SoftBank has just invested $680 million in a non-fungible token (NFT) game named Sorare. This NFT game called Sorare is a blockchain-based fantasy football management game. Sorare has its headquarter situated in Paris, France. The game publisher of this NFT game said that the amount of capital raised by Sorare was about to be up to 4.3 billion USD then. Both former football players Rio Ferdinand and Gerard Pique also participated in this round of investment. Sorare was founded in 2018. This NFT game is an online game that allows game players to buy player cards and to build a team. The performance of the players is updated based on their concurrent performance in the real life. The player tokens are traded between players in the form of non-fungible tokens. The cards are all unique and non-replaceable. Sorare is currently the world’s largest sports NFT platform by trading volume.
This is the first time SoftBank has ever invested in a non-fungible token gaming platform. The investment has been successfully set up thanks to SoftBank Vision Fund 2. But that had not been the first foray that SoftBank had ever had into the crypto market. SoftBank has also invested in the OpenSea Non-fungible Token and the decentralised finance platform Juggernaut. The non-fungible token craze had not yet stopped even when a word “Test” was scribbled on the computer. The non-fungible token of that word had been sold for $270,000. Sam Bankman-Fried, the billionaire CEO of FTX Exchange has allowed its users to create their own custom non-fungible tokens on its crypto exchange platform. That word “Test” was created for the purpose to emphasise an example of customising such crypto exchange non-fungible tokens.
Sources of information include NonFungible, Reuters, and TechCrunch.