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NFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales: Weekly Recap

NFT Sales Drop 5.4% to 3M, Ethereum Dominates with 7M in Sales: Weekly RecapOver the past week, statistics show non-fungible token (NFT) sales totaled $193.08 million, down 5.44% from the previous week. Ethereum dominated NFT sales with more than $107 million or 55% of all sales, while Solana-centric NFT sales recorded $26.3 million or 13% of sales in the same period. NFT Market Shows Signs of Slowdown With […]

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NFT Fantasy Game Sorare Partners With Premier League for Multi-Year Licensing Deal

NFT Fantasy Game Sorare Partners With Premier League for Multi-Year Licensing DealSorare, a Paris-based NFT (non-fungible token) fantasy game startup, has closed a deal with the Premier League, the first soccer division in the U.K., to make teams and players of the league part of its roster. According to reports, the multi-year agreement involves payments of tens of millions of pounds per year to the league. […]

French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud

Premier League gets Ethereum-based digital cards with Sorare partnership

Sorare seals partnership with the English Premier League to issue Ethereum-based digital player cards for its popular fantasy sports platform.

Blockchain-powered fantasy sports firm Sorare has sealed a deal with the English Premier League to mint Ethereum-based digital player cards on its platform.

Sorare has driven an interesting use case for Ethereum-based fantasy sports and digital card trading in recent years, offering fans the ability to mint, collect and trade various player cards with other users across a variety of nonfungible token (NFT) marketplaces.

Cointelegraph reached out to Sorare to clarify details of their latest deal, bringing the Premier League to the fingertips of football fans. While the partnership was officially announced on January 30, a Sorare spokesperson said discussions between the league and the company had been ongoing for a lengthy period.

Premier League player cards are available on Sorare’s platform, with some “super rare” cards already valued at over $100 or more.

Sorare began to make moves within the Premier League network in 2019, signing West Ham United as its first English club as a partner of its platform. Cointelegraph has learned that the League and Sorare have agreed to a four-year deal, with the value of the partnership undisclosed for contractual reasons.

Related: Web3 projects aim to create engagement between fans and sports leagues

The company spokesperson also broke down the deal’s structure, with Sorare making an upfront downpayment to the league for licensing rights. From there, digital card sales result in a percentage split between Sorare and the Premier League.

Sorare mints digital cards of players from the Premier League on the Ethereum blockchain. The platform has long used ERC-721 token standard for its NFT player cards, which fans can collect and trade and use to play on the platform’s free-to-play fantasy sports league.

The Premier League digital cards will be available for initial purchase on Sorare before being available for trading on compatible marketplaces like OpenSea. The fantasy sports platform continues to be a proponent for connecting fans, players and organizations with blockchain technology:

“For Sorare, this underlying technology is the means, not the ends, to connecting users with their favourite clubs, and we welcome it powering the next generation of sports fandom and entertainment.”

NFTs, including digital trading cards and highlights from various sporting codes, have become popular collectibles in recent years. NBA Top Shots exploded in popularity in 2021, while the football world has continued to see synergies with blockchain-based platforms.

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NBA Extends Partnership With Meta to Bring Basketball Games to the Metaverse

NBA Extends Partnership With Meta to Bring Basketball Games to the MetaverseThe NBA has extended its current partnership with Meta to broadcast its games to the metaverse. The company announced that 52 games of the league will be available to be enjoyed using VR (virtual reality) tech, using Xtadium, a co-viewing platform. Five of these games will be presented in a more immersive way for Horizon […]

French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud

NFT Sales Drop 59% in Second Week of 2023; Ethereum Dominates Top 20 Blockchains with 75% of Sales

NFT Sales Drop 59% in Second Week of 2023; Ethereum Dominates Top 20 Blockchains with 75% of SalesNon-fungible token (NFT) sales have dropped significantly in contrast to the seven days prior, as NFT sales are down 59.35% this week. During the past seven days, $208.68 million in NFT sales were recorded, with $157.20 stemming from the Ethereum blockchain. The top-selling NFT collection this past week was the Bored Ape Yacht Club (BAYC), […]

French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud

2023 will see the death of play-to-earn gaming

Developers have been focusing more on tokens than on making fun games. As a result, GameFi has been dying.

Play-to-earn gaming enabled by blockchain technology has grown exponentially over the few years. 

Gamers have embraced the opportunity to collect cryptocurrencies or ​nonfungible tokens (​NFTs​)​ that have been produced in blockchain-based games.

Through the advent of this new technology, players have been able to generate income by selling in-game NFTs or earning cryptocurrency rewards, both of which can be exchanged for fiat cash.

