FILE PHOTO: Digital collectible cards representing football players are seen in this handout illustration image from the online fantasy football game Sorare obtained by Reuters on September 20, 2021. Sorare/Handout via REUTERS
November 2, 2021
By Clara-Laeila Laudette
LISBON (Reuters) – Blockchain-based soccer collectibles startup Sorare believes sports NFT companies need to engage with regulators and share what they are doing, Chief Executive Nicolas Julia said on Tuesday.
“We need to engage with all the regulators, share what we are doing,” Sorare CEO Nicolas Julien told Reuters at Lisbon’s Web Summit. “We need to have some form of protection for the users, and we’re already in conversation with the regulators.”
Sorare, whose latest $680 million funding round was led by Softbank, is under investigation by the UK Gambling Commission to assess whether its game – where users play with encrypted digital soccer tokens they can buy and sell – amounts to gambling.
Asked whether the game’s format, paired with the NFT sector’s exponential growth and tendency to generate extremely rapid returns, could prove hazardous, Julien said: “We have nothing to do with gambling.”
(Reporting by Clara-Laeila Laudette; Editing by Nathan Allen and Emelia Sithole-Matarise)
Source: One America News Network
