![]() ![]() Yet, comparing Axie Infinity to Sorare feels like comparing apples to oranges – Axie is in the process of building a unique P2E game and Sorare is building against a fantasy sports vision. “Compared to Axie Infinity”, they say… And it’s true AXS’s diluted market cap is $4.1B and $7.5M Series A (May 2021) on 1M DAUs (perhaps a Series B round will be announced soon?). The ~40-person team certainly has executed against a seemingly successful model, but still, one of the main critiques I’ve heard is that Sorare’s valuation makes no sense. On first blush, Sorare might sound a lot like DraftKings or MPL (I wrote about their recent raise a few weeks back), but NFTs give the fantasy sports added depth and a secondary marketplace component – compounding sales in a way that only blockchain can enable. Among other complex factors such as multipliers and card rarity, winning grants prizes much the same as today’s real-money games do. Real world performance of the soccer players correlates to in-game performance in the leagues. They’ve partnered with ~180 soccer organizationsįor those who aren’t familiar, Sorare is a fantasy sports league (for soccer) that leverages “ seasons” of NFTs to compete in tournaments. There has been $150M in transaction volume since January 2021 (they don’t take a cut on P2P at the moment) There are 600K registered users and 150K MAUs Let’s address both, but first Sorare’s key metrics: In my discussions with friends this week, there have been two main perspectives: 1) “no way this valuation makes sense” and 2) “the TAM for this business is massive”. Last week, Sorare announced it had raised a $680M Series B from the likes of Softbank, Bessemer, Benchmark, Accel and Blisce at a whopping $4.3B valuation (you can’t have a Softbank Vision Fund investment without a gnarly valuation). ![]()
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