Web Summit 2021, the world’s largest technology conference, started on Monday in Lisbon, Portugal and will last until Thursday. In a keynote address, Carlos Moedas, the Mayor of Lisbon, said: “My dream is that Lisbon will become the innovation capital of the world.” Meanwhile, Portuguese Finance Minister João Leão said:
â ???? Portugal is the place to live, invest and do business, open to differences, tolerant and multicultural ”.
Guest speakers included Facebook whistleblower Frances Haugen, co-founder of Black Lives Matter Ayo Tometi, and Nicholas Julia, co-founder and CEO of French fantasy gaming company Sorare for non-fungible tokens (NFT).
NFTs are digital certificates of ownership that represent works of art, pictures, videos, music, and more.. They are stored in digital wallets, while the actual assets can be stored either in-chain or out-of-chain, depending on their size. Sorare enables players to manage their own soccer teams using digital player cards that have been minted as NFT. These cards can be bought, sold, and transferred.
When asked about the future of the NFT industry five to ten years from now, Julia said:
• NFTs will be the underlying technology for everything valuable on the web. It can be a monetary value or a personal value. I mentioned your identity earlier, so an NFT on the web might have something for you. It will be invisible. “
Founded three years ago in Paris, Sorare’s valuation has grown from $ 270 million to $ 4.3 billion. Japanese multinational conglomerate SoftBank launched its final financing round in September. According to Julia, half a million users joined the platform organically, without any kind of marketing. More than 200 football clubs worldwide currently work with Sorare. According to the company’s profile in the NFT OpenSea market, the cumulative trading volume of Sorares cards has exceeded 50,200 ethers (ETH).
But Sorare is also looking to expand outside of the gaming NFT realm. Julia made the following statement:
We want people to feel the benefits of actually owning your digital asset, being able to move it, etc. without the friction of crypto that most crypto products have today; it’s complicated. I see it as a technology that will support all of value on the web. “