Because of this​, according to data from​ Absolute Reports​, the estimated value of the GameFi industry will grow to $2.8 billion by 2028, with a compound annual growth rate of 20.4% ​over the same period. But such predictions may well prove to be unfounded.

Given the rate of exponential growth over recent years, one might think that there was absolutely no reason to believe the trend would not continue well into 2023 and beyond. Right? Wrong.

As we have seen with the ignominious case of former crypto king Sam Bankman-Fried and the implosion of FTX, a castle built on a flimsy foundation of sand can be easily washed away when the tide comes in and goes back out again.

Related: GameFi developers could be facing big fines and hard time

Or, as legendary investor Warren Buffett liked to put it: “Only when the tide goes out do you discover who’s been swimming naked.”

We may be about to learn who these people are. The fact of the matter is the play-to-earn gaming industry is not built on firm foundations. The foundations are fragile and flimsy, and this could well spell trouble in 2023. The whole edifice looks set to come crashing down.

The structure of the current GameFi market is token-centric and this can create a number of issues. Project owners issue their tokens which are listed on exchanges first before they announce that they are going to build games. Games are a utility of tokens they issue. So tokens come first, and contents later. This is why the quality and design of games in the blockchain space are so underrated.

Unique active wallets (UAWs) that used decentralized applications (DApps) in 2022. Source: DappRadar

An environment has been created in which the players are not all that interested in games themselves, which is a strange state of affairs for a gaming industry to find itself in. More and more of the players are, in reality, investors who want returns on investment.

The current structure creates the wrong kind of incentives and this is one of the reasons why the system is not working as it should. I would argue that DeFi Kingdom​s​, which is one of the better-known play-to-earn blockchain games out there, has been screwing with its tokenomics relentlessly by creating perverse incentives.

By now, generally speaking, the token market is in a downtrend and the speculative trading market is dead. An industry can survive for a certain amount of time on promise, expectation and unjustified hype. But, it can only do so for so long. Eventually, people begin to notice that they haven’t received what they have been promised. Patience starts to wear thin. They get angry, they get frustrated and they begin to withdraw. This begins as a trickle of the savviest players, but that can soon become a flood.

Related: Anonymous crypto developers belong in prison — and will be there soon

Those who have planned to secure funds by listing their tokens will have to reassess. Many will be forced to close their projects due to insufficient funds. The situation is becoming so acute that even hitherto bullish crypto venture capitalists (VCs) are also pausing new investments.

So, who is going to survive this investment drought? It looks unlikely that GameFi will. However, other blockchain gamings might do so.

One example is the Ethereum-powered, NFT-based fantasy football league operator Sorare has become a Web3 unicorn. While many of its competitors struggle, Sorare keeps on increasing its users and revenue during the darkest period. Their daily auction volume is impressive, at around 300-400​ Ether (​ETH​)​, and the number of users keeps increasing.

​Though ​its back end ​relies on blockchain, ​users ​do not perceive it as a ​GameFi​ project​. They do not provide their native tokens, but they do provide their content first on ​Ethereum, which very much looks like the way to go for the industry at large.

So GameFi may well die in 2023, but that does not mean that all is lost. Death is a necessary part of evolution. ​​From ​it, new life may already be beginning to emerge.

Shinnosuke “Shin” Murata is the founder of blockchain games developer Murasaki. He joined Japanese conglomerate Mitsui & Co. in 2014, doing automotive finance and trading in Malaysia, Venezuela and Bolivia. He left Mitsui to join a second-year startup called Jiraffe as the company’s first sales representative and later joined STVV, a Belgian football club, as its chief operating officer and assisted the club with creating a community token. He founded Murasaki in the Netherlands in 2019.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud

Soccer Superstar Lionel Messi Joins NFT Game Sorare as Investor and Brand Ambassador

Soccer Superstar Lionel Messi Joins NFT Game Sorare as Investor and Brand AmbassadorLionel Messi, one of the biggest Argentine soccer superstars, has announced his participation as an investor and brand ambassador in Sorare, an NFT (non-fungible token) game. Sorare hopes that Messi’s presence will improve the way in which the company relates to users, setting new standards in this regard. The economic details of the deal were […]

French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud

Nifty News: LooksRare the latest NFT market to sack royalties, Twitter’s tweeting tiles and more

LooksRare joins the lineup of NFT marketplaces that have abandoned default creator royalties but says its replacement solution is “competitive.”

Nonfungible token (NFT) marketplace LooksRare is the latest in a string of NFT markets to do away with enforcing creator royalties by default, following the likes of Magic Eden and X2Y2.

