EXCLUSIVE. Sorare to join Adan

Thursday, September 21, 2023

The decision to join France's leading crypto association comes at a time when the specialist in NFT-based games is facing a number of regulatory challenges.

This week was back to school for the Association for the Development of Digital Assets (Adan), which welcomed all its members, as well as a newcomer. And not just any newcomer, as according to our information, it's Sorare. The French start-up has established itself as a key player in the ecosystem thanks to its fantasy sport game based on NFT cards.

Until now, Sorare, which made headlines in 2021 with a $680 million fundraising 🤯, had stayed away from Adan. The French unicorn had not considered it necessary, particularly for its development, to belong to the association which now has more than 200 members.

But that was before, as Sorare has reportedly decided to join Adan. One of the reasons for the change is the regulatory challenges facing the company, which was founded in 2018. In recent days, the National Assembly has begun work on the text that could enable the creation of the status of "digital games with a monetisable object" (Jonum).

The aim of this specific status for games based on blockchain and NFTs is to avoid reclassification as gambling and thus enable this nascent sector to develop. In this quest, Sorare has sometimes been criticised for going it alone and monopolising all the attention, to the detriment of other players.

This membership of Adan, which should be official in the coming days, coincides with the recruitment of Jennifer D'Hoir who will, as we revealed last week, look after Sorare's regulatory issues at global level. This expert has worked with the Autorité des marchés financiers and the Kraken exchange platform, among others...

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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