Fantasy-sports firm Sorare is taking steps to attract a wider audience by embracing traditional fiat currencies, including the U.S. dollar, euro, and British pound. The move comes as Sorare aims to fuel further growth and reduce the association with cryptocurrencies as a barrier to entry.
Sorare, a popular Web3 fantasy-sports platform, currently boasts over 5 million registered users, known as managers, who trade non-fungible tokens (NFTs) representing elite sports players to build teams for competitions. The platform has secured licensing deals with major sports leagues like MLB, NBA, Premier League, La Liga, and Bundesliga.
Previously, users were required to pay in ether (ETH), a cryptocurrency, to participate in the game. However, the firm recognized that this crypto-exclusive approach might hinder broader adoption. Consequently, Sorare has introduced support for fiat payments, allowing users to make transactions in U.S. dollars, euros, or British pounds.
The move follows a trend in the NFT space, with NBA Top Shot also accepting U.S. dollars, potentially signaling a shift in the industry to accommodate users who are more familiar with fiat currencies.
By removing the need to transact solely in cryptocurrencies, Sorare aims to eliminate a significant entry barrier and make the platform more accessible to both existing and new managers. The company’s decision could have broader implications for the wider adoption of digital assets and decentralized technology, as the trading cards remain NFTs and transactions continue to be recorded on the blockchain.
