Crypto, Sorare is not a victim of the bear market

The year 2022 marked the arrival of a crypto winter. The value of cryptocurrencies and the companies that operate directly or indirectly on the blockchain ecosystem have suffered greatly. Nevertheless, some market players do not seem to have experienced the negative impact of this bear market. One of the important examples is that of Sorare, the game that combines sports team management and virtual card collecting (NFT). The magic potion for such a result consists of the following ingredients: An NFT collecting game, a low entry price, cheap costs thanks to StarkEx L2, and all secured by Ethereum (ETH).

StarkEx: Sorare’s Engine

StarkEx is a STARK-powered scalability engine for cryptocurrency exchanges developed by the StarkWare company. This tool uses cryptographic evidence to confirm the validity of a transaction batch and updates a commitment about the status of the exchange. Thus, this technology enables exchanges to provide transactions with unhosted wallets, high liquidity and lower fees. StarkEx currently supports ETH, ERC-20 and ERC-721 tokens and can easily support tokens from other EVM-enabled blockchains. StarkEx is now a mature platform deployed on the Ethereum mainnet since June 2020.

Ethereum: a popular blockchain

Blockchain is considered one of the most important technological developments of the 21st century. Overall, it is a peer-to-peer distributed data network that has promoted the creation of decentralized currencies and smart contracts. Bitcoin (BTC) is actually the pioneer in the initiation and successful implementation of blockchain technology, and its impact is being felt in the press and the economy. Such technology has sparked the interest of a plethora of industries mainly because of its usefulness. Now it is the Ethereum blockchain that is gaining popularity. The second cryptocurrency on the market has multiple uses. Ethereum is an open source and decentralized blockchain platform. It uses its own ETH asset to pay transaction fees called “gas.”

Ethereum: A Versatile Ecosystem for Sorare

This ecosystem is very versatile. It allows the movement of currencies and non-replaceable tokens (NFTs) that can represent any asset. It also enables the execution of advanced processes through the use of smart contracts. Thus, blockchain players can use the Ethereum network to run decentralized applications (dApps) or issue cryptographic assets called ERC-20 tokens. With the announced merger, Ethereum will use a new consensus system called the “Proof-of-Stake” (PoS). This would allow it to be 2,000 times more efficient than it is today, according to the “Proof-of-Work” (PoW) model. Such an evolution will make ETH a faster, more scalable, greener and cheaper network.

Besides Sorare, other companies are also escaping the consequences of the bear market. This is the case, for example, with BAYC, Punks or Axie. This game looks like a web2 game with web3 game and win mechanics. This type of play to earn could have exponential success as web3 grows. Renaming a multinational company like Facebook to Meta is a positive indicator for blockchain games.

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Sami AYADI Avatar

Sami AYADIE

Against the angelic spirit of the intercessors of the current monetary system, I am against DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.

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