Sorare CEO Nicolas Julia told ULTCOIN365, “We believe that NFTs can significantly accelerate the development of women’s sports.”
Sorare, a nonfungible token (NFT) marketplace, is looking to be an active player in bridging the gap between sports and digital entertainment following a $680 million funding round.
Sorare, whose company is now valued at $4.3 billion, told ULTCOIN365 that the new capital will be used to expand its business through new hires and partnerships, as well as to support community-led programs.
Sorare CEO Nicolas Julia explained via email that, in addition to working with community-led football programs aimed at assisting young people from disadvantaged backgrounds and supporting underprivileged entrepreneurs in sports and gaming, the NFT unicorn would also support female representation in sports. He stated:
“We believe that NFTs have the potential to significantly accelerate the development of women’s sports. We will make an active investment in this, beginning with women’s football.”
Sorare, a Paris-based NFT marketplace focused on sports, made headlines in September after raising $680 million in Series B funding from SoftBank.
Julia went on to explain how Sorare planned to use the funds raised for business purposes, beginning with new hires to expand the team. “We’re looking to fill a lot of new roles,” he said, referring to both Europe and the United States.
He went on to say that new partnerships would bring new football leagues and national teams to the NFT market. Such collaborations necessitate an upfront payment, and Sorare is well-funded enough to sign deals with the top 20 leagues and top 50 national teams.
Sorare also intends to set aside a portion of the funds for mobile and marketing efforts. “Our fantasy game will be a mobile-first experience,” Julia said, adding that the company’s growth has been organic up to this point.
Sorare’s final agenda item is to add new sports to the platform. “We’ve gotten requests from leagues and fans all over the world to replicate our model in other sports,” Julia said.