The Argentine football maestro has joined the French nonfungible token trading game, Sorare as an investor and brand ambassador. This new development will help Sorare grow to become one of the main NFT trading games globally.
Sorare also announced its partnership with Mauro Icardi, another Argentine footballer who plays for the Turkish club Galatasaray. They hope these partnerships will help Sorare reinvent how fans connect with players and clubs.
The company also claimed that it would collaborate with all stakeholders to create better content and fan experiences. Such collaborations have worked in online casinos like Joe Fortune online casino, which partner with top software providers to offer their players the best experiences. So, what does this deal between Messi and Sorare entail?
Messi Takes an Equity Stake in Sorare
The company also revealed that Messi had taken an equity stake in Sorare as part of the new joint venture. Nicolas Julia, the company’s co-founder and CEO claimed that bringing Messi on board was a massive step in the right direction.
Julia also stated that Sorare was excited to partner with Messi as they continue to push the envelope regarding content and fan engagement. She also promised that the company would release more details about the deal in due course.
How does Sorare Work?
Sorare allows its users to trade digital player cards and manage teams of five in fantasy soccer competitions. The cards are in the form of nonfungible tokens (NFTs).
NFTs are virtual collectible items that maintain a record of ownership tracked on the blockchain. The company claims that this creates “digital scarcity” for the cards.
Sorare is a Paris-based start-up whose last valuation was $4.3 billion. The company has over 2 million users spread across more than 185 counties.
Furthermore, it has partnered with more than 300 sports teams and leagues. Notable examples of Sorare’s partnerships include Germany’s Bundesliga and Spain’s La Liga.
The company has also expanded beyond its core focus on soccer to other sports like baseball and basketball.
Other Stars Linked with Sorare
Sorare has also partnered with other popular sports personalities. For example, Kylian Mbappe and Serena Williams have also stated in the past their tie-ups with Sorare.
Other athletes are also investing in similar businesses. Tom Brady, American football quarterback, bought a stake in the crypto exchange FTX. After having a liquidity issue, the exchange agreed to be sold to their competitors, Binance.
Messi’s Crypto Salary Package
It is reported that Lionel Messi agreed to receive part of his salary in $PSG fan tokens. This is a cryptocurrency by Socios, a blockchain sports platform for PSG, as part of his contract. Messi has become a darling for PSG fans thanks to his performances.
However, the value of the tokens has dropped significantly since it peaked in 2021after announcing a partnership with Messi. This drop in value has caused panic among average sports fans vulnerable to massive losses.
There have been some rumors of Messi moving to MLS in the summer. It will be fascinating to see what happens with his deal with Socios should he make a move.
Julia stated that there is a lot of excitement around various football projects using nonfungible technology currently. However, she claimed that the sustainable ones would be those that provide genuine underlying utility and regard nonfungible technology not as an end but as a means to an end.
In March, Messi also partnered with Socios on a three-year deal that saw him become the company’s brand ambassador. But Julia claimed Messi’s deal with Sorare was exclusive, meaning he was not to deal with other similar companies. On the other hand, Socios spokesperson reiterated that their agreement with Messi still stands because they don’t see Sorare as a direct competitor.