#CryptoStartupOfTheDay
What do sport, entertainment, and #cryto have in common? @SorareHQ
The NFT company has just raised $680 million in Series B at a $4.3 billion valuation making it one of the fastest-growing Euro startups 🤑 🇫🇷
Here is what you should know about it 🧵👇
What do sport, entertainment, and #cryto have in common? @SorareHQ
The NFT company has just raised $680 million in Series B at a $4.3 billion valuation making it one of the fastest-growing Euro startups 🤑 🇫🇷
Here is what you should know about it 🧵👇
1.What they do? 1/3
Created just 3 years ago in Paris, the company has grown tremendously betting on #NFTs.
Focusing on virtual #SportCards, Sorare lets its users collect cards of your favorite soccer players. Each of Sorare’s card has a pic of the player + some basic info
Created just 3 years ago in Paris, the company has grown tremendously betting on #NFTs.
Focusing on virtual #SportCards, Sorare lets its users collect cards of your favorite soccer players. Each of Sorare’s card has a pic of the player + some basic info
2. What they do? 2/3
But Sorare lets you also build your dream team and play in a #fantasyFootball league ⚽⚽⚽
But Sorare lets you also build your dream team and play in a #fantasyFootball league ⚽⚽⚽
3.What they do? 3/3
What’s fun about this game is that the results of your teams will depend on the real-life performance of your players. If your player scores a goal IRL, your cards will become more valuable. Each player is rated from 0 to 100 based on an algorithm.
What’s fun about this game is that the results of your teams will depend on the real-life performance of your players. If your player scores a goal IRL, your cards will become more valuable. Each player is rated from 0 to 100 based on an algorithm.
4. How to play? 1/2
It’s easy! Once you have logged in, pick a league, and finally get your players. You can play fantasy football for free or buy players like a real club would do.
🕹️🕹️🕹️
It’s easy! Once you have logged in, pick a league, and finally get your players. You can play fantasy football for free or buy players like a real club would do.
🕹️🕹️🕹️
5. How to play? 2/2
Right now, prices are in euros, but the transactions happen in #Ether. Sorare makes the conversion for you - it is also possible to connect your wallet and buy your cards directly with your own crypto.
Right now, prices are in euros, but the transactions happen in #Ether. Sorare makes the conversion for you - it is also possible to connect your wallet and buy your cards directly with your own crypto.
6. Business model
Every day, new cards are sold through auction. Prices go as high as $280k for a Ronaldo card! 🤯
All these cards are #NFTs, making them unique, undeletable, and independent from Sorare. 4 categories are minted, 1, 10, 100, and 1000 issues per player per season
Every day, new cards are sold through auction. Prices go as high as $280k for a Ronaldo card! 🤯
All these cards are #NFTs, making them unique, undeletable, and independent from Sorare. 4 categories are minted, 1, 10, 100, and 1000 issues per player per season
7. Business model
Sorare – which counts half a million users and 40.000 NFT owners, is also a marketplace for these cards. It uses the #Ethereum blockchain to support its NFTs. And this is with this marketplace that Sorare makes $$.
Sorare – which counts half a million users and 40.000 NFT owners, is also a marketplace for these cards. It uses the #Ethereum blockchain to support its NFTs. And this is with this marketplace that Sorare makes $$.
8. Business model
Clubs and leagues also benefit from these transactions. They get royalties between 5% to 15% per sale.
Just last February, Sorare sold for 11M euros of cards! What’s even more impressive is that the company is already profitable.💰💰💰
Clubs and leagues also benefit from these transactions. They get royalties between 5% to 15% per sale.
Just last February, Sorare sold for 11M euros of cards! What’s even more impressive is that the company is already profitable.💰💰💰
9. Founders
The company was co-founded by @ni2las (Nicolas Julia) and @adrien_sorare (Adrien Montfort). The former is the current CEO, and the latter is CTO.
Nicolas Julia, 35, has one clear ambition “to create the largest sports entertainment company in the world.”👏👏👏
The company was co-founded by @ni2las (Nicolas Julia) and @adrien_sorare (Adrien Montfort). The former is the current CEO, and the latter is CTO.
