Sorare, the fantasy sports gaming experience and marketplace that features collectible cards in the form of non-fungible tokens (NFTs), has expanded its reach and is now accepting payments in US Dollars, Euros, and British Pounds.
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Accepting FIAT payments through crypto gateways
Sorare, a blockchain-based fantasy sports game, has made a pivotal maneuver towards mainstream adoption by allowing users to purchase its digital trading cards using FIAT currencies. This eliminates the need for users to bridge their balances to a crypto wallet so they can transact in ether (ETH), which the company identified as “one of the main barriers to entry.”
Despite this change, the trading cards remain as non-fungible tokens (NFTs) and transactions continue to be recorded on the blockchain.
The platform, which allows users to buy, trade, and compete with NFTs representing elite sports players, is licensed by some of the world’s most significant sports leagues, such as Major League Baseball (MLB), the National Basketball Association (NBA), and on European Football the Premier League, La Liga, and Bundesliga.
Users can pay with a credit card through an on-ramp gateway
In partnership with Mangopay, Sorare has developed a cash wallet that enables users to connect their bank accounts and store card details. This wallet can be used to deposit and withdraw funds for purchasing card packs, bidding on auctions, and selling cards. The wallet accepts payments in U.S. Dollars, Euros, and British Pounds while maintaining all the crypto functionalities of the same.
Sorare’s CEO, Nicolas Julia, emphasized the importance of making new technologies accessible to all. He stated, “The launch of Cash Wallet is key to our goal of making Sorare as simple and user-friendly as possible for all sports fans”.
Despite its success and having a 3 million player base, Sorare aims to grab a larger piece of the Fantasy League market share by introducing a more user-friendly system to onboard new players.
The future of Sorare is to keep on expanding as a game
Despite its foundation in Web 3.0 technology, Sorare positions its games as a fantasy experience rather than a Web 3.0 product. By eliminating the need for a crypto wallet, the platform removes a technological barrier and a layer of complexity. This means that many users won’t have to directly interact with Web 3.0 or understand its principles to participate in Sorare’s brand of fantasy sports.
Founded in 2018, Sorare has grown rapidly, boasting over 3 million users across 180 countries. The platform has partnerships with more than 300 iconic teams, clubs, and organizations and recently raised a $680 million Series B funding round at a $4.3 billion valuation.
Sorare allows you to create legacy teams by purchasing, selling, collecting, and trading player cards and then competing in free-to-play fantasy competitions to win prizes week after week and season after season, exactly like a professional sports owner.