In looking for new engagement opportunities, FC Bayern Munich has joined blockchain and fantasy platform Sorare.
Bayern Munich Joins Blockchain Fantasy Platform Sorare
Sorare has secured a landmark partnership with FC Bayern Munich, expanding its presence to over 20 top soccer leagues around the globe. Sorare generates digital cards of soccer players and allows fans to compete in weekly championships for various rewards.
So far, the platform has signed contracts with over 100 participating clubs, including established names such as Juventus, Atletico Madrid and Paris Saint-Germain. Bayern Munich has de facto become the 102nd entity to set foot on the platform.
Sorare’s collectible assets are based on the blockchain technology. Stakeholders can create teams picking from five cards and pit them in a tournament against others. The performance of each team is based on soccer players’ real-life performance.
The winning team scoops up prizes either as collectables or Ether (ETH), a cryptocurrency-powered by the Ethereum ecosystem. In a way, Sorare reminds consumers of the FIFA Players Cards, which use the exact same model.
Sorare has received funding from ConsenSys, among others, and is part of Ubisoft Entrepreneur Labs. Developed on the blockchain, Sorare needs is constantly on the lookout for more stakeholders to improve transparency, operational capacity and raise awareness.
Securing partnerships with leading soccer clubs is the platform’s model of success. Bayern Munich, which plays in the Bundesliga, has now made it possible for the company to gain exposure on the German market.
Sorare is yet to secure a league-wide partnership and it has mostly focused on European football. The company has partnerships with Korea’s soccer league as well but remains centered on Europe for the most part, citing 20 leagues worldwide, though. Sorare is planning to continue on doubling the number of teams year after year.
Boosting Fan Numbers and Engagement
Sorare’s solution has allowed clubs to endorse new technologies outside the crypto gambling space and create meaningful products. Bayern Munich and other top soccer teams stand to benefit from better fan engagement globally, and similar to what Socios is doing.
Solutions like Sorare are of particular interest to fans that cannot engage with the team otherwise but feel more involved thanks to collectables. The pandemic has spurred interest in nonfungible digital assets, giving fans another channel to interact with sports organizations.