Kylian Mbappé follows fellow superstars Cristiano Ronaldo and Lionel Messi into the world of non-fungible tokens by becoming an investor in Sorare.
Mbappe will also become a brand ambassador, which operates an online game where players can create football teams based on the digital trading cards they own.
Football players, clubs and leagues have been rushing to harness the growth of digital assets, such as tradable NFTs and fan tokens, to monetize their global fan base and generate revenue on top of deals. dissemination and sponsorship.
Cryptocurrency companies have also courted sports teams, signing stadium and jersey sponsorship deals, in an effort to reach the huge global audience that follows the sport.
A world champion addition to our team.
Say hello to our new Sorare Ambassador, Investor and Social Impact partner: @KMbappe 🤩
Let’s change fantasy football forever. pic.twitter.com/QvLmN98e3k
— Sorare (@Sorare) June 29, 2022
This trend has continued unabated despite the current turmoil in the cryptocurrency market and the growing attention to digital tokens from supporters, most of whom saw their value plummet within days of launch.
The UK financial regulator warned consumers of the danger of investing in these markets earlier this year, saying: “If you buy crypto assets, you must be prepared to lose all the money you invest“.
Such warnings haven’t deterred the big names from embracing the nascent market. Ronaldo signed a deal last week to promote NFTs for cryptocurrency exchange Binance, while Messi struck a deal earlier this year with supporter token company Socios.
Sorare hopes signing a player widely regarded as the best in the world will help boost his limited profile. Mbappé is followed on Twitter and Instagram by more than 80 million people, compared to 155,000 for Sorare.
— Sorare (@Sorare) June 29, 2022
The Paris-based startup reached a valuation of $4.3 billion last year when it raised $680 million in a funding round led by SoftBank’s Vision Fund 2. The company, which claims to have been profitable since its inception, also counts tennis star Serena Williams and Spanish footballer Gerard Pique among its backers. She is expected to launch a fantasy baseball game later this year after reaching a deal with Major League Baseball.
The company declined to provide financial details of its deal with Mbappé.
Although it operates a trading market for its NFT player cards, the company has sought to set itself apart from other digital asset platforms by downplaying the idea that players can earn money by trading the digital cards. .
“What sets us apart is that we have a use for NFTs, which is a game. We are building a game company“, said Nicolas Julia, general manager of Sorare. “I see technology as a tool to deliver what we want to deliver. But it’s not an end in itself – that’s why you won’t see the word NFT in our product.”
🔥 2018: @Sorare is born. @KMbappe wins the World Cup with 2 goals in the Final
🏆 2021: Sorare becomes largest global fantasy football game with over 250 clubs. Kylian is already 5x Ligue 1 Champion
🚀 2022: Sorare and Kylian join forces to change the game forever!
🧵More below pic.twitter.com/fJrHBCM5Xh
— Nicholas Julia (@ni2las) June 29, 2022
However, the company also noted that its card trading volumes increased by more than 260% in the first half of the year compared to the previous year.
Mbappe’s deal with the French start-up comes shortly after he signed a new contract with Paris Saint-Germain.