UK Regulator investigates NFT platform Sorare
The Sorare fantasy football NFT platform is being investigated by the UK Gambling Commission. This is stated on the regulator's website.
UK Gambling Regulator investigates NFT fantasy football NFT platform Sorarehttps://t.co/QqgYZBqqfc— FINTWIT (@fintwitnow) October 12, 2021
According to the report, the company does not have a license to operate in the region. British consumers were urged to take this fact into account when making decisions about using the service.
The Gambling Commission plans to determine whether the services Sorare provides are gambling.
Sorare representatives declared their readiness to conduct a dialogue with the authorities and expressed confidence that they do not offer users "any form of regulated gambling."
Sorare was founded in 2018. On the platform, you can buy, sell and exchange NFT cards of players from the world's leading football clubs. Tokens are also used in virtual prize tournaments.
In September, French NFT fantasy football platform Sorare has completed a $680 million round of funding led by Japanese telecom giant SoftBank.
Today marks a historic day for the sports, gaming and #NFT communities. 🚀— Sorare (@SorareHQ) September 21, 2021
We're announcing our $680M Series B to build the next giant in sports entertainment! 🔥#OwnYourGame⚽ pic.twitter.com/O8OfkKfeLF
According to the company, more than 600,000 users are registered on the platform. Since the beginning of 2021, the trading volume has exceeded $150 million.
Never seen before in Europe, @SorareHQ raises $680M (Serie B) at $4.3 billion valuation !— Sébastien Couasnon (@SebCouasnon) September 21, 2021
About Sorare :
Born in December 2018 🇫🇷
< 30 employees
>100 new hires over the next 12 months
180 partnering football clubs
600 000 registered users