Sorare and the French National Gambling Authority (ANJ) have been in discussion over concerns surrounding the NFT gaming offering since March 2021. It is now known that the discussion has concluded, and Sorare is to tentatively evolve its NFT fantasy gaming by March 31, 2023.
Concerns were raised regarding the absence of restrictions for Web3 games. In an effort to safeguard youngsters from gambling and adults from excessive gaming, ANJ approached Sorare with a proposal. Similarly, many crypto gambling sites offer gambling addiction resources to solve gambling problems.
Sorare has devised a new plan to modify its free game access offer by March 31, 2023. In the meanwhile, ANJ will adopt measures to verify that Sorare meets compliance requirements. ANJ will utilize its regulatory authority if Sorare fails to deliver the evolution by the deadline.
The announcement was made by ANJ; it later received a response from Sorare, where the company said that it has decided to change its offer temporarily by coming up with new gaming possibilities for free users. Sorare further added that this is part of its roadmap, where it aims to build an inclusive ecosystem.
Sorare has expressed its commitment to working with ANJ and other stakeholders while defining the new framework. It has also agreed to build a long-term regulatory framework that has been adopted for this new situation.
In addition, revised frameworks are required to ensure that no money laundering occurs within the digital ecosystem.
The UK’s Gambling Commission is also acting along these lines. The Commission has issued a notice to Sorare informing it that its operations are not licensed, further launching an inquiry into those operations. An official word from the UK’s Gambling Commission is yet to be released to the media.
Sorare is a French-based web3 startup that is powered by blockchain technology. The fantasy football game that has been in the headlines is one in which players are able to buy, sell, and trade their respective virtual teams.Each team is represented by different digital player cards. While the full game and a few common cards are free, the most coveted cards can cost as much as one hundred Euros.
NFT cards in the game are priced in ETH, but players can use their fiat currencies to buy and sell cryptocurrencies directly.
Sorare was launched in 2018. It has partnered with more than 300 sports clubs and organizations, including the Bundesliga, LaLiga, Serie A, NBA, and Major League Baseball. It has now reached the ranks of the world’s top football betting sites. Sorare recently organized Series B funding to raise approximately $680 million.
The conclusion of ANJ and Sorare’s conversation indicates that many more competitors can enter the market. Concerns over the safety of adults and children will continue to play a crucial role in the future.
In addition, the advancement has paved the path for innovative solutions in the French gaming industry.