Since it’s initial launch in 2019, Sorare has had huge growth and has established itself as probably the leading sports NFT platform right now. It also has a lot of potential for further future growth.
Sorare is essentially a hybrid between soccer card collecting, in the form of NFTs, and a fantasy soccer game. I’ve written a separate article going into more detail about what Sorare is and how it works which I recommend taking a look at as well.
Collectors can use the cards they own in weekly competitions (which score based on real life soccer performances) to win new cards, and cash prizes in the form of ETH – so the short answer to the initial question is that It’s definitely possible for users to make money on Sorare, in a few different ways.
Right now there’s 5 different types of card for every licensed player:
- Common (no limit and cannot be traded on the secondary market)
- Limited (up to a max of 1000 unique cards minted during a season)
- Rare (up to a max of 100 unique cards minted during a season)
- Super Rare (up to a max of 10 unique cards minted during a season)
- Unique (1 unique card minted per season)
For this article I will be focussing on rare cards (/100), because, in my opinion, that’s where you have the most opportunity to make a decent return on investment, particularly for an average investor with a moderate starting budget.
Limited cards (/1000) are the entry level cards for the platform, which you can make money with, however due to the lower value of these cards, and the lack of ETH rewards in their weekly competitions, it’s harder and takes longer to make money with them than it does with rare cards.
How Do You Make Money On Sorare?
Weekly SO5 Competitions - Card And ETH Rewards:
Sorare’s fantasy soccer game element comes in the form of their weekly SO5 competitions. Every week, players can submit teams consisting of 5 player cards that they own into the many different competitions, all with different entry requirements.
There’s different weekly competitions for all different card levels (limited, rare, super rare etc) and specific requirements such as under 23 players only, or players from certain leagues etc – Users can enter as many as they’d like, but cannot use the same card in a gameweek for multiple competitions.
Player card performance is linked to their real life soccer performance – their performance in their real life game earns them a score on Sorare. Sorare uses stats provided by Opta and their own scoring matrix to determine a player’s score for that gameweek (providing they play) which is a maximum of 100.
Every weekly competition offers the chance to win player card rewards, which obviously vary depending on what card level the competition is in, and where you finish.
If you earn a top 5 finish in one of the competitions, then you’ll win a card from a pool of the highest value cards (known as a tier 0) – this goes down to tier 4 cards, which are the lower valued card rewards (a player could finish 400th in the All Star Rare weekly competition for example and win a tier 4 rare card).
All limited, rare, super rare and unique card rewards that are won can be sold on the secondary market.
Winning cards regularly requires a competitive team, which means buying the better performing players that will require a high initial investment.
In my opinion, the best and most consistent way for players to make money without a large initial investment into player cards is in the All Star Rare competition which requires at least 5 rare cards, with no specific age or league requirements.
The highest expense is in buying goalkeepers – Every SO5 team must have a goalkeeper, and their rare card values are very inflated compared to other positions, due to lower supply (there’s only one playing goalkeeper per week per team in real life soccer, so there’s a lot less to choose from), but you can still find good value on the market.
The All Star Rare competition is the only one currently that offers ETH threshold rewards. There’s the first threshold which rewards $25 worth of ETH for 205 overall score in a gameweek regardless of where you finish overall in the competition and the second threshold which rewards $50 worth of ETH for 250 overall score.
The amount of ETH won via threshold changes depending on the current value of ETH.
Hitting at least the first threshold every week is very realistic, given you have 5 rare cards that play for their real life team regularly.
When I started Sorare, I bought 4 rare cards for around a total of $800 dollars – At the time you could use a common (free) goalkeeper, which made the required intial investment lower. In my first month of playing, I entered the All Star Rare weekly competition 4 times, and hit the second ETH threshold twice, winning 0.02 ETH each time. I also narrowly missed out on the first threshold for 0.01 ETH in the other two weeks.
So after an $800 initial investment, I won 0.04 ETH during my first 4 weeks playing – at the time Ethereum was around $4.5k, so the value of the ETH I won was $180. I’d won over 20% of my initial investment back after only 4 weeks – the cards I was using had also risen in value during that time, so I could also profit from them in the secondary market if I chose to sell them.
It’s like buying a dividend paying stock – the asset is the NFT (player’s card) itself which changes in value depending on the market demand, and the utility of that asset earns money based on performance (like a dividend).
It proves that a ‘threshold’ team can be made with a moderate investment. Its important to use tools like Sorare Data to research players and their previous scores (and sale prices) before putting a team together.
It is worth noting that Sorare has announced that the ETH threshold rewards will not last forever – it’s not sustainable to reward players at that level forever while Ethereum continues to rise in value. However, it will be replaced by a ‘progress bar’ style system instead – Details haven’t been confirmed yet, but it’s likely that the ETH rewards will be earned over a number of game weeks rather than every week.
Secondary Market - Flipping Cards:
The other side to making money on Sorare is by flipping cards on the secondary market.
This is similar to physical sports cards, the ability to spot a good value card and flip at a higher price can earn you good profits.
There’s lots of factors to consider, but having a knowledge of Soccer is important – you need to know who’s popular and collectible but also who is likely to perform well in real life games because the SO5 competitions have a big influence on card values.
Again, using tools like Sorare Data is essential. It allows you to research the previous sale prices, weekly SO5 point scores and scarcity of a card (ie how many unique cards have been minted for a player) – All of that is critical to know if you’re planning on flipping cards.
The good thing about the secondary market right now on Sorare is that there are no selling fees, so any profit you make on a flip is all yours to keep. It remains to be seen whether there’ll be no fees forever, in my opinion Sorare will probably introduce fees at some point down the line, but right now there’s no mention of it.
You can also make offers on cards instead of buying for the listed prices. Sorare doesn’t currently have an in-platform chat function to speak and negotiate with sellers, but most users link their Discord, which is essential to use for negotiating and getting good buy prices on cards.
An example of a trading method I’ve used is to buy players who are currently injured in real life – they tend to drop in value because players can’t use them to score in the SO5 competitions, but once they’re back from injury and playing again, they rise in value. So buying and holding is often profitable for those players.
Can You Make Money On Sorare Without Investing Anything?
Yes, you can win cards on Sorare in the free to play common competitions which can be sold on the secondary market. However, it is worth noting that the likelihood of winning them is slim – only the top 3 in a gameweek will win a card that can be sold.
So the chance is there, but it requires a lot of luck to win anything without buying at least limited or rare cards on Sorare.