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| LaLiga and Sorare collaborate to create the world of NFT. to enter |
LaLiga, Spain's national soccer league, said it is making NFT token cards available to all players in the latest push by a major crypto sports organization.
Irreplaceable tokens are unique digital assets designed to verify ownership of virtual objects via the blockchain. Therefore, unlike Bitcoin and other cryptocurrencies, they cannot be traded with each other.
LaLiga partners with French company Sorare to launch NFT. The Sorare platform allows users to trade digital player cards and manage five-player teams in several fantasy football leagues.
Solare said they have signed an exclusive, long-term licensing deal with La Liga and that top players such as Antoine Griezmann and Vinicius Jr. They will join their platform.
“Today is a significant milestone for us as it is the first of five magazines to join the platform,” said Nicholas Julia, CEO and co-founder of Sorare.
The company said La Liga clubs receive commissions on sales. Sorare paid a minimum guarantee to ensure exclusivity.
LaLiga is one of several sports leagues entering the world of cryptocurrency.
The National Basketball Association licenses the best games to a collecting platform called the NBA Top Shot. Developed by Dapper Labs, a blockchain startup.
Explore the NFT Sports Industry
Manchester City introduced two NFTs. Many clubs have introduced fan codes that enable their owners to vote on decisions made by smaller clubs and take advantage of certain advantages.
It was revealed last month that Lionel Messi's welcome package to Paris Saint-Germain includes the French club's fan idol. This was developed with cryptocurrency company Socios.com.
In addition, sales of NFT are up this year. A work by digital artist Beeple sold for nearly $70 million in March.
However, Visa recently purchased a set of crypto artwork from the CryptoPunk project for nearly $150,000.
NFT proponents say it is a way to achieve a scarcity and verifiable ownership of digital media that can be widely copied and distributed due to the free availability of content on the Internet.
However, critics see this trend as a potential bubble in a market known for highly speculative investments.
NFT has also caused a lot of scams. A fake Banksy collection sold for more than $300,000 through an apparent hack on the artist's website.
Sorari said it has generated more than $130 million in revenue through its platform since early 2021. More than $200 million is expected to be processed by the end of this year. The platform has more than 500,000 registered users.
The company was founded in 2018. In addition, it is preparing for a financing round of 530 million US dollars, the valuation should reach at least 3.8 billion US dollars.