NFTs have been expanding into sports for some time now, but this won’t be the first time it is under fire by the regulatory body. The Soccer BFT platform by Sorare is being investigated by the UK’s gambling regulator.
Sorare is an up-and-coming fantasy soccer league that also offers in-game collectibles to the people using it. The regulatory body informed that Sorare is operating outside the gambling regulations and consumers are wary of using it.
This means that the body is right now investigating whether Sorare should be given a license for operation or not. They are trying to decide whether the fantasy league should be given a license or not to operate.
The company has objected to the fact as they do not offer any traditional gambling activity on their platform, and it is just speculative card training. The value of the card depends on the real-world performance of the players and this cannot be constituted as gambling. This means that Sorare has every reason to be upset.
Sorare, in its official statement, has said that they are very confident in the fact that they do not offer any form of gambling in any way. They say they have been developing their platform with legal experts by their side and swaying their business model away from gambling.
They have also agreed to negotiate with the authorities and said that they will always be open to dialogues with them. Crypto and NFTs have been targeted by these regulatory bodies for some time now, but the firms have managed to keep their calm and diffuse the issue.