“Sorare CEO Advocates for New Regulatory Category for NFTs to Ensure Fairness and Transparency”
Sorare CEO Nicolas Julia is pushing for a new regulatory category for fantasy sports NFTs, as the U.S. government considers regulations for the booming NFT market. Julia’s comments come after a federal judge in Manhattan ruled that Dapper Labs’ NBA Top Shot NFTs may be unregistered securities.
Julia believes that Sorare’s product should not be classified under existing sports betting and daily fantasy sports regulations, as it offers a new category where users truly own their own items without any financial sacrifice.
“We have been proactive with all regulators in the U.S. and Europe to help build the framework that might be appropriate for the new category we are building,” Julia told Decrypt. “Hopefully something is going to be built in the future.”
Sorare executives recently met with invited media to discuss the company’s plans for the future, including expanding into new markets and offering more sports and leagues. The company has already seen significant growth, with over $150 million in sales since its launch in 2018.
As the NFT market continues to grow, it remains to be seen how regulators will approach the industry. However, Julia’s push for a new regulatory category for fantasy sports NFTs could pave the way for a clearer framework for companies like Sorare.