Sorare Boosts NFT Sales By Signing Kylian Mbappé

Sales of Sorare, the NFT platform specializing in football, spiked when the company successfully signed the player who owns the highest salary in the world Kylian Mbappé.

On June 29, Sorare announced the signing of football star Kylian Mbappé, striker of Paris Saint-Germain F.C., and the French national team that won the 2018 World Cup, as an investor and global ambassador for the platform. It has also pledged to support Mbappé’s Inspired by KM charity, as part of the deal. This is Mbappé’s first foray into the Web3 space.

According to data from CryptoSlam, Sorare has seen a significant increase in secondary market trading. In 24 hours, Sorare’s NFT sales were worth more than $6.7 million, with an increase of 808.38%.

This is more than double the trading volume of any other “blue chip” project on the market, higher than both CryptoPunks ($3.8 million) and Bored Ape Yacht Club ($2.3 million), despite a 94% drop in NFT trading volume on top marketplaces.

Sorare is a fantasy sports game that uses NFTs to represent player cards. Users obtain cards of real-life players from over 250 international teams and can then use them to build squads, earning points from the respective players’ real-world performances. The platform has many active tournaments and rewards are offered to winners in the form of NFTs as well as ETH.

Sorare claims to have over 2 million users, with CryptoSlam recording over $350 million to date in NFT trading volume. In addition, it has raised $680 million in Series B funding led by SoftBank at a valuation of $4.3 billion.

Also in May 2022, Sorare announced a partnership with Major League Baseball (MLB) to launch an NFT fantasy baseball game in the third quarter of 2022. The game will focus exclusively on the league and its 30 clubs and is part of Sorare’s broader effort to establish a broader presence in the United States.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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