Web Summit 2021, the world’s largest technology conference, spear Monday in Lisbon, Portugal, and will last until Thursday. In an opening statement, Carlos Moedas, the mayor of Lisbon, said that “My dream is for Lisbon to be the capital of innovation in the world”. Meanwhile, JoÃ£o LeÃ£o, the Minister of Finance of Portugal, said:
âPortugal is the place to live, invest, do business and do it in a way that is open to difference, tolerant and multicultural.
Guest speakers included Facebook whistleblower Frances Haugen, Black Lives Matter co-founder Ayo Tometi and Nicholas Julia, co-founder and CEO of French non-fungible token-based (NFT) fantasy games company Sorare.
NFTs are digital property certificates representing works of art, images, videos, music, and more. They are stored in digital wallets, while real assets can be stored on-chain or off-chain, depending on their size. Sorare allows players to manage their own football or soccer teams with digital player cards created as NFTs. These cards can be bought, sold and transferred.
Asked about the future of the NFT industry in the next five to ten years, Julia said the following:
âNFTs will be the underlying technology for anything of value on the web. It can be a monetary value or a personal value. I mentioned your identity earlier, so this is something an NFT could offer you on the web. It will be invisible.
Founded in Paris three years ago, Sorare’s valuation has grown from $ 270 million to $ 4.3 billion. Japanese multinational conglomerate SoftBank completed its final round of funding in September. According to Julia, half a million users have joined the platform organically, without any marketing. More than 200 football clubs around the world are currently in partnership with Sorare. Based on the company profile on the NFT OpenSea market, the cumulative transaction volume of Sorares cards has exceeded 50,200 Ether (ETH).
But Sorare is also looking to expand outside the realm of NFT for games. Julia made the following statement in this regard:
âWe want people to feel the benefits, that you really own your digital asset, that you can move it, and so on. without having the crypto rub that most crypto products have today – it’s complicated. I see this is a technology that will underpin everything that has value on the web.