The Premier League and Sorare, a $4.3 billion fantasy soccer game, have agreed to a multi-year agreement under which the Premier League will license official player cards. According to the exclusive multi-year arrangement, players of the game will be able to buy and use NFTs that the prestigious football league officially licenses. People can participate in five-a-side fantasy soccer matches through the Paris-based startup Sorare, which has 3 million users globally. The players’ on-field performance in the present determines the likelihood of success.
Premier League’s NFT Deal With Sorare
In addition to this, the Ethereum-based fantasy sports game has announced that it would be adding two additional features to the game. These include the opportunity to compete using player cards that are particular to a league and a feature called “financial fair play” that restricts users from picking all-star teams.
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In October of 2022, it was rumored that Sorare was in licensing deal discussions with the Premier League, which is the top level of men’s soccer competition in England. The conclusion of these matters took longer than expected, according to Nicolas Julia, the CEO of Sorare. This was due to the fact that the Premier League already had an NFT licensing arrangement in place with another company. It was rumored that ConsenSys won the bid to secure the deal worth as much as UK£400 million or $459 million. But as the “crypto winter” wiped off a large portion of the formerly enormous resources accessible to businesses in the blockchain sector, this deal came crashing down.
While speaking on Sorare, Julia was quoted as saying:
Sorare trended very differently from the rest of the space. Total exchanges of cards on the platform amounted to $500 million last year, almost doubling from $270 million in 2021.
Growing Sports Deal In Crypto
According to the data provided by CryptoSlam, the Sorare NFT collection is the third largest in the world. And, as per the numbers provided by the platform, the company handles approximately one million dollars worth of transactions in a single day. The venture capital companies Accel and Benchmark, