The year 2022 marked the arrival of a crypto winter. The value of cryptocurrencies and companies operating directly or indirectly on the blockchain ecosystem have greatly suffered the consequences. Nevertheless, some market players seem not to have experienced the negative impact of this bear market. One of the significant examples is that of Sorare, the game that combines sports team management and virtual card collection (NFT). The magic potion for such a result is composed of the following ingredients: An NFT collection game, a low entry price, cheap fees thanks to StarkEx L2 and all secured by Ethereum (ETH).
StarkEx: The engine of Sorare
StarkEx is a scalability engine powered by STARK for cryptocurrency exchanges and developed by the company StarkWare. This tool uses cryptographic proofs to attest to the validity of a transaction batch and updates a commitment on the status of the exchange. This technology thus allows exchanges to provide transactions with non-hosted wallets, high liquidity and reduced costs. StarkEx currently supports ETH, ERC-20 and ERC-721 tokens, and can easily support tokens from other EVM-compatible blockchains. StarkEx is now a mature platform that has been 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 of the initiation and successful implementation of blockchain technology, and its impact has been felt in the press and the economy. Such a technology has attracted the interest of a plethora of industries due in particular to its usefulness. Now it is the Ethereum blockchain that is gaining popularity. The second cryptocurrency on the market has multiple applications. Ethereum is an open source and decentralized blockchain platform. It uses its native ETH asset to pay the transaction fees called “gas”.
Ethereum: a versatile ecosystem for Sorare
This ecosystem is particularly versatile. It allows the movement of currencies and non-fungible tokens (NFTs) that can represent any asset. It also allows the execution of advanced processes through the use of smart contracts. Blockchain actors can thus use the Ethereum network to run decentralized applications (dApps) or issue cryptographic assets called ERC-20 tokens. With the announced merge, Ethereum will use a new consensus system, the ” Proof-of-Stake ” (PoS,). This would allow it to be 2,000 times more efficient than currently, under the “Proof-of-Work” model (PoW, proof of work). Such an evolution will make ETH a faster, more scalable, greener and less expensive network.
Other companies are escaping the consequences of the bear market outside of Sorare. This is for example the case of BAYC, Punks or Axie. This game looks like a web2 game with web3 game and win mechanics. It could be that this type of play-to-earn will be exponentially successful as the web3 develops. The name change of a multinational company like Facebook to Meta is a positive eye-opener for blockchain games.
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To the angelism of the intercessors of the current monetary system, I oppose DeFi, digital assets and the metaverse. A lawyer in Luxembourg, I am interested in cryptocurrency investment funds.