As blockchain fantasy football game Sorare comes under scrutiny from the National Gaming Authority, Nicolas Julia, the platform’s CEO, has spoken out on its social media channels. He expressed his belief in the disruptive nature of his Web3 project, as well as his openness to discussion with regulators.
Nicolas Julia, CEO of Sorare, speaks out on the issue of sports betting
On Friday, Sorare’s CEO and co-founder, Nicolas Julia, spoke out against the warning issued by the National Gaming Authority (NGA). Indeed, the latter is investigating whether or not the blockchain game of fantasy football represents a form of disguised sports betting
When a company invents a new model based on an emerging technology (in this case the web3), and is successful, it is not surprising that it raises questions. This is one of the signs that we are moving the lines.
Thread– Nicolas Julia (@ni2las) July 29, 2022
While some of the ANJ’s arguments may be understandable, it may be unwise to make too hasty shortcuts. However, Sorare’s CEO expressed his understanding of the questions regulators may have, which is why he is focusing on educating them:
These questions are part of the proper functioning of the democratic debate that is necessary in the face of the evolution of the world and the emergence of new technologies that revolutionise interests as old as humanity. […] We are also exchanging with the regulators in a proactive approach that aims to explain what we are (and are not) since the very beginning. “
In addition, Nicolas Julia returns to the notion of full ownership of these cards. This full ownership is made possible thanks to non-fungible tokens (NFT) and it should be noted that this is opposed to the idea of betting where a committed sum is potentially definitively lost.
On the other hand, one of the possibilities enabled by the Web3 revolution is the removal of boundaries between various applications:
“Moreover, these cards can not only be used on our platform, but also in a variety of third party applications and platforms, and will remain the property of the users.
The need for cooperation with different authorities
We can add that paying, in order to be eligible for additional rewards on Sorare, is entirely up to the user. It is indeed possible to discover the game for free.
Nicolas Julia also argues that “strong legal arguments” support Sorare’s view that their value proposition is completely new and does not fit into any existing framework. This is also true for other French and European players building Web 3.0.
This state of affairs should not be seen as an argument to say that our ecosystem should be free of regulation. On the contrary, it is a call for dialogue and consultation:
Don’t get us wrong: it is normal for rules to apply to this new category that we have created from France, and this is the subject of our proactive discussions with the regulators. These rules must simply correspond to what we are, not what we are not. “
Like any technological innovation, Web3 will have to go through this phase of doubts, expressed by regulators and the general public, before it becomes obvious in the collective mind. Thus, it is normal that players like Sorare and many blockchain projects play the role of pioneers.
