Sorare NFT Overview

Collectible summary:
Tiered limited-edition collectibles of club soccer players around the world, with most sales in the 100-1,000 € range and highest at 50,000-100,000 €. There are four rarity tiers, which along with the skill of the player largely predict a card’s value:

  • Unique (black cards): 1 card minted for that year and player, Super Rare
  • Super Rare (blue cards): 10 Serial Numbered cards minted for that year and player
  • Rare (red cards): 100 Serial Numbered cards minted for that year and player
  • Common (white cards): Not rare and not valuable.

Technical summary:
Built on the Ethereum blockchain using the ERC-721 standard.  Wallet deposits can be made using ETH, a credit card, or a bank transfer, though currently only ETH deposits are supported in the USA. Sorare prices are denominated in both ETH and Euros.  (As of March 1, 2021)

Sorare Player Cards can be purchased in three ways:

  • New Signings: Sorare releases new cards into the market via an auction system. New Players Cards are constantly being auctioned off. You can bid on these new cards (though any last second bid resets the countdown timer to 60 seconds to ensure no last second sniping).
  • Transfer Market: Player Card Owners can choose a price and place their card up for sale, where it will be listed for 48 hours in the Transfer Market. If no one purchases the card in 48 hours, the listing ends, and the Owner can relist. Owners can cancel their listing at any time.
  • Offers: You can submit an offer to buy a Player Card, and the current owner can elect to accept or decline your offer. The Owner of the card can set thresholds for minimum offer prices to trigger a notification.

Ultra high-end (Top 0.01% of NFTs on platform):  Kylian Mbappe Unique 1/10
High-end (Top 5% of NFTs): Walker Zimmerman Super Rare 7/10
Live auction: Here

Overall rating:

Bottom Line:
Strong NFT based on top-tier IP with massive and devoted fan base.  Promising technical rollout given recent capital raise and strategic partnerships.  Major concerns are the high entry cost (it costs several hundred € for any player with national name recognition) and the risk of Sorare maintaining its current 1,10,100 limited-edition model thereby preserving scarcity.

Scarcity rating:

Sorare has navigated the difficult tradeoff between enough inventory to scale and enough scarcity well.  If they can continue to do so, these collectibles are a lock to remain scarce.  In fact, the first edition (2019-20 for some, 2020-21 for others) of each player may well increase in scarcity with subsequent years’ releases.

IP rating:

Almost as good as it gets.  The only reasons Sorare doesn’t get perfect marks are the long tail of relatively unpopular players and leagues, and the relatively niche status of MLS in the US.

Liquidity rating:

The main mechanism to sell cards (called the Transfer Market) is clunky, and there is currently a two-day timer that reduces liquidity.  On the other hand, the Transfer Market mechanism can be used as an advantage by savvy collectors, and withdrawal of ETH is relatively easy and quick.

Additional valuation commentary:

Overall market upside: 1.5-2x from March 1, 2021 levels

Additional upside: 5x+ if you’re willing to invest time in player valuation (check out  for example); limited additional upside otherwise

Day trading opportunity: Very high due to market microstructure, pace of new mints and resales. Opportunity to act on mispricings in the New Signings vs Transfer Market prices.

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