The French start-up Sorare, creator of an online sports card trading game based on unique digital objects (NFT), is committed to “evolve” his offer pending “of an adaptation of the legislation”, announced Friday, November 18 the National Gaming Authority (ANJ). After a period “in-depth discussions” started in March between the ANJ and Sorare, the ANJ college estimated that “the serious doubts regarding the legislation on gambling raised by part of the company’s offer”that of card tournaments, justified “rapid evolution of it”recalled the regulator in a press release.
“The company has responded to this request by offering a solution that strengthens free access to these tournaments”, he added. Such an evolution of Sorare’s offer “must be operational by March 31 at the latest”he warned again.
This young French company, valued at 4.3 billion euros, is positioned at the crossroads of very dynamic sectors: “gaming”, NFTs, unique digital cards based on the blockchain, and virtual sports leagues, better known as the term “fantasy sports”. Each player’s unique cards are auctioned off by Sorare, and this is where the company makes its winnings. The record is held by a unique card from Norwegian footballer Erling Haaland, which sold for more than 600,000 euros.
“transitional stage”
Based in Paris and New York, Sorare claims a total of more than 2 million users worldwide and 280 partner clubs and sports organizations, including the North American Basketball League (NBA). Also in the sights of the authorities in the United Kingdom, the company, which refuses to be assimilated to a gambling game, arguing that it has invented a new economic activity, has also been blocked in Switzerland.
The decision of the ANJ constitutes however “a transitional stage” before “the adoption of a lasting solution that involves adapting the legislation to bring in these new activities relating to the Web 3 [terme qui désigne la révolution des usages d’internet] within the framework of the regulation operated by the ANJ”underlined the regulator.
“It is something extremely positive to see that we have a regulator who knows how to support innovation and who knows how to recognize the need to change texts, which are not necessarily adapted to changes in uses and technologies”reacted Nicolas Julia, the co-founder of the company.