The Barcelona FC captain has announced his official inception into the non-fungible token (NFT) industry by investing $4.3 million in the fantasy football platform Sorare.
Barcelona FC Player Invests in NFT Fantasy Football Platform Sorare, Joins as Strategic Advisor
According to Sifted, Gerard PiquÃ© joined a seed extension round led by U.S.-based fund Cassius Family that brought a total seed of $8.6 million to the platform, allowing users to purchase and trade digital cards via NFT for professional footballers.
Moreover, as per the companyâ€™s official announcement, the Barcelona player will be joining the Sorare team as a â€œstrategic advisor,â€ as part of the agreement. The board members include cofounders Nicolas Julia and Adrien Montfort, and Christain Miele.
Sorare leverages Ethereum blockchain technology to issue digital player cards that can be used to build fantasy soccer teams or traded for real money. This year, the firm said almost 80 football clubs had joined the platform, including Porto, Zenit, Bayern Munich, Juventus, among others.
PiquÃ© commented about the reasons behind his new business venture:
He also pointed out the need to diversify his portfolio ahead of future retirement. He foresees a bright future in this kind of business, adding that â€œif you donâ€™t start doing these things when youâ€™re a player, I think that when you leave football thereâ€™s a big hole where you donâ€™t know what to do.â€
The Future Is Digital Football Cards, Says PiquÃ©
The Barcelona FC captain mentioned his past of trading physical football cards and how times have changed now due to the digital fantasy cards:
Sorare has reported that its sales skyrocketed over 1,000% during 2020. Their projections expect growth in fantasy football and sports cards that could be worth $5.4 billion and $18.6 billion, respectively.
A survey about non-fungible token (NFT) trends recently reported by news.Bitcoin.com revealed that 47% of correspondents had heard of NFT, and among these, 63% of them had only a basic understanding about it, while 57% of them had never used them.
What do you think about Gerard PiquÃ©â€™s investment? Let us know in the comments section below.
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