Ethereum NFT Game Sorare Investigated by UK Gambling Commission
SORARE IS AN ETHEREUM-BASED FANTASY SOCCER GAME THAT USES NFTS. IMAGE:SORARE
The NFT-driven fantasy soccer game, which recently raised $680 million, has come under scrutiny by U.K. regulators.Sorare is an Ethereum based fantasy soccer game built around NFT digital trading cards.
The U.K. Gambling Commission announced that it is investigating Ethereum NFT-driven fantasy soccer game, Sorare.
The investigation seeks to determine whether Sorare needs a gambling license to continue operating in the United Kingdom.
Sorare let’s players buy and sell officially-licensed digital trading cards featuring players from more than 100 soccer teams from around the world.
However, you may think the platform would be similar to NBA Topshot, they are actually quite different. Sorare has a fantasy sports element attached to it.
Weekly, users build lineups using their cards and compete against other fans across the world.
Sorare recently raised $680 million Series B funding round at a valuation of $4.3 billion, “the game counts notable investors such as social media influencer and NFT entrepreneur Gary Vaynerchuk, as well as Reddit co-founder and Seven Seven Six founder Alexis Ohanian.” Coincidentally, after this valuation United Kingdom’s Gambling Commission is investigating whether the game may have to have a gambling license to operate.
Sorare announced significant growth initiatives, including plans to open a United States office, add women’s soccer teams, and expand its NFT-based brand into additional sports.