Sorare and ANJ Agree on the Need for Platform Changes

Sorare and the French gambling authority, Autorité Nationale des Jeux (ANJ), have come to an understanding with the popular NFT collectable issuer agreeing to expand its free-to-play product after the watchdog raised concerns about the current business model.

Sorare Demonstrates Regulatory Compliance

ANJ has been particularly concerned with making sure that Sorare operates a legitimate platform that maintains the highest possible consumer protection standards, complies with AML and CFT regulations, and prohibits underage gambling.

Sorare has been around since 2018, and is one of the most successful NFT collectable platforms, letting players buy cards of their favorite players and comprise entire teams which they can field against other users. The platform further allows players to buy and sell, as well as trade, cards and makes for an interesting ecosystem where all purchases are completed in the native token, SOR.

There are some competitions that let players stake NFTs in order to win back even more, which breaks away from the traditional fantasy and betting model, but definitely builds upon both as its inspiration. However, ANJ has reached a conclusion that the current regulatory framework operating in the country is insufficient to properly cover Sorare’s existing offering.

However, Sorare has been more than willing to work closely with the regulator. On Friday, the platform confirmed that it has agreed to expand its free-to-play access to various tournaments, finding a legal foothold to move forward. ANJ has accepted this proposal, but the regulator is still wary that the development of Web3 gaming products focusing on fantasy sports will require additional legal modalities.

In the meantime, though, the solution proposed by Sorare is for the time sufficient as it addresses the watchdog’s immediate concerns, the company said in an official statement published on its website on Friday. Earlier this month, Sorare announced that it is launching a new free-to-play game based on the World Cup 2022.

The company has also been looking to sign up more soccer clubs to its offering, most recently through a partnership with AC Milan. Sorare has partnered with 18 out of the 32 national teams participating in the FIFA World Cup.