FC Bayern Munich is the latest sports club to join Sorare’s blockchain collectibles platform. They are the third Bundesliga club and 102nd club overall to join.
What is Sorare?
The platform is a fantasy football game based on the Ethereum blockchain network. Players can use and trade limited edition virtual football player cards to build teams and win games. The aim of the game is to build the best five player team by trading the cards, players will be awarded points based on the actual performance of the footballer in live games. At the end of each tournament, the team owners who have scored the most points will be awarded prizes, either in-game or in the form of Ether, a cryptocurrency. It’s certainly an interesting way to get into virtual football betting.
Why Bayern signed up
From the club’s position, signing up with a blockchain based collectible platform looks like a great way to expand the engagement with their team. The idea of collectible and tradeable football cards is a long standing one, who can forget buying and trading Topps and panini stickers when you were in school?
By moving the platform to the blockchain, they are able to maintain the limited nature of the cards, they cannot be reproduced or copied but, they can be accessed all over the globe. At this time, with the pandemic still raging on, a virtual approximation of the sport will be hugely popular, especially among those who cannot access the team in person.
The future of the platform
This is a major get for Sorare’s platform. They already have some impressive organisations under their belt; Paris Saint-Germain and Atletico Madrid to name a couple. For a network that gains value as more users and teams join the network, big teams like this are very important for the future of the platform.
In July of this year, Sorare announced their aims for the future. Their short-term goal was to “double the football clubs under license by year-end” and their long-term goal was to “sign with the top 20 football leagues in the world”. This is a lofty goal for the company, while they are gradually becoming a dominant force in the industry, they are still only the third largest sports collectible platform on blockchain.
The direct competitors in the industry are Fantestec and Stryking. Fantastec has some of the biggest names in football signed to their service; Real Madrid, Arsenal, and Bayern’s rival Borussia Dortmund. Stryking offers a similar service but they have expanded their reach by including other international sports.
Who is this for?
It will certainly be a competitive market for Sorare. Bayern Munich has less to worry about, unless it is specifically stated in their contract, they will be able to partner with as many other blockchain platforms as they want. They can expand their reach by partnering with other major platforms and benefit from the lack of exclusivity while Sorare, who relies on the exclusive teams on their network may fall behind.
Fans of virtual football betting and virtual football prediction will see something interesting in this. This platform and this style of play still has a long way to go until it breaks into the mainstream, Sorare only has a user base of 45,000 players, not enough to become a worldwide brand quite yet.
Featured Image Credits: FC Bayern Munich
