Find out how the successful in-game economy of Web3 card game Sorare, which is based on Ethereum, helped it make it through the crypto winter.
There are only a few web3 games that can keep their in-game economies going during the crypto winter. On the other hand, the economies of most Web3 games, including the most popular ones, have been getting worse over the past few quarters. In this article, we talk about Sorare, which has been one of the most popular Web3 games in recent years despite some problems. Sorare is an NFT card game about fantasy sports that uses the Ethereum blockchain. Devin Becker of Naavik says that in 2022, the game's secondary market sales brought in more than $350 million.
Also, the game has brought in a whopping $90 million in 2023 so far. But what is the secret to Sorare's model for a stable economy? How did it land mega deals and get football licences? In terms of tokenomics, where does Sorare stand? And what about the fact that it has spread to other sports? In a recent podcast interview by Naavik, Brian O' Hagan, who is in charge of growth at Sorare, talked about how the company does business.
Sorare Web3 Game Overview
Sorare web3 game is one of the most popular and long-lasting games on the blockchain. This French game took the web3 gaming industry by storm and now has a big share of the market. Simply put, it's a collectible trading card game with fantasy sports elements. The game came out in 2018-19 and is based on simple fantasy football rules. It also uses digital collectibles called NFTs, which are player trading cards. In the game, all you have to do is make a team of five players out of the NFT cards you have. The goal is simple: players get points based on how well they do in real games over the course of three to four days. The game has contests, tournaments, and leaderboard competitions where players can win rare cards and cryptocurrency prizes.
Sorare’s Sustainable Business Model
Putting aside how much money Sorare makes, players keep coming back because of how it's played. Sorare is based on a real-world sport that has more than a billion fans. So, the fantasy sports part will always be there as long as there are real sports. So, Sorare's player base is always growing. As for how this fantasy sports game makes money, it leans more towards the collectible side than the gambling side. Also, players can't just pick the players like they do in other fantasy sports games. They have to buy them. So, the potential revenue is driven by how much money people are willing to spend to get the best players. There is also other content in the game that can be bought, so players can come back again and again to buy things.
Sorare hasn't put everything on its in-game token like Axie Infinity or other popular games. The problem with the token is that if it goes down, players lose interest and the number of people who play goes down. In the case of Sorare, everything is about collecting cards, and all of the transactions are kept track of on Ethereum. So far, the game has kept things simple, which is why it is gaining players who don't use cryptocurrency.
Sorare’s Gameplay and Token
Since the beginning, Sorare's founders have made it clear that the game is for everyone, not just crypto fans. Sorare has a huge audience because it can be played by anyone interested in football, NBA, or MLB games. From the beginning, the idea was to get non-crypto users to play this Web3 game in the easiest way possible. All of the details of how web3 works and how it is integrated stay out of sight. So, as a Sorare player, you don't need to know what crypto wallet you need to integrate, what the contract, ledger, and so on are. Sorare was able to get people who didn't use crypto to play the game with this method. But there is a way for players to buy Sorare NFT cards in the game.
Sorare didn't feel like he needed a token, and he didn't see any use for a token with a monetary value in the game. The money part comes from the fact that players can trade, collect, and buy cards. The cards have different functions that players can use in different ways. Also, there is team management in the game. Players can buy a player card that costs less and sell an expensive player they think might not do well in the future. The draught season, in which players pick, choose, negotiate, buy, and sell players, is also a regular part of both real sports and Sorare. So, from a financial point of view, this way of managing a team works well. Sorare isn't just like any other fantasy game because of this card management system. It makes the game more interesting and different.
Stay with us for part 2 of Sorare’s case study.
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