Every now and then, a new NFT project pops up claiming to be the “next big company”. Back in 2019, a company called Sorare was founded, aiming to introduce fantasy sports to the market. However, since then, it seems that Sorare’s popularity has faded. This is especially true as the biggest sporting event in the world (the world cup) is nearly ending and nothing spectacular happened. Why is Sorare’s popularity fading? Is it still good to play Sorare? Let’s analyze in this Sorare review 😉
What is Sorare Crypto?
Sorare is a fantasy football game that uses blockchain technology to create and trade unique digital collectibles called “player cards.” These cards represent real-life soccer players and can be used to compete in online matches and tournaments.
In Sorare, players can create their own fantasy football teams by purchasing and trading player cards on the Sorare marketplace. The game uses real-life soccer matches to determine the performance of players in each team, and players can earn points based on the performance of their team in these matches. Players can compete against each other in leagues and tournaments, and the ultimate goal is to build a team that performs well and earns a high score.
Sorare is built on blockchain technology, which means that the player cards are unique and cannot be replicated. This helps to create scarcity and value for the cards, as there is a limited supply of each card. The game also allows players to trade and sell their cards on the Sorare marketplace, which adds an element of collectibility to the game.
How Many Clubs did Sorare Partner with?
Sorare has partnered with a number of professional soccer clubs from around the world. According to Sorare’s website, the company has partnerships with over 300 clubs*, including major teams such as Paris Saint-Germain, Bayern Munich, Juventus, and Manchester United.
In addition to these partnerships, Sorare has also formed partnerships with several major soccer leagues, including the English Premier League, the Spanish La Liga, and the Italian Serie A. These partnerships allow Sorare to use the official logos, player images, and other intellectual property of the clubs and leagues in the game.
*Sorare removed the section on their website where they publicly show all the clubs that they are currently signed with.
How to Play Sorare Crypto?
To play Sorare, you will need to sign up for an account on the Sorare website and purchase some player cards. Here is a general overview of the steps you can follow to start playing Sorare:
- Visit the Sorare website and create an account. You will need to provide some personal information, such as your name and email address, to set up your account.
- Explore the Sorare marketplace and browse the available player cards. You can filter the cards by team, league, or other criteria to find the cards you’re interested in.
- Purchase player cards using a supported cryptocurrency, such as Ethereum (ETH) or Bitcoin (BTC). You can use a wallet or exchange to buy the cryptocurrency and then transfer it to your Sorare account.
- Once you have some player cards, you can create your own fantasy football team by selecting a formation and selecting players for each position.
- Join a league or create your own league and compete against other players’ teams in matches and tournaments. You can earn points based on your team’s performance in real-life soccer matches.
- You can also trade player cards with other players on the Sorare marketplace or hold onto them as a collectible.
Is Sorare Risky?
One might wonder: how can playing a game be risky and make you lose money? Well, there are many problems that arise when looking at Sorare. Here are a few potential risks to consider when thinking about investing in Sorare:
- Volatility: Like many other cryptocurrencies, the value of Sorare’s player cards may fluctuate significantly over time. This means that the value of your investment could go up or down quickly, which could lead to significant losses if you decide to sell at the wrong time. You might buy a card today that becomes worthless a few days after.
- Lack of regulation: Sorare operates in the cryptocurrency space, which is largely unregulated. This means that there may be fewer protections in place for investors compared to traditional investments, such as stocks or bonds. Sorare was even under investigation in the UK.
- Competition: Sorare is not the only company in the digital collectibles space, and there is significant competition in the market. This could impact the demand for Sorare’s player cards and potentially affect their value.
- Risk of loss: As with any online game or service, there is always a risk that the company could go out of business or experience other problems that could lead to a loss of your investment. The company did indeed receive millions in funding through multiple investing rounds. However, it looks like the company is burning through its cash reserves.
Bad Rating on TrustPilot
Sorare currently has a rating of 2.9 out of 5 on Trustpilot. More than 40% of the users who rated added a 1-star review out of 5. Most users complained about very bad customer support, stolen credit cards, fraudulent charges and reviews that are written by bots.
Is Sorare doing Good?
If you buy into hype easily, you might think that the company is doing great. However, this is far from reality. It is true that their beginnings were all bloomy thanks to their funding rounds which increased their marketing budgets. But due to the bearish crypto market, the NFT market had its share of a crash. NFT sales dropped by more than 80% in 2022. For Sorare, this is also true as its sales dropped in 2022 by more than 75% to date… a horrible performance, especially since the World cup is currently happening!
Sorare Misses the World Cup?
The World Cup is the biggest sporting event in the world. The money that was thrown into making the world cup happen in 2022 topped $220 billion. Did Sorare capitalize on this event? Well, it seems that the company did not.
The sales of the company seem to be on the decline. This is no surprise as the year 2022 has been a harsh one on the crypto market, including for NFTs. But missing out on the biggest event shows that the company is incapable of generating any sort of hype anymore. We should expect sales volumes to increase during that time, but numbers keep on crashing by the day.
In figure 2 below, we can see the latest stats from the past 7 days, which coincides with the semi-finals of the world cup…disaster. Are those stats worthy of millions in investment rounds? Or is it the dozen interactions on their Twitter posts?
Is Sorare a Good Investment?
Based on the latest sales figures we just saw, Sorare is in deep trouble. Low sales volumes mean fewer profits for the company. It seems that the only thing keeping the company afloat is its affiliate program, which promises 10% of any sale that happens in any referral. The coming year will be a decisive one for the company, especially since the “Football hype” is fading after a few weeks. Can NBA and Baseball help in recouping the losses? We think not.
