Saturday, April 13, 2024

UK Gambling Commission starts inquiry into fantasy NFT game Sorare

NFT fantasy soccer game Sorare raised $680 million dollars in a funding round in September. However, things do not look as bright for the NFT fantasy game now. In a recent move, the Gambling Commission of the United Kingdom has started an inquiry on Sorare. The motive of the inquiry is to figure out if Sorare is, in any way, linked to gambling in soccer.

Sorare has denied all allegations upfront. The company blog wrote that they are not linked with gambling in any possible way. They also added that Sorare has consulted legal experts at every stage of development to ensure that there is no element of gambling in this fantasy NFT game.

The gambling commission published a notice lately that states that Sorare is currently not registered or licensed. They urged customers and gamers to proceed with caution. To counter the notice, Sorare also took out an official statement saying that they are open to conversations and dialogues with the authorities. Sorare also suggested that the authorities were having a problem ‘understanding’ the game.

The official website of Sorare says that you can win rewards by picking the best lineup. There is no suggestion of gambling anywhere on the company’s website. However, the gambling commission suspects foul play and that’s the reason behind the inquiry.

Nicolas Julia and Adrien Montfort founded Sorare in 2018. In the game, players manage their virtual teams with digital player cards. Sorare has partnered with more than 100 soccer clubs, including big names like Real Madrid and Liverpool.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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