Sorare to introduce "cash" wallet to bridge Web2 users to Web3
Sorare, the blockchain-based fantasy sports firm, is introducing a groundbreaking feature that allows players to purchase cards and conduct transactions using traditional cash instead of cryptocurrency.
Sorare's game is an innovative blend of traditional fantasy sports and the excitement of collecting trading cards. Players can acquire, trade, and build teams of non-fungible tokens (NFTs) representing real-life athletes, earning points based on the athletes' actual performance in the real world.
These NFT cards come in different rarities, with their prices determined by market forces through auctions. Until now, players were required to have a crypto wallet and make purchases using the Ethereum platform (ETH). This setup acted as a significant obstacle to the broader adoption of Sorare's platform and Web 3.0 technology in general.
To overcome this hurdle and promote mainstream accessibility, Sorare has partnered with Mangopay to create a cash wallet system. This new wallet allows users to connect their bank accounts, store card details, and deposit or withdraw funds for purchasing card packs, participating in auctions, and selling cards.
The cash wallet accepts payments in US dollars, Euros, and British pounds, in addition to Ether crypto transactions on the Ethereum platform, for users who prefer to use cryptocurrency. The Sorare cash wallet is set to be available to all players starting from August.
According to Sorare's CEO, Nicolas Julia, blockchain technology brings unique benefits to sports fans and fantasy gamers, such as proven authenticity, scarcity, and portability. However, to realize the full potential of such new technologies, they must be accessible to everyone. The launch of the Cash Wallet is a crucial step towards making Sorare more user-friendly for all sports enthusiasts, enabling managers to build their teams and collections using real-world (fiat) currencies for the first time.