Sorare, an French-based startup for fantasy gaming, has signed an agreement with the National Basketball Association to develop a nonfungible token (NFT). This allows Sorare to use player names and other league likenesses. The company, which had already signed similar agreements with North America’s Major League Baseball (MLB) and some European soccer leagues, including the Spanish Laliga, is now the official NFT partner of the NBA.
NFT-Based NBA License Game Launched by Sorare
Sorare, a French fantasy NFT game company, has announced a new partnership with North America’s National Basketball Association (NBA) to build a new NFT-based game. It announced that the company has signed an agreement for a multiyear partnership to become the NFT official partner of the league. This means it will be able to use the league’s likenesses in future products.
The upcoming game, which will be similar to the other games presented by the organisation, allows users to create a team consisting of NFT cards players and win points based on their real-life performances. A series of fantasy challenges will also be available on the Sorare platform.
Adam Silver, NBA Commissioner, stated the following:
Sorare and NBA fans will have a completely new way of engaging with each other through our partnership. With Sorare’s emerging NFT fantasy platform, we see significant opportunities to broaden our community of fans and grow NBA basketball around the world.
The league isn’t the only one to venture into blockchain. Dapper Labs, which is behind Cryptokitties and the Ethereum game Cryptokitties was also part of the NBA’s partnership to launch Top Shots in Oct 2020. This collaboration proved to be a great success.
Nicolas Julia, founder and CEO of Sorare stated:
Basketball is a very popular sport around the globe. We’re excited to help fans connect with their favourite teams and players via Sorare: NBA.
Sorare’s Evolution
This new partnership introduces the third sport to Sorare’s fantasy platform, having already reached similar agreements with similar leagues of different sports and countries. The platform has partnered with both the Spanish Laliga soccer league, which is one of Europe’s most well-known, as well as its German counterpart, Bundesliga, since September last year.
The company should also be able to provide the following: inkedA similar agreement was made with MLB to bring baseball onto its platform. The MLB became the official NFT partner.
Sorare has reached $4.3 billion in valuation after its most recent funds injection. The company raised $600 millions in series B financing round in September 2021.
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