NBA and Sorare launch 1st NFT basketball game where real money is played
Source: Observatorioblockchain / Jennifer Maldonado
The NBA (American National Basketball Association), the NBPA (National Basketball Players Association) and Sorare announce the launch of the first free basketball fantasy game based on NFT digital collectibles. The game is a replica of the model that Sorare applies to football. Thus, it will allow fans to create rosters with NFT-based digital trading cards that represent their favorite players and teams. They will be able to earn points based on their performance in real life.
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The addition of this new sport is supported by Sorare ‘s two million registered users in 185 countries, including the European and Asian markets, where the company is experiencing rapid growth with its fantasy soccer game. This deal is Sorare ‘s third with a US sports league, consolidating the company’s expansion in this market. The free fantasy game Sorare will be available this fall.
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The platform chosen by the NBA to create its first fantasy basketball game has extensive experience in virtual sports. Sorare is a successful fantasy football platform that uses the blockchain and NFTs for players to create and manage teams in unique and innovative ways. On this platform, users can form digital sports teams with real players. The performance of each player in the fantasy game will depend on the actual performance they have on the field, in each of the games.
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As part of Sorare’s partnership with the NBA, the French blockchain startup will obtain the right to use the official NBA logo and brand. As well as the official logos of the sports teams that make up the professional league. On the other hand, to celebrate the agreement, the startup is raffling tickets for the NBA Opening Week through its platform.
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Some of the alliances that Sorare has signed in the world of sports so far include the German National Soccer Team, La Liga and Major League Baseball (MLB); who have released NFT tokens from their players using their platform. After closing a $680 million funding round a year ago, Sorare reached a $4.3 billion valuation. The French startup is also owned by great football figures, such as Piqué and Griezmann. It currently has more than 2 million users located in 185 countries around the world.
The NBA experience in NFTs
The blockchain industry has attracted the interest of companies, brands, and organizations around the world. In the case of the NBA, the professional basketball league launched a Flow market in 2020, developed by Dapper Labs. This market allows users to own moments of the most iconic NBA plays as NFT tokens. This market has moved more than $960 million in more than 19.87 million sales recorded to date.