Recently, the world’s best global fantasy football and digital NFT collectible platform, Sorare, introduced a new feature that allows Sorare managers to mint the players they own for a fee. Minting is very well known process in the cryptocurrency and NFT world. It involves creating digital collectibles from ETH and converting digital collectibles, such as digital art back into ETH. But in the case of Sorare, minting involves the creation and conversion of digital collectible football player cards. However, we will give you a more extended explanation of what minting is, and how it works in the following article.
But first, let’s recap exactly what an NFT is.
What is an NFT?
NFT is an acronym for Non-fungible token. NFTs are tokens that are “minted” after they are created, similar to how metal coins are minted and put to circulation in the real world. NFTs are digital representations of things that exists in real-life. They are created securely on a blockchain digital ledger, and cannot be duplicated. This makes NFTs more rare, and desirable to collectors, and is why people sometimes pay thousands, or even millions for NFTs. Like real-world art sometimes goes for millions, some digital NFTs are sold for millions because you can prove ownership on the blockchain.
Some Sorare NFTs have been sold for tens of thousands of Euros. Recently in 2022, a Sorare game manager bought a Kylian Mbappe NFT for 27.4797 ETH (which was equivalent to approximately £77,486.43 at the time of purchase).
What is the Ethereum blockchain?
Ethereum, also known as ETH is actually a digital currency, which many platforms like Sorare use as their chosen currency on their platforms. However, the Ethereum blockchain is the technological platform where all digital Ethereum coins are based on. Ethereum / ETH is considered the native currency on the Ethereum blockchain, however.
Ethereum blockchain is a public ledger that is unchangeable, transparent and tamper-proof. Ethereum uses a decentralised blockchain technology with a peer-to-peer network that securely executes and verifies smart contract code. That enables Sorare users to transact with each other, and with the Sorare company during auctions, without relying on a on a trusted central authority (such as a bank or payment provider (e.g. PayPal)). Participants have full ownership and visibility of all transactional data since transaction records are immutable, verifiable, and securely distributed across the blockchain network. User-created Ethereum accounts have Ethereum wallet address that are used to send and receive transactions.
Why Sorare is Built on the Ethereum Blockchain
Like many companies, Sorare chose to build their game on the Ethereum Blockchain. The Ethereum blockchain allows Sorare game participants to buy scarce, rare digital player cards in a secure, trustable way. Ethereum is a trusted network. It’s also transparent about transactions.
That means many people have confidence in games like Sorare, because of the strong, dependable infrastructure it is based on. You know that Sorare isn’t able to produce more digital cards than what they say, because it is clearly all presented publicly for anyone to see via the Ethereum blockchain.
As mentioned by AWS, using the native Solidity scripting language and the Ethereum Virtual Machine, Ethereum provides an extraordinarily flexible platform on which to create decentralised apps.
Sorare Minting NFTs – What is Minting?
Minting an NFT is the process of adding a digital collectible to the Ethereum blockchain–a public ledger that is unchangeable and tamper-proof. Similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created.
Minting an NFT is how your digital collectible becomes a part of the blockchain. The auction section on Sorare, involves the minting of new digital player cards everyday. Everyone is then able to bid and own these minted NFT cards.
What Does Minting Mean on Sorare?
Reverse-minting (Mint and withdraw to Ethereum on Sorare)
Sorare offers the ability to reverse the minting of Sorare cards. This involves converting collectible cards into Ethereum that can be withdrew to your Ethereum wallet address. Reversing the minting of your Ethereum cards, means you able to pay a fee to convert your digital collectible card into Ethereum. There are many strategies you can use to earn money on Sorare, and minting is one of them.
How to Mint Cards on Sorare
To mint your cards on Sorare, you simply need to click on the player you would like to mint. This must be a player that you already own. Next, scroll down and click ‘Mint and withdraw to Ethereum’. Next you will be asked to input the Ethereum address you would like to mint your NFT card to. It costs you a fee to mint the cards into ETH. Additionally, it costs you a fee to withdraw the ETH into your wallet.
Here’s two simple steps with screenshots:
Step 1: Go to your player card which you would like to mint and click ‘Mint and withdraw to Ethereum’
Step 2: Add in your Ethereum wallet destination and withdraw. (Note: The process will take approximately 8 – 10 hours to be completed)
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Why People Choose to Reverse Mint Digital Collectible NFTs
Reverse minting digital collectible NFTs allows owners of NFTs to essentially cash-in on the NFTs that they own. As it can sometimes take time for your cards to be purchased from other Sorare managers, minting can help Sorare managers to liquidate their NFTs into Ethereum faster. Nonetheless, you should bear in mind the consequences of minting your Sorare player cards.
Sorare Minting – Should You Mint Your Player Cards?
Minting your player cards is entirely up to you. It involves transforming your digital collectibles into the ETH currency, which means you will no longer have access to use your digital collectible card on Sorare.
Also, you need to consider if it’s worth minting your card. Minting and withdrawing has fees associated with it. If the current value of your card is less than the fees associated with minting and withdrawing your cards, you will make a loss. For example, if your digital player card is worth £100, and if it costs you a combined £115 to mint and withdraw your NFT, you would make a £15 loss.
In addition, you will no longer be able to sell or use the player cards that you mint and withdraw off of Sorare.
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