The platform tweeted on Oct. 27 that it would not be supporting creator royalties by default, instead choosing to share 25% of its protocol fees with NFT creators and collection owners. Buyers can still choose to pay royalties when purchasing an NFT but it will be on an opt-in basis.

Explaining the changes, it said 0.5% of its 2% protocol fee would go to collections, as long as that collection has a receiving address for the funds.

LooksRare said the willingness of buyers to pay royalties has “eroded” as a result of many NFT markets now moving to a zero-royalty model adding that these disadvantage creators by removing a source of passive income

For this reason, it says it wants to create a “competitive solution” through its fee-sharing model with creators.

The reaction from the community was mixed, with some praising LooksRare for the revenue sharing model, but well-known Twitter NFT statistician, the aptly named NFTstatistics.eth, said he doesn’t see the benefit.

“The average royalty paid is around 6%” they tweeted, “I wouldn’t say that giving artists 0.5% [...] is a competitive solution that benefits creators.”

“I do get that everyone is trying to survive in this race to the bottom,” he added.

Twitter’s testing token tweeting tiles

Twitter’s development team announced on Oct. 27 that it’s testing “NFT Tweet Tiles” with some links to NFTs showing on the platform with a larger picture along with details of the NFT and the name of its creator.

Supported NFT marketplaces, for now, include Rarible, Magic Eden, Dapper Labs and Jump.trade. It comes after the platform rolled out NFT profile pictures in January, but only for its paid subscribers on Apple iOS.

The new feature could be a move to appease its most active users, as leaked internal Twitter documents show it found the topics of interest among English-speaking heavy users of the platform have shifted over the last two years, with one of the highest-growing topics now being cryptocurrencies.

There are also circulating rumors that Twitter is developing a crypto wallet, but so far, the claim hasn’t been backed by evidence nor confirmed by Twitter. Regardless, speculation abounds that it could be in the works with the takeover by crypto-friendly Elon Musk.

EPL lines up $35M NFT deal with Sorare

The top English men’s professional soccer league — the English Premier League (EPL) — is working on signing a nearly $35 million, or 30 million British pounds, NFT deal with Ethereum blockchain-based fantasy soccer game Sorare, according to Sky News.

Sorare is a fantasy soccer league trading card game where players buy, sell and trade NFTs player cards to manage a team. The team can then enter contests and earn in-game points based on the actual on-pitch performances of the corresponding players.

The EPL will hold discussions with its 20 clubs regarding the reported multi-year contract on Oct. 28. The deal will allegedly focus on static images of EPL players assigned to NFTs, which of course, will allow fans to buy, own and likely trade them.

In March, it was reported that the EPL tapped blockchain firm ConsenSys for an NFT deal allegedly valued upward of $300 million. Still, Sky News reports that a slide in NFT prices had ConsenSys renegotiating to lower the price of the agreement, which made Sorare’s offer more attractive to the league.

A separate deal between the EPL and blockchain developer Dapper Labs is reportedly also under discussion.

New NFT market gains on leader OpenSea in 24-hour trading volume

The new NFT marketplace and aggregator Blur hit a record high of 1,610 Ether (ETH), around $2.5 million, in 24-hour trading volume on Oct. 26, according to Dune analytics, placing it only behind the largest marketplace, OpenSea.

It topped its rivals LooksRare and X2Y2 in terms of market share on the day, taking to Twitter to celebrate the milestone.

The Ethereum-based platform launched a beta version on Oct. 19 with an airdrop of its native token BLUR to anyone who had traded NFTs in the last six months. It says it targets “pro traders” and offers no trading fees and optional royalties.

Related: TV streaming providers should start relying on NFTs

On the same day, NFT marketplace X2Y2 tweeted that it would like Blur “to stop using our listings on your website” and subsequently blocked Blur from its platform, claiming it violated X2Y2’s terms by using multiple application programming interface (API) keys.

More Nifty News

NFT marketplace myNFT will showcase its first-ever physical NFT vending machine at the NFT.London event slated for Nov. 2–4. It will allow eventgoers to buy an NFT by purchasing a displayed envelope, scanning a code to create a myNFT account and receiving the NFT in their newly created wallet.

Monkey Drainer, the pseudonym of an alleged phishing scammer, has reportedly stolen $1 million worth of ETH so far this week through creating copycat NFT minting websites, and its possible the scams may have stolen over $3.5 million in total so far.

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Sorare Partners With NBA to Build a Licensed NFT Game

Sorare Partners With NBA to Build a Licensed NFT GameSorare, a French fantasy game startup, reached an agreement with the National Basketball Association (NBA) to build a non-fungible token (NFT) game under its license, allowing the company to use team names and player likenesses from the league. The company, which had already signed similar agreements with North America’s Major League Baseball (MLB) and some […]

French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud

What is Sorare and how to play it?

Sorare is a football fantasy game in which participants use digital player cards to buy, sell, trade, and manage a virtual team.

Sorare is where fantasy soccer and cryptocurrency meet. For soccer fans, this is a way to be competitive off the field and invest heavily right away. Users can play the game online in their browser or download the Sorare app. In this article, you will read all about what exactly Sorare is and how it works.

What is Sorare?

Sorare is a blockchain-based fantasy soccer game adored by many soccer fans worldwide. The founders of the platform want to give fans the opportunity to develop and play the game, even when they can’t play it on the field. Users can buy, trade, sell and manage a virtual team with digital player cards.

By competing against other users of this fantasy football game, you can earn points. It’s more than simply playing virtual tournaments because you need to build strategies and create lineups. The more you know about the real-life performances of your players, the more points you earn.

The Ethereum-based platform was developed in 2018. In 2020, trading Sorare players cards were sold for $52,500 and in 2021, the prices went up to $3.6 million.

How to play Sorare?

Playing Sorare is something different than following the league on TV. As a manager, you can put together a virtual team — this Sorare beginners guide gives you a head start. The game’s core is the collectible digital cards, better known as nonfungible tokens (NFTs). When users sign up for the Sorare gameplay, they get five cards of players for free.

Related: How to create an NFT: A guide to creating a nonfungible token

Users can start right away without investing any money. But, is Sorare free to play? Yes, it is, but if you want to level up your game, you can start trading. Each soccer team has five essential positions: the goalie, defender, midfielder, striker and substitute player. Users buy these player cards on the OpenSea NFT marketplace. Based on the real-time performances of the soccer players, your team is awarded a number of points within the SO5 league games.

Users’ players compete every week in virtual tournaments, and based on their performances on the physical field points are awarded. Is a player punished with a red card or does the soccer player score a goal in real life? Then you win or lose points in the game accordingly.

As a user, you’ll see this reflected in the number of points, in a positive or negative way. Keep in mind that luck is also an important factor because a top player can also be given a rest and be benched. Just when you had that player lined up in your team, too — bummer.

To protect the dynamics of the game, there are also rare collectibles NFTs, which come in rare, unique and super rare items. Last February, professional footballer Erlin Haalands’ card was sold on auction for nearly $700,000, and you could’ve followed the sale live on Twitter. Sorare NFTs can be bought or sold with the cryptocurrency Ether (ETH).

Should you invest in Sorare?

The choice to invest in Sorare isn’t ours to tell, but we can inform you about the worth of the Sorare cards. In the end of 2021, the auction prices were as follows:

  • Rare cards are available from 0.005 ETH;
  • Super rare cards from 0.048 ETH;
  • Unique cards started at 0.478 ETH.

Directly on the website, you can track all trades and statistics so you are always aware of the value of your potential future cards.

The play-to-earn game uses its own currency, the SOR token. It’s an ERC-20 token compatible with the Ethereum blockchain. As a user, you can stake this token or use it to trade your Sorare NFTs. When you choose to stake SOR, it’s possible to generate a passive income. However, the token is mainly used to buy new collectible cards.

How to earn points on Sorare?

There is a fierce debate on various forums about the value of player cards on Sorare, but the platform itself has simply made the point count public. You can find it under the FAQ on Sorare’s site. Players’ scores are made up of several elements, as mentioned in the image below:

The decisive score can be either negative or positive due to different factors such as goals, penalties, red and yellow cards, own goals, missed opportunities and assists. The overall score is determined by a list of no less than forty actions including tackles, duels lost or won, a missed pass or an opportunity created.

When users hold a card of a football captain, they receive a bonus in points of 20%. Do they trade in a player of the ongoing season, it’s worth +5%.

How does Sorare work?

You now know how the game is developed and why you could invest in this NFT fantasy soccer game. Signing up is easy, but we’ve created a step-by-step plan for you:

The five cards you receive at registration are purchased with fictitious money. They, therefore, have no financial value and cannot be traded with ETH.

Related: Decentralized finance (DeFi): A beginner’s guide

If you really want to play the fantasy football game and invest in some collectible cards, then you can begin with Sorare. Everything you buy with your own money is worth something and can be sold at a profit in the future. However, ensure to conduct proper research before committing your funds into any decentralized finance (DeFi) project.

French Authorities Raid 5 Major Banks Over Accusations of Money Laundering and Fiscal Fraud