Kylian Mbappé will become Sorare ambassador as part of an investment and representation agreement | Kylian Mbappé, Socios, Sorare

Kylian Mbappé follows other superstars Cristiano Ronaldo and Lionel Messi into the world of non-fungible tokens by becoming an investor in Sorare.

Mbappe will also become a brand ambassador, running an online game where players can create football teams based on their digital trading cards.

Soccer players, clubs and leagues have been quick to leverage the growth of digital assets, such as marketable NFTs and fan tokens, to monetize their global fan base and generate revenue in addition to deals, outreach and sponsorship.

Cryptocurrency companies have also courted sports teams, signing stadium and jersey sponsorship deals, in an effort to reach the huge global audience that follows the sport.

This trend has continued unabated despite the current turmoil in the cryptocurrency market and the growing attention to digital tokens by advocates, most of whom have seen their value plummet within days of launch.

The UK financial regulator warned consumers of the danger of investing in these markets earlier this year, saying: “If you buy cryptocurrencies, you need to be prepared to lose all the money you invest“.

Such warnings have not deterred the big names from embracing the nascent market. Ronaldo signed a deal last week to promote NFTs for the cryptocurrency exchange Binance, while Messi struck a deal earlier this year with supporters’ token company Socios.

Sorare hopes that signing a player widely regarded as the best in the world will help bolster his limited profile. Mbappé is followed on Twitter and Instagram by over 80 million people, compared to Sorare’s 155,000.

The Paris-based startup achieved a valuation of $ 4.3 billion last year when it raised $ 680 million in a funding round led by SoftBank’s Vision Fund 2. The company, which claims to have been profitable since its inception, also counts tennis star Serena Williams and Spanish footballer Gerard Pique among its supporters. He is expected to launch a fantasy baseball game later this year after reaching a deal with Major League Baseball.

The company declined to provide financial details of its deal with Mbappé.

Although it operates an exchange market for its NFT player cards, the company has tried to set itself apart from other digital asset platforms by downplaying the idea that players can earn money by trading digital cards. .

What sets us apart is that we have a use for NFT which is a game We are building a game company“Said Nicolas Julia, Sorare’s general manager. “I see technology as a tool for delivering what we want to offer. But it’s not an end in itself, that’s why you won’t see the word NFT in our product.

However, the company also noted that card trading volumes increased by more than 260% in the first half of the year from the previous year.

Mbappe’s agreement with the French start-up comes shortly after the signing of a new contract with Paris Saint-Germain.

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