Market Struggles for Sports Tokens

[cryptobro]

Sorare, which was valued at $4.3 billion in 2021 and has amassed 5 million users, has faced headwinds alongside the broader NFT and sports token sectors.

The sports token market cap has dropped to $1.17 billion, down sharply from 2021 highs, according to CoinGecko.

Sorare NFTs have declined in value, with their floor price plunging from $91.25 in April 2022 to just $2.21 as of Oct. 12, per DappRadar.

Daily sales, however, remain stable, with between 5,000 and 30,000 Sorare NFTs changing hands most days — similar to 2022 levels.

Competitors such as Flow, Chiliz, and NBA Top Shot have also faced difficulties, while the DraftKings Marketplace shut down in July 2024.

[alex10]

Sports tokens face unique adoption hurdles — fan engagement alone may not drive demand.

[kelson10]

The challenge remains linking real utility to fan tokens beyond simple speculation.