SoRare Review

SoRare is a truly unique product that allows you to engage in a fantasy football league in which you can make real money. This happens through trading cards that have an intrinsic value courtesy of blockchain technology. 

Introduction to SoRare

I generally have a pretty good handle on what is happening in the world of betting and tech courtesy of personal and professional interests. And I have seen the two worlds overlap a lot before now. But never have I seen anything like SoRare. So many times, I have referred to a service as being unique or having a very different angle on something. This is a whole different type of gravy. And with nothing really comparable on the market, it does make things difficult to judge. I want to be perfectly clear about that from the get-go.

I also want to create some context for SoRare and distance it from Football Index. That is a horror story of betting that cost a lot of people a lot of money. It was very unfortunate the way that it happened, but despite some comparisons, this should (theoretically) be a different kettle of fish. There are definitely differences in the tech behind the services (which I will cover in this review), but I feel the biggest difference is in the approach. Because in many respects, this is referred to as a game.

Which, in terms of this introduction and setting the picture, is one of the single most important factors. Whilst there is undoubtedly money that can be made from SoRare, in many respects, it is first and foremost a game. It’s a type of fantasy football league. It just happens to leverage real world money and/or cryptocurrency as well. This means that you can make or lose money, depending on how things go. The big question is, is it actually worth it?  

What Does SoRare Offer?

It’s rather difficult to talk about what SoRare offers in a particularly cohesive and straightforward way. The fact of the matter is that there are so many elements at play here, and because it isn’t quite like anything else… Well, I feel like they need to be examined individually before looking at how it all comes together. So, I hope you’ll stick with me, because this review might be a bit chaotic.

Where do you start? For me, I think I want to talk about the trading cards. Because ultimately, these are key to absolutely everything. Every single element of SoRare (including how you can make money from it) is based around these cards. And honestly, this part of the game is probably the one that you will be most familiar with. Especially if your kids (or even you… God, that makes me feel old) had Match Attacks or something along those lines.

There are a few different types of cards with SoRare, all fully licensed with player images and whatnot. They’re a good looking thing. But that isn’t the part that is important. What is important is the fact that there are certain tiers of cards. Common, Rare, Super Rare, and Unique. All of which have wildly varying values.

Common cards are only really used to enter tournaments (which is a topic I will be coming to shortly). The rare and above cards carry an intrinsic value though. They have limited runs of 100, 10, and 1 versions respectively. And as you might expect, the more scarcity that there is surrounding a card, the more valuable it is. The player on there can also drastically increase the value as well.

For example, a Unique Robert Lewandowski is currently listed at €149,514.13. Meanwhile, a unique Serge Gnabry is listed at €93,447.50. Are either of those cards likely to sell? Probably not. But it highlights how much difference it can make, just by having a big name on there.

So how do you get these rare cards? Well, you can buy and sell them on SoRare via auctions or listings (much like eBay), or you can win them in tournaments. But in many respects, even that isn’t quite this simple because there is a lot of nuance in what you can win, how you can win it, and so on and so forth.  

Now before I get into the minutia of this, it makes sense to talk about what the tournaments actually are. Effectively, they are little fantasy football leagues . Everything is set up with a 5 aside style whereby you pick a goalkeeper, defender, midfielder, attacker, and a bonus 5th card. This can be from any position. You enter a tournament, and the better they perform, the better your rewards are.

There are also different tiers of tournament with higher tiers requiring you to have things like a certain number of rare, super rare, or unique cards. Obviously, the higher tiers carry much much better rewards for entering them. Which makes perfect sense since there has to have been some investment of time or money to get there.

Something that I think is worth noting is that not all cards that you get are cards you can use. Because there is also a collectible element, there are rare cards that exist solely as a collectible item that cannot be used as a part of tournament entry. An example of this is a Unique Diego Maradona Coach card which is currently priced in excess of €1,000,000.

Again, is this likely to sell? Not necessarily now, but it is a card of which there is only one, for a person who is dead. As such, it is very unlikely that this will be seen again. And because of how SoRare works at the back end, I can genuinely believe that this will be the case, pending of course some kind of collectible icon cards that are released in the future (which is something I want to come back to a little bit later). 

How Does SoRare Work?

Now, at this point, you may well be starting to have some questions about SoRare. I know I certainly have. Especially in light of the fact that Football Index collapsed in the way that it did. After all, both involved trading a none tangible asset. Here it is trading cards, there it was “stocks” in a player. However, there is an incredibly important difference in terms of how the two services operate.

You see, SoRare has a lot in common with cryptocurrency. Which is sort of why I’ve mentioned it in relation to the service. Now, I want to preface this by saying I am not an expert on blockchain, but I have a solid idea of what is what. If you are looking for an in depth explanation, go look elsewhere. But in the context of this, the blockchain ensures that legitimate cards are being produced. And these can’t really be added to once it is done.

This means that unlike Football Index, SoRare has legitimate scarcity to the rarer cards that are included. What that in turn means is that there is some tangible value that can’t be altered by a company suddenly releasing more shares in a player. This means that from an investment perspective, the cards you purchase through this are an asset of sort.

Now, how do you make money off this? That is quite simple. Because there is scarcity to the cards that SoRare offers, and it is a somewhat tangible asset, the value of players and cards increases and decreases on the marketplace. A savvy investor could outright just make money snapping up and selling cards if they perform well and the value goes up. Alternatively, you can be someone who enjoys the fantasy football element and wants to sell on the less useful cards that you might win from tournaments.

What is the Initial Investment?

The beauty of SoRare is that you can get started absolutely free. It literally doesn’t cost a penny to create an account and get started. If you were looking to profit from buying and selling cards… Well, how much have you got? Because this is all a question of how deep your pockets go.

The players that I’ve mentioned are of course extreme examples. I can’t imagine there are really many people lining up to pay hundreds of thousands euros for a unique Lewandowski. But you can. At the other end, you can literally start with less than €20 if you were so inclined. Are those players necessarily going to net you a profit? Who can really say? The important thing in my eyes here is the accessibility.

What is the Rate of Return?

Just like the question of how much it costs to get started with SoRare, talking about how much you can make is a question of “how high is the sky?”. A few lucky tournament wins could put you on some very substantial profits. By the same token, sink €700 into a David Beckham collectible card, and in theory, you could just be down €700. It is all 

Conclusion for SoRare

There are two very different ways of looking at SoRare in my eyes. Is it any good? And is it a good way to make money? And probably not surprisingly, both of these have drastically different answers. Neither of which is particularly simple. Because the one thing that all of this isn’t, in many respects, is simple.

So, first things first, is SoRare any good? Honestly, short answer here, absolutely. Especially if you do happen to have an interest in football. There is a lot to be said for bringing together a team and just seeing what happens with it. And importantly, if you are engaging with SoRare solely  for the fun of it, then you don’t have to pay a penny out.  

Honestly, I can say that whilst I won’t necessarily be looking to take advantage of SoRare with the sole intention of taking money out of it, I will definitely continue to play along. It’s just great wholesome fun that doesn’t take a huge amount of time and energy. And if I do make any money out of it, well, that is just a bonus.

Now, this ties into the question of whether or not you can make money through SoRare. And this is arguably the more important question. To cut a very long story short, absolutely, yes. The whole set up here allows for you to make money in a multitude of different ways. Now, whether or not you will make a lot of money? That has a much more nuanced answer.

Like anything, what you get out of SoRare will ultimately be dependent on what you put into it. If you want to sink a lot of money into investing in cards, sure, you can potentially make some money there. Especially if you take time to understand the market and what player cards are actually worth. And this is realistically where the biggest returns are going to be. If you are keen on this solely for the financial element.

Of course, trading isn’t the only way. The fact is that simply playing the game can lead to you getting rare players which can be sold, or you can build your team up and enter bigger competitions with better rewards. Make no mistake about it, playing SoRare the way it is meant to be played can also lead to some profit for you. It might not be huge, but as an additional income for something fun… Well, you could do much worse.

All of this leads to one main question more than any other though. Why should you trust SoRare. Football Index was an investment and media darling with money being sunk into it left, right, and centre. It still folded leaving a lot of people out of pocket. Honestly, I don’t think that there is any way of saying for certain that this won’t go the same way. Blockchain technology adds some security, but all it really does is stops artificial inflation. Otherwise, there aren’t really guarantees.

So, would I recommend SoRare? Honestly, I would. I wish I could say that there are assurances that this will still be around in a years time. I know all too well how it felt to be stung by Football Index. Fortunately, it wasn’t a major source of income for me and I mostly just played around with it a bit. But I wouldn’t let that put me off exploring other options either. And SoRare is an option that really, is quite attractive in my eyes.  

 

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From: Simon Roberts