Nicolas Julia, 35, has one clear ambition “to create the largest sports entertainment company in the world.”👏👏👏
10. So, how they got there?
Sorare has partnered with about 180 soccer clubs and several leagues.
Like with some other NFT projects, some cards have real-life perks, like visiting training centers or organizing meet and greets with your players. 🤩🤩🤩
Sorare has partnered with about 180 soccer clubs and several leagues.
Like with some other NFT projects, some cards have real-life perks, like visiting training centers or organizing meet and greets with your players. 🤩🤩🤩
11. Investors 1/3
One explanation for Sorare’s success is its investors. Many of them are famous athletes, which is interesting from a marketing point of view. The company has never paid for ads but has used the fame its investors like @3gerardpique or @AntoGriezmann.
One explanation for Sorare’s success is its investors. Many of them are famous athletes, which is interesting from a marketing point of view. The company has never paid for ads but has used the fame its investors like @3gerardpique or @AntoGriezmann.
12. Investors 2/3
Sorare raised its series A just a few months ago with a $40M round including investors like @Xavier75
Sorare raised its series A just a few months ago with a $40M round including investors like @Xavier75
13. Investors 3/3
This round was led by SoftBank (#YanniPipilis) joined by @atomico (#HiroTamura), @BessemerVP (@LindseyLi_ @SakibDadi @ethankurz), D1 Capital, @eurazeo, @IVP (@tomloverro, @eliaw), Liontree, @benchmark, @Accel (@algovc, @CandiceHdF), and @HeadlineVC (@miele)
This round was led by SoftBank (#YanniPipilis) joined by @atomico (#HiroTamura), @BessemerVP (@LindseyLi_ @SakibDadi @ethankurz), D1 Capital, @eurazeo, @IVP (@tomloverro, @eliaw), Liontree, @benchmark, @Accel (@algovc, @CandiceHdF), and @HeadlineVC (@miele)
14. The future
With this new round, Sorare wants to extend to the rest of the world. It has just opened a US office and wants to go from 30 to 200 employees.
Already 20% of its revenues come from the US, and they are negotiating with different leagues and sports 🇺🇸
With this new round, Sorare wants to extend to the rest of the world. It has just opened a US office and wants to go from 30 to 200 employees.
Already 20% of its revenues come from the US, and they are negotiating with different leagues and sports 🇺🇸
15. The future
Video games could be another revenue creator. Since the cards are NFTs; they do not have to stay on the Sorare's platform 👾
Recently, Ubisoft and the Belgium soccer league have announced the launch of #OneShotLeague a game based on Sorare's technology.
Video games could be another revenue creator. Since the cards are NFTs; they do not have to stay on the Sorare's platform 👾
Recently, Ubisoft and the Belgium soccer league have announced the launch of #OneShotLeague a game based on Sorare's technology.
16. My take 1/3
What Sorare has done in just three years is amazing. I am very bullish on this industry in general and on @SorareHQ in particular for 3 reasons:
What Sorare has done in just three years is amazing. I am very bullish on this industry in general and on @SorareHQ in particular for 3 reasons:
17. My take 2/3
1. It has managed to be already profitable and is exceptionally lean yet successful.
2. It offers some real-life use for NFTs and shows a sneak peek on what #Web3 is about
3. They are #French like me; it's not a quality in itself (lol) but still... #FrenchTech
1. It has managed to be already profitable and is exceptionally lean yet successful.
2. It offers some real-life use for NFTs and shows a sneak peek on what #Web3 is about
3. They are #French like me; it's not a quality in itself (lol) but still... #FrenchTech
18. My take
Finally, it is worth noting that this capital raise happened the same week than @dapperlabs, most famous as the creator of the online marketplace NBA Top Shot (which raised $250 million at a $7.6 billion valuation). Both will soon compete for the same user base.
Finally, it is worth noting that this capital raise happened the same week than @dapperlabs, most famous as the creator of the online marketplace NBA Top Shot (which raised $250 million at a $7.6 billion valuation). Both will soon compete for the same user base.
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