Gabriëlla Modderman
What is Sorare?
Sorare is a blockchain-based fantasy soccer game adored by many soccer fans worldwide. The founders of the platform want to give fans the opportunity to develop and play the game, even when they can’t play it on the field. Users can buy, trade, sell and manage a virtual team with digital player cards.
By competing against other users of this fantasy football game, you can earn points. It’s more than simply playing virtual tournaments because you need to build strategies and create lineups. The more you know about the real-life performances of your players, the more points you earn.
The Ethereum-based platform was developed in 2018. In 2020, trading Sorare players cards were sold for $52,500 and in 2021, the prices went up to $3.6 million.
How to play Sorare?
Playing Sorare is something different than following the league on TV. As a manager, you can put together a virtual team — this Sorare beginners guide gives you a head start. The game’s core is the collectible digital cards, better known as nonfungible tokens (NFTs). When users sign up for the Sorare gameplay, they get five cards of players for free.
Users can start right away without investing any money. But, is Sorare free to play? Yes, it is, but if you want to level up your game, you can start trading. Each soccer team has five essential positions: the goalie, defender, midfielder, striker and substitute player. Users buy these player cards on the OpenSea NFT marketplace. Based on the real-time performances of the soccer players, your team is awarded a number of points within the SO5 league games.
Users’ players compete every week in virtual tournaments, and based on their performances on the physical field points are awarded. Is a player punished with a red card or does the soccer player score a goal in real life? Then you win or lose points in the game accordingly.
As a user, you’ll see this reflected in the number of points, in a positive or negative way. Keep in mind that luck is also an important factor because a top player can also be given a rest and be benched. Just when you had that player lined up in your team, too — bummer.
To protect the dynamics of the game, there are also rare collectibles NFTs, which come in rare, unique and super rare items. Last February, professional footballer Erlin Haalands’ card was sold on auction for nearly $700,000, and you could’ve followed the sale live on Twitter. Sorare NFTs can be bought or sold with the cryptocurrency Ether (ETH).
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Marco Castrovilli
Financial commentator Frances Coppola is convinced that algorithmic stablecoins such as TerraUSD (UST) will always be vulnerable to sudden collapses, no matter how much the technology improves.
“They can improve their game theory, they can improve their risk assessment, but I think there will still always be some states of the world that they won’t have thought of,” pointed out Coppola in a discussion with Mike McGlone, senior commodity strategist at Bloomberg.
Terra’s UST stablecoin, which relied on an algorithm to maintain a peg to the U.S. dollar, collapsed last week, sparking turmoil in the crypto markets.
According to McGlone, Terra’s collapse is part of a natural “purge” of the crypto space that happens in every bear market. According to the analyst, the concerns around leading stablecoin Tether (USDT), which briefly lost its peg to the dollar as a result of Terra’s collapse, shouldn’t be overestimated.
As McGlone pointed out, Tether already depegged briefly in April 2019 when the New York state attorney general filed a lawsuit against its sister company, Bitfinex.
“The market said, ‘We don't care. This is a better way to transact dollars,‘” said McGlone.
Coppola, on the other hand, pointed out that while investors were redeeming Tether en mass amid Terra’s collapse, other stablecoins such as USD Coin (USDC) and Binance USD (BUSD) performed as safe-haven assets, thus proving to be more trusted.
Still, Coppola thinks Tether is unlikely to suffer a collapse similar to the one experienced by Terra, as it is backed by real assets held in its reserves. She pointed out that in the event of a crisis, Tether would be able to avoid a mass bank run by suspending redemptions according to its policy.
According to Coppola, the primary source of systemic risk for the crypto market is not stablecoins but crypto exchanges.
“In the event of a Coinbase failure, a lot of people are potentially going to lose a lot of money,” she said. “It would cause kind of a Lehman moment, if you like, in the crypto space.”
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Sarah Jansen
The metaverse is quickly becoming a reality, making its way into different aspects of our lives, including games, work and social engagements. However, at present, many look to the metaverse only as a way that we can enhance our physical reality by extending the realm of what is possible. The resulting process has been taking a concept and bringing it to design to prototype and prototype to the metaverse; this is the linear path that many real-world items travel to enter the realm of Web3.
However, few overlook the reverse application. Consider that concepts from the metaverse can also be extended into the real world. For example, users may have the opportunity to take digital assets, like nonfungible tokens (NFT), from virtual concepts to real-life prototypes and later to a working model.
Bringing this concept to reality for what is said to be the first time ever is the project for Y0 (pronounced ‘Y Zero’) NFTs. These NFTs were founded in 2022 by Matthew Cunningham, an industrial designer known for his expertise in advanced vehicle design. With this background, Matthew is set to make science fiction meet reality with his NFT concept cars. The first phase of development, which includes a collection of four limited-edition vehicles, will allow for game-changing driving experiences in the metaverse and a printable version that can come to life on a user’s home 3D printer.
The intent is that these concepts can be created now and, in the near future, with proper manufacturing and propulsion technology, be brought to life. In the meantime, these NFTs, unlike others, will retain a user’s rights to build the concept indefinitely.
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This Daily Dose was brought to you by Cointelegraph.
