SoftBank, a Japanese conglomerate, led Sorare’s Series B round, which was the largest ever for a European startup. Sorare raised $50 million in a Series A funding round in February 2021 and $680 million in a Series B round in September 2021 that valued the company at a $4.3 billion valuation.
Sorare was founded in France in 2018 by Nicolas Julia and Adrien Montfort, who worked together at Stratumn, a Paris-based financial technology company. For us, what we wanted to do was find something that differentiates itself from NBA Top Shot….We felt with Sorare’s track record of success, being leaders in the Web3 space, they just made the most sense for us to partner with.” “We evaluated at least a dozen opportunities. “We were looking for new ways to enter into the fantasy category,” said Josh Goodstadt, executive vice president of licensing at THINK450, the NBPA’s marketing and licensing subsidiary. The NBA and NBPA see Sorare as an alternative to NBA Top Shot and not as a competitor because Sorare has a fantasy game element. Last month, there were just over $1 million in NBA Top Shot sales for a $24 average, down from $37.5 million and $45.01 in August 2021. In February 2021, there were a record $224.1 million of sales for a record $181.81 average sale on the NBA Top Shot marketplace, according to CryptoSlam, but that has declined significantly. Most notably, they partnered with Dapper Labs in 2019 to develop NBA Top Shot, an NFT marketplace that became popular last year as NBA fans and speculators flooded the marketplace.
The NBA and NBPA, its players union, are familiar with fantasy sports and NFTs as separate categories.
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