Benchmark, a venture capital company that earlier backed Ebay Inc., Twitter Inc., and Uber Technologies, plans to invest a whopping $50 million into Ethereum-powered fantasy football platform Sorare.
Sorare’s sales skyrocket by 130 times
Sorare is a fantasy soccer video game founded on the Ethereum blockchain that enables users to build their preferred teams and trade football player cards.
These cards are limited and can be transferred as unique non-fungible tokens (NFTs). Moreover, the cards earn points on the foundation of every player’s respective real-world weekly performance.
One of Sorare’s primary goals is to boost blockchain and digital asset adoption in daily life. This has been paid off because its sales have increased exponentially by 130 times from $50,000 in January 2020 to nearly $6.5 million this month.
Benchmark, together with other investors like Reddit and Accel, intends to invest a total of $60 million into the platform as its popularity continues…