Sorare, the NFT-based fantasy sports company, recently announced some major operational changes. In an effort to centralize operations at their Paris headquarters, they have laid off 13% of their staff. This significant slice primarily includes the members from their New York branch. Sorare aims to streamline processes, bolster efficiency, and drive focus on core business areas through this restructuring.
Explaining the move, CEO Nicolas Julia shared that the goal is to foster efficient, undisturbed innovation. Centralizing their operations in Paris offers an optimal environment for their global user base. They’re looking to bring all product development under one roof, cultivate collaboration, and stimulate creativity. Julia also sees this shift as a stepping stone for future growth and innovation.
While this decision resulted in layoffs, Sorare sees this as necessary pain for a higher gain. They intend to hire over 20 employees in their Paris office in the next half year. Meanwhile, the New York office remains operational and continues managing U.S. communication, clientele, and partnerships.
The layoffs weren’t a consequence of financial hardships. The $200 million user-based transactions in 2023 demonstrate Sorare’s promising performance. However, meeting growth targets remains a complicated task, mirroring challenges faced by many web3 businesses.
Despite current hurdles and the slowdown of investor interest, industry experts predict a bright future for Sorare. The firm, valued at $4 billion in 2021, is ready to leverage their potential, innovate, and draw in investors.
Laying a strong market foundation isn’t a breeze for web3 gaming companies like Sorare due to underwhelming consumer demand. However, Sorare’s active user community, alongside their commitment to innovation and partnership building, shows an effort to cement their place in the market. It’s this dynamic interplay between market realities and technological advancements that offers an exciting future for Sorare and the wider world of web3 gaming.
