Sorare CEO Shares Big Vision for NFTs on Opening Night of Web Summit 2021

Web Summit 2021, the world's largest technology conference, kicked off in Lisbon, Portugal on Monday and will run until Thursday. Lisbon Mayor Carlos Moedas said at the opening ceremony: "My dream is that Lisbon will become the innovation capital of the world." Meanwhile, Portuguese Finance Minister João Leão said:

"Portugal is a great place to live, invest and do business, and it does so in a way that is open to differences, tolerant and multicultural."

Notable speakers include Facebook leaker Frances Haugen, Black Lives Matter co-founder Ayo Tometi, and French NFT fantasy game company Sorare co-founder and CEO Nicholas Julia.

NFTs are digital certificates of ownership representing artwork, images, videos, music, and more. They are stored in digital wallets, while actual assets can be stored on-chain or off-chain depending on size. Sorare enables players to manage their own teams through digital player cards minted as NFTs. These cards can be bought, sold and transferred.

When asked about the development prospects of the NFT industry in the next 5 to 10 years, Julia said:

“NFTs are going to be the underlying technology for everything of value on the web. It could be monetary value, it could be personal value. I mentioned your identity before, so this is what NFTs can bring to you on the web. It will be invisible."

Founded in Paris three years ago, Sorare has grown from $270 million to $4.3 billion in valuation. In September, Japanese multinational conglomerate SoftBank led its latest funding round. According to Julia, 500,000 users joined the platform on their own without any marketing. Currently, more than 200 football clubs around the world cooperate with Sorare. According to the company’s profile on NFT marketplace OpenSea, the cumulative transaction volume of Sorare cards has exceeded 50,200 ETH.

But Sorare is also looking to expand its gaming business beyond NFTs. Julia makes the following statement in this regard:

“We want people to feel the benefit of it, that you actually own your digital good, you can move it, etc., without the friction that most crypto products have today — it’s complicated. I think it’s a The technology that will underpin everything of value on the web."

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