UK Gambling Commission Flags NFT Fantasy Football Platform Sorare
- The regulatory organisation is now scrutinizing the platform.
The United Kingdom’s Gambling Commission has issued a notice against Sorare.com, a non-fungible token (NFT)-based fantasy football platform.
According to last week’s notice, the NFT platform is not licensed by the UK gambling regulatory authority and is now under scrutiny.
“This means that any activity completed on the site by consumers in Great Britain is outside of the gambling regulations that a licensed operator should comply with,” the Gambling Commission stated.
Though the regulator did not warn or take any harsh action against the platform, it asked consumers to consider its notice and decide ‘whether or not to interact with the site’.
The Commission additionally said that it is “currently carrying out enquiries into the company to establish whether Sorare.com requires an operating license or whether the services it provides do not constitute gambling.”
An NFT Startup
Sorare tapped the booming NFT space and has become one of the fastest-growing startups. It provides a platform for football fans to trade Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term-based NFT player cards and partners with more than 120 big and small football clubs.
In addition, the young company attracted the attention of big-ticket investors and raised $680 million earlier this year in a Series B Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term led by Softbank. Last year, it raised $4 million in a seed round and $50 million in a consecutive Series A round.
Despite the regulatory notice, Sorare is confident that its services do not violate the mandatory requirements of the Gambling Commission.
“This has been confirmed by expert legal opinions at every stage since the company was founded, including during a number of fundraising rounds,” a company spokesperson told crypto-focused news outlet The Block. “We will always engage and have an open dialogue with authorities who reach out to us to learn more about our game.”
The United Kingdom’s Gambling Commission has issued a notice against Sorare.com, a non-fungible token (NFT)-based fantasy football platform.
According to last week’s notice, the NFT platform is not licensed by the UK gambling regulatory authority and is now under scrutiny.
“This means that any activity completed on the site by consumers in Great Britain is outside of the gambling regulations that a licensed operator should comply with,” the Gambling Commission stated.
Though the regulator did not warn or take any harsh action against the platform, it asked consumers to consider its notice and decide ‘whether or not to interact with the site’.
The Commission additionally said that it is “currently carrying out enquiries into the company to establish whether Sorare.com requires an operating license or whether the services it provides do not constitute gambling.”
An NFT Startup
Sorare tapped the booming NFT space and has become one of the fastest-growing startups. It provides a platform for football fans to trade Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term-based NFT player cards and partners with more than 120 big and small football clubs.
In addition, the young company attracted the attention of big-ticket investors and raised $680 million earlier this year in a Series B Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term led by Softbank. Last year, it raised $4 million in a seed round and $50 million in a consecutive Series A round.
Despite the regulatory notice, Sorare is confident that its services do not violate the mandatory requirements of the Gambling Commission.
“This has been confirmed by expert legal opinions at every stage since the company was founded, including during a number of fundraising rounds,” a company spokesperson told crypto-focused news outlet The Block. “We will always engage and have an open dialogue with authorities who reach out to us to learn more about our game.”