling, casinos and betting shops in the United Kingdom has announced that it is investigating the popular fantasy football game Sorare, based on the Ethereum blockchain and NFTs.
The UK Gambling Commission has released a statement informing that Sorare, one of the most popular NFT platforms in the crypto industry, is currently under its investigation. releaseThe government agency explains that the theme and mechanics of Sorare have drawn a lot of attention, so it is proceeding to carry out the corresponding investigations to understand how it works.
First, the gambling, casino and betting house regulator noted that Sorare is not licensed to operate in the UK, but the platform is still available to UK citizens. The Gambling Commission warned Britons against participating and investing in the NFT platform until it is decided whether it should require a gambling license to continue offering its products and services in the region. The agency stated that the investigation will help clarify whether the products offered by Sorare can be considered gambling and should therefore be regulated.
Sorare is one of the fastest-growing and most popular sports NFT platforms right now. By the end of September, this digital gaming platform raised $680 million in a funding round participated by SoftBank. Sorare's valuation after closing this round reached $4.300 billion.
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More than 600 thousand active users
The NFT boom has turned Sorare into a phenomenon in the blockchain industry. To date, the fantasy football platform has more than 600.000 active users, as well as some 6.000 footballers and 177 officially licensed football clubs from around the world. As shown in its official website, Club Atlético de Madrid, FC Barcelona, Liverpool FC, AC Milan, Juventus FC and Paris Saint-Germain FC are part of this innovative project.
The success story behind Sorare is the digital football trading cards, which users can buy and sell within the platform. These digital cards allow users to build their own teams and compete against other players, based on the actual performance of the players on the pitch.
Each of these cards is a non-fungible token or NFT, unique and rare on the blockchain, which is why many have sold for several thousand dollars. For example, the digital card of the legendary footballer Cristiano Ronaldo, corresponding to the 2020-2021 season, was sold in March of this year for almost $300.000; setting a record on the platform.
Recently, the gaming platform announced a association with 50 football legends to launch a collection of exclusive NFTs. It also partnered with LaLiga, the brand that brings together Spain’s football teams, to launch crypto-collectible cards of its professional players.
At press time, Sorare has held more than 329.000 NFT sales and moved a total volume of 50.200 ethers, worth more than 170,6 million.
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