Sorare to evolve NFT fantasy games at the request of the French gambling authority – Ledger Insights


At the request of National Gaming Authority (ANJ), NFT fantasy game platform So rare agreed to adapt its blockchain-enabled NFT games by March 31, 2023.

The news comes after lengthy discussions since March 2021 over ANJ concerns over the lack of regulation for web3 game offerings such as those provided by So rare. The ANJ wants to protect the public from excessive gambling, protect minors and ensure anti-money laundering compliance.

Powered by blockchain technology, Sorare’s football fantasy game allows players to buy, sell and trade virtual teams represented by digital player cards. NFTs are priced in ETH but can be bought and sold with fiat or cryptocurrencies. The game itself is free, as are some common cards that can be used in certain games but are worthless financially. But the most wanted NFT cards can be very expensive. Buying NFTs for a decent quality fantasy football team could easily cost a player hundreds of dollars.

The French web3 start-up has grown by leaps and bounds since its launch in 2018, after raising $680 million in series B financing and in partnership with over 300 sports teams and organizations, including The league, the Bundesligaand A-series in football as well as NBA and MLB.

The solution proposed by Sorare will consist in modifying its free access game offer to come into force within the agreed timeframe. In the meantime, the ANJ will implement checks to ensure Sorare’s compliance by March 31. Failure to meet the deadline will result in ANJ exercising its regulatory powers. It also plans to update regulations to account for Web3 activities.

In response to ANJ’s announcement, the gaming company said in a statement: “Sorare has decided, at the request of the National Gaming Authority (ANJ), to temporarily evolve its offer by opening new game possibilities to free users.This development is part of the company’s roadmap to build an inclusive ecosystem.

She continues: “To make the development of these innovations possible in France, the ANJ agrees on the importance of building a long-lasting regulatory framework adapted to this new situation. Sorare shares this urgent need and is committed to working with all stakeholders, including the ANJ, to define this new framework.

As So rare is one of the pioneers of this innovation in Europe, the ANJ is not the only regulator to knock on Sorare’s doors. Last year the UK Gambling Commission published a notice stating that Sorare was not authorized by the Commission and launched an investigation. However, the Commission has since remained silent on the matter.

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