Understand Web3, NFTs and Cryptocurrencies with Sorare

To understand Web3 is a good example worth a thousand explanations. And Sorare is perfect.

“Fantastic”, “incredible”, “a UFO” … Investors agree. Sorare (the company) is what is called the “shot of life”. In just a few years, with a valuation of $ 4.3 billion, the company has become the highest rated French unicorn. Even better and even more exceptional in the land of unicorns: Sorare has generated profits since its inception. A success story therefore, which like all good stories had many problems in the beginning. When Nicolas Julia and Adrien Montfort, the two young co-founders, claimed to create “the world leader in entertainment”, no one believed it: “I do not understand anything about your thing”, they often heard. Now that Web3 is igniting curiosity, things have obviously changed. And to understand Sorare’s model is to understand what tomorrow’s internet might look like.

Collectors, players, players and football fans …

It is true that in the beginning we do not understand any of it Sorare (the game). For convinience sake, Sorare mixes three models. That of Panini, the self-adhesive pictures that kids loved to collect, of Betclic, the sports betting site and finally games of fantasy sport, where challenges are created based on the results of real teams on the field. So many markets culminating in the top of the most lucrative, with a turnover of hundreds of billions of dollars. Map. Sorare is a real trap for collectors, an Eden for players, the elysic fields for football fans.

NFT, blockchain, cryptocurrencies …

But the real secret weapon of Sorare is not even there. Sorare, it is the success of a company that uses blockchain, cryptocurrencies and NFT … In summary, this provides an online game (developed on blockchain) where you buy, collect and play virtual cards with the image of football players (NFT). , and which allows betting, investing and speculation. The founders of Sorare pretend it’s not gambling. But this type of crypto game still belongs to the category called ” play to earn », To be translated as …« games to win money ». Now Sorare is attracting the most prestigious funds and sports stars are becoming shareholders – France striker Antoine Griezmann, FC Barcelona’s defender Gerard Pique. Recently, tennis player Serena Williams became a member of the startup’s board.

So how did Sorare build his business on Web3? We give you 6 reasons.

1. Sorare has its “blockchain” business

Like any Web3 player, Sorare is based on a blockchain, the technology that enabled the emergence of cryptocurrencies, and more recently NFTs. It makes it possible to store information in a decentralized and secure way. Sorare uses Ethereum, one of the most widely used blockchains in the world – and the most trusted, it is said.

2. Sorare has turned its customers into investors

In Web2, users produced content and / or data, but received no revenue from it. On the contrary, Web3 makes it possible to reward them for their contributions and to interest them in the success of the company. In the house of Sorareusers buy cards, but it is also a place an investment in the game for which they will make a profit.

Sorare funded the interactions

Web3 works basically around monetary exchanges (preferably in crypto), as opposed to the seemingly free nature of the major Web2 platforms (Facebook, Twitter, Google), which are funded through advertising. The financing of exchanges has the advantage that you reward yourself for your contribution, but you have to pay to participate.

4. Sorare knows how to stay a little mysterious

Web3 apps are a bit complex and mysterious at first. Their sites are often a bit abstruse, their design a bit primitive. It’s part of the marketing. The goal is to create a sense of belonging in a small club of insiders who have seen it rise before everyone else. The famous FOMO (Fear Of Missing Out, the fear of missing something) is complemented by the pride of being …

5. Sorare invests a lot in his communication

Advertising is so Web2. You have not yet seen a major Sorare poster campaign in the subway. The startup prefers to bet on its most active users (those who have understood the trick, see point number 4), who will exchange with each other on the networks, sponsor each other … Some are adorned with titles that set them apart. At Sorare, it is the “top managers” and the “ambassadors”. In other Web3 communities, the community is created before you even have the product.

6. Sorare has decentralized … but not too much

One of Web3’s ambitions is to give users some semblance of power back. In the case of Sorare, this involves easy access to game data in order to create apps and parallel games. But make no mistake, this decentralization is limited. Users have no control over the rules of the original game, “Mother Game”, or over the management of the company.

This article appeared in Magazine 31 by L’ADN, SORARE, THE WEB VERSION COLLECTOR, available here.

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