Sorare became an integral force in the non-fungible token (NFT) market at the end of the first quarter of this year. The project broke into the biggest-selling digital collections of all time by sales volume.
Sorare is now a top ten NFT by all-time sales volume, data from digital art aggregator CryptoSlam showed.
The project had amassed around $660 million by the end of the second quarter with its highest monthly sales of 2023 coming in January. Approximately $25 million was poured into the numerous products in the project’s collection.
The latest milestone sees Sorare move above several NFT projects that preceded it and can be attributed to the consistent monthly sales of at least $10 million which began in February 2021 – a period that laid the grounds for the stability and profitability of the digital art market.
Since then, the project has fared well, reaching an all-time high monthly sales of about $40 million in February 2022. This was just four months before the blockchain-powered economy went into a bearish cycle, in large part to the collapse of TerraUSD and many crypto projects.
Sorare NFTs have benefitted from consistent buyer interest
Sorare NFTs, unlike others, have benefitted immensely from consistent liquidity despite the numerous competitor collections that continue to hit the market daily.
As of July 2023, the collection had been patronized by more than 180,000 buyers and flipped by over 198,000 sellers. Their combined activities have resulted in more than 8 million transactions.
The highest number of transactions came during the first month of this year and the buying and selling activities of collectors corresponded to an average sale value of $41.19.
Sorare added $100 million in sales in the first half of the year
Sorare NFTs had a total volume of roughly $562 million by the end of 2022. In comparison to its current all-time sales, more than $100 million has been added to its volume.
Much of the rise came from partnerships forged within the first 180 days of 2023 which added several unique artworks to its ever-growing collection.
In January, the English Premier League, the flagship championship of England, signed a deal with Sorare to allow players of the fantasy soccer game to buy and use license NFTs backed by the league.
Aside from England, Italy’s Serie A, France’s Ligue 1, Spain’s La Liga, and Germany’s Bundesliga have also been offering NFT contests on the platform.
By crossing new milestones, Sorare has risen above projects such as Moonbirds, Doodles, Meebits, Bored Ape Kennel Club (BAKC), Cool Cats, World of Women, VeeFriends, CyberKongz, Gods Unchained Cards, NFL ALL DAY, Sewer Pass among others in the ranks.
While it still trails the Bored Ape Yacht Club (BAYC), Axie Infinity, Otherdeed from the Otherside Metaverse, and NBA Top Shot, consistent liquidity could see the collection move up the ladder in the near term.
What is the latest on Sorare?
On July 7, Sorare announced the auctioning of what it labeled the 1st ever-licensed NFTs of the top five National Basketball Association (NBA) draft picks ahead of the upcoming season.
“Each card will include a Rookie Badge and will be part of the Rare Card Population for the 2023-2024 season,” the press release stated.
The NFT market has been slow over the past month but total sales could soon be heading for the $60 billion mark once the bearish cycle is over.
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