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The Ethereum NFT Game Sorare signs a deal with Major League Soccer 

The NFT-based fantasy soccer game aims to enter additional sports and U.S. leagues.

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The fantasy football game on Ethereum Sorare is one of the most well-known sports NFT projects on the market, with over 200 real-world partners. Sorare has secured a contract to incorporate the official Major League Soccer license into the game, which comes amid a rising push in the United States market.

The Major League Soccer Players Association had already inked a non-league deal with Sorare. The contract, which was announced in June 2020, contained all of the players as tradable NFT cards with no official team or league branding.

Now, Major League Soccer has signed a multi-year deal with all 28 of the league’s currently active teams, ensuring that Sorare will wear MLS branding during the game. In addition to launching MLS-branded Sorare NFTs this spring, Sorare and the league plan to work on marketing and activation opportunities.

Sorare’s head of business development, Michael Meltzer, told Decrypt that the addition of Major League Soccer to the game will help the company expand its presence in the United States. Sorare’s current focus is on major soccer teams from Europe and other nations, but the company recently opened an office in the United States to look into other possible NFT opportunities in sports.

“We’re aiming to expand beyond soccer into other sports in the future,” Meltzer said, “so MLS was a really fascinating bridge between the worldwide nature of our offering and the U.S. market.”

The first NFT collectibles were released in May 2021, with four pieces of artwork created by street artists and related to specific matches.

The Sorare partnership, according to Chris Schlosser, MLS Senior Vice President of Emerging Ventures, allows the league to reach out to its young, tech-savvy fanbase with an interactive, NFT-driven game. And, while MLS may be able to assist Sorare in breaking into the American market, he sees Sorare’s accession as echoing the league’s own progressive development into international soccer.

“In American pro sports, we have the youngest fans,” Schlosser added. “By far, our fans are the most likely to have crypto or NFTs and to be on the cutting edge of technology.”

Sorare, everywhere

Players gather digital trade cards of their favorite players from multiple leagues and use them in weekly fantasy lineups in Sorare, which puts an NFT spin on fantasy sports. Users receive points based on their players’ real-world performance each week, just like in traditional fantasy sports games, and in Sorare, those points may be exchanged for free NFTs or bitcoin.

The Ethereum NFT represents each premium Sorare trading card. Whether it’s a sports card, profile photo, or video-based collectible, an NFT works as a transfer of ownership to a digital asset. A single Sorare NFT based on player Erling Haaland sold for over 265 ETH, or over $678,000, in January, setting a new high for the project.

Sorare cards, unlike NBA Top Shot and NFL All-Day NFC artifacts, as well as those from Tom Brady’s Autograph program, have added value as playable goods in a fantasy sports game. And the company has big plans, having funded $680 million at a $4.3 billion value last September in order to grow into new leagues, markets, and sports in the future, including women’s soccer leagues.

Meltzer didn’t go into great detail regarding Sorare’s plans in the United States, but he did say that the company hopes to “also grow into two U.S. leagues” in the coming months.

On that front, Sorare is focusing on Major League Soccer, and Schlosser, the league’s president, is thrilled about the potential for NFTs to bridge the gap between digital fanaticism and in-person MLS match attendance. Despite the fact that sports is currently one of the most active areas for NFTs, he feels there is still plenty of space for growth.

“We think the relationship between the digital and real-world experiences is fascinating,” Schlosser added. “Over a period of time, you can see a plethora of use cases there.” When it comes to blockchain and sports, I believe we’ve only scratched the surface.”

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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NFT

Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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