Ali Raza
Fantasy sports non-fungible token (NFT) games have become quite popular. Sorare, which offers an NFT-based fantasy based soccer game, has announced a multi-year partnership with the National Basketball Association as it looks to expand its presence in the United States.
Sorare partners with NBA for a fantasy basketball game
The partnership with the NBA marks the third deal that Sorare has secured with a sports league in the US. The other deals that Sorare has also bagged are with Major League Baseball and Major League Soccer.
In an interview with Fortune, the Head of Business Development at Sorare, Michael Meltzer, said the partnership would expand the company’s user base beyond 2 million. The executive also said that the US has a large market for fantasy sports.
Sorare is a leading crypto games brand in Europe. It was founded in 2018, allowing players to gather and trade digital cards. Through this partnership with the NBA, users can create their fantasy sports teams using NFT cards depicting their favorite players to earn points, prizes, and money.
Sorare has already said that the partnerships with sports leagues are yielding fruits. After the ML deal, Sorare said that it added 250,000 new users, while the weekly trading volumes spiked by 63%. In 2021, Sorare had trading volumes of over $325 million.
Sorare will allow users to inter-trade NFT cards for different sports on the platform with these multiple partnerships. According to Meltzer, this will allow users to have a large collection. The move will also present a marketing opportunity for US sports leagues.
Meltzer said that after launching the MLB fantasy sports game earlier this year, users outside the US became interested in watching MLB games to see how the players depicted by the NFT trading cards were performing.
Sorare partnership deal is good for Battle Infinity
The partnership between Sorare and the NBA presents a case for which the fantasy sports sector will witness notable growth in the future of web 3.0 & crypto. The NBA is one of the most popular leagues in the US. With Sorare’s initiative, the vast fanbase will not be interested in acquiring trading cards representing their favorite players.
While Sorare is an early entrant in fantasy sports, it is not the only player on the field. One of the newest yet most promising fantasy sports platforms is Battle Infinity. Battle Infinity allows players to explore a 3D metaverse where they can also win rewards in IBAT, the platform’s native token.
The IBAT Premier League is the primary way players can earn reward points. Players get to be part of clubs, where the rewards earned will depend upon the club’s performance in the current season. Players that gain the most points will be eligible for rewards.
To be eligible for these rewards, players must buy NFTs depicting players. The tradeable NFTs have utility because they can rise in value if a player has a good season.
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This article was written for Business 2 Community by Ali Raza.
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