The unicorn will have to slow down.
Valued at 4.3 billion dollars, the French start-up Sorare has undertaken to “evolve” its offer at the request of the National Gaming Authority (ANJ).
After a period of exchanges with the company, the French gaming policeman had estimated that "the serious doubts with regard to the legislation on gambling raised by part of the company's offer, that of tournaments of cards, justified a rapid evolution of it", according to a press release from the ANJ.
📣 CP: At the request of the National Gaming Authority, SORARE undertakes to develop its gaming offer, pending adaptation of the legislation
– National Gaming Authority (@ANJ_FR) November 18, 2022
The functioning of Sorare is based on the auction of virtual cards bearing the image of a footballer and NFT technology, which establishes the ownership of a digital object.
The user composes his team from these virtual thumbnails, compared to panini cards, and registers for online competitions.
The value of the cards depends on the performance achieved "in real life" by the players, which challenged the ANJ: "The fact of buying cards, in the hope of winning more in online competitions, can be likened to bet “, we explained within the body at the beginning of November.
Faced with the requirements of the ANJ, Sorare will strengthen free access to its tournaments.
This change "should be operational no later than next March 31" and is "a transitional stage" before "the adaptation of the legislation to bring these new activities relating to Web3 (a term designating the revolution in Internet use) into the framework of the regulation operated by the ANJ", indicates the regulator.
Recently, the French unicorn offered Lionel Messi as an ambassador while Kylian Mbappé had already joined her in June.
