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Sorare NFT is under Investigation by UK Gambling Commission

UK’s gambling commission has thrown Sorare NFT under the magnifying glass. The industry watchdog is seeking to establish whether or not the services provided by the Football Fantasy platform fall under gambling.

‘’The Gambling Commission is currently carrying out enquires into the company to establish whether Sorare.com requires an operating license or whether the services it provides do not constitute gambling.” A statement from the Commission read.

Sorare is a fantasy-driven NFT platform that allows users to trade real-life football players as digital cards and create and manage virtual teams.

Sorare NFT
Via: Football Espana

Managers then compete for points with other managers worldwide; the top-performing players are rewarded with free NFT cards or Ethereum.

Sorare NFT maintains that the investigation is ‘’normal’’ and there’s no cause for alarm.

‘’When a product with a nascent technology becomes successful, such as Sorare’s digital collectable cards and game, it is normal and expected to be regulatory questions,” an official response from Sorare NFT read.

Furthermore, the firm said it is very “confident’’ that it does not need a gambling license. ‘’We are very confident Sorare does not offer any forms of regulated gambling.’’

“This has been confirmed by expert legal opinions at every stage since the company was founded, including during a number a number of fundraising rounds,” the statement continued. “We will always engage and have an open dialogue with authorities who reach out to us to learn more about our game. We believe this is the responsible way to grow our game and community globally.”

This year has seen significant growth for Sorare. The platform currently has over 6,000 registered users, and trading volume has surged by $150 million.

In September, the French startup secured a $680 Series B funding led by Japanese Japanese tech and investment empire SoftBank.

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About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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