Sorare NFTs Should Be Regulated Under 'New Category', CEO Says
A federal judge's recent ruling in Manhattan that claims Dapper Labs' NBA Top Shot NFTs may be unregistered securities shows U.S. government regulations could be coming to the multi-billion dollar NFT market. Nicolas Julia, CEO of fantasy sports NFT firm Sorare, believes his product should be listed under a new category outside of existing sports betting and daily fantasy sports regulations. "We have been proactive with all regulators in the U.S SorareCEO . and Europe to help build the framework that might be appropriate for the new category we are building," Julia told Decrypt. "It's very clear that it's not a betting product, not a [daily fantasy sports] product. It's a new category where you truly own your own items. There's no notion of financial sacrifice. Hopefully something is going to be built in the future." Julia and other Sorare executives met with invited media during Wednesday's Knicks-Nets NBA game at Madison Square...