Sorare The NFT-powered fantasy football game, which recently raised $680 million, is under scrutiny by UK regulators.
Recently, Sorare has raised a $680 million Series B round, bringing Sorare to $4.3 billion, with well-known VCs such as social media influencers. and NFT entrepreneur Gary Vaynerchuk as well as Reddit co-founder and Seven Seven Six founder Alexis Ohanian took part in the investment. In addition to last month’s fundraising, Sorare also announced a key growth initiative. including plans to open an office in the United States Add a women’s soccer team and expanding NFT-based brands to more sports
Sorare is a fantasy football game built on the Ethereum Network, built on top of NFT digital trading cards and thoroughly reviewed by the UK Gambling Commission. which is investigating that the game requires a gambling license to continue in country or not which currently does not have
The UK Gambling Commission is the governing body. casino license online casino is a large global organization directly with the institute of the British Government posted a statement on Friday saying: “The Board is currently conducting inquiries with the company to determine if Sorare.com requires a license to operate. or the services provided are not considered gambling.”
Sorare lets players buy and sell officially licensed digital cards. with players from more than 100 football teams from around the world. This includes clubs like Juventus FC and Paris Saint-Germain FC. Each card is sold as a rare NFT, unlike the NBA Top Shot licensed NFT project. However, Sorare also incorporates a fantasy sports element. Users can use their cards and compete with other Sorare users.
A statement by the UK Gambling Commission suggests that Sorare’s approach may be gambling in some form. and is exploring whether the company needs a license to continue operating in the country.
According to the statement, the commission will not make further comments until the investigation is complete.
Sorare, for its part, doesn’t believe its service requires a gambling license. The company wrote in a statement posted today. “We are very confident that Sorare digital collectible cards and games do not offer any form of gambling. controlled This is confirmed by the legal opinions of experts at every step since the company’s inception. including several rounds of fundraising.”
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