Sorare aims to broaden its appeal by reducing its reliance on cryptocurrencies.
Sorare aims to broaden its appeal by reducing its reliance on cryptocurrencies.
Sorare Introduces Fiat Payments for Digital Trading Cards, Easing Entry Barrier
Web3 fantasy-sports company Sorare has made a significant move towards enhancing accessibility by introducing support for fiat payments for its digital trading cards. This change means that Sorare users no longer have to use ether (ETH), the native cryptocurrency of the Ethereum blockchain, to purchase digital trading cards. This development is seen as a major step in removing “one of the main barriers to entry” into the platform.
Sorare is a blockchain-based game that allows users, known as managers, to buy and trade non-fungible tokens (NFTs). These NFTs represent elite sports players and can be used to build teams for participating in competitions. With licensing agreements in place with some of the world’s largest sports leagues, including Major League Baseball (MLB), the National Basketball Association (NBA), and soccer leagues such as the Premier League, La Liga, and the Bundesliga, Sorare has positioned itself as a top-notch platform for fantasy sports enthusiasts around the globe.
Although Sorare boasts an impressive user base of over 4 million registered managers, it now seeks further growth. By introducing support for fiat currencies such as the U.S. dollar, the euro, and the British pound, Sorare aims to eliminate any potential hindrance associated with the cryptocurrency world. This strategic decision mirrors the approach taken by NBA Top Shot, another NFT-related sports game that accepts U.S. dollars as a form of payment.
The motivation behind this shift extends beyond user growth. Platforms like Sorare and NBA Top Shot may be attempting to dissociate themselves from the negative connotations associated with cryptocurrency events of the past year. Examples of these events include significant dips in the crypto market and the collapse of crypto exchange FTX in November. By allowing users to pay in traditional currencies, Sorare aims to create a more inclusive environment and distance itself from any lingering negativity.
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Sorare’s decision to remove the obligation to pay in ETH is a significant step towards fostering wider adoption of digital assets and decentralized technology. Despite the shift towards fiat payments, it is important to note that the trading cards on Sorare are still NFTs, and all transactions are still recorded on the blockchain. This means that despite the accessibility improvements, the platform remains firmly rooted in the world of blockchain technology.
The elimination of the need for ETH payments on Sorare not only simplifies the user experience but also sets the stage for potential mass adoption. It is expected that more users will now be attracted to Sorare, as the barrier to entry has been significantly lowered. As a result, this increased usage of Sorare has the potential to create a positive impact on the broader adoption of digital assets and decentralized technologies.
Overall, Sorare’s move to support fiat payments for its digital trading cards marks a significant stride forward in the blockchain industry. By removing the requirement to pay with ETH, the platform has successfully eliminated a major entry barrier for users. The introduction of support for fiat currencies not only enhances accessibility but also aims to shed any negative associations with cryptocurrency. Through this decision, Sorare has paved the way for a broader adoption of digital assets, while ensuring that the foundation of blockchain technology remains integral to its offerings.
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Edited by Sheldon Reback.
