Sorare No Longer be Classified as Gambling ahead of Fifa World Cup

Sorare No Longer be Classified as Gambling ahead of Fifa World Cup

Sorare is a NFT fantasy sports game. In Sorare, players can control a virtual team, buy, sell, trade and use  digital player cards in the form of Non-Fungible Tokens (NFTs). Sorare raised $680 million in a Series B investment deal in September 2021, which was coordinated by SoftBank's vision fund team. The corporation is currently valued at $4.3 billion.

The French startup was in a battle with the French National Gambling Authority (ANJ), which believed that the NFT fantasy game should be classified as gambling. According to Sorare, the platform should not be categorized as a gambling project because the players never lose their cards (NFTs).

However, after a long discussion, both Sorare and ANJ have reached an agreement, and a solution has been found. This is a big victory for Sorare right before FIFA World Cup because it can get away with certain financial limitations that gambling platforms have to follow under regulatory rules.

“We have found a provisional solution with the French National Gambling Authority (ANJ) that satisfies both parties” said Nicolas Julia, co-founder of Sorare.

Sorare has stated that it will broaden the game's free access as part of the agreement. If it doesn't comply by the end of March, the authority threatened to utilize its legal authority, which in theory allows it to impose fines of up to 5% of a company's turnover.

Sorare received many good news these days as the Argentine football legend - Lionel Messi - has joined Sorare earlier this month as an investor and brand ambassador. The collaboration intends to raise the standard for fan interaction with players and teams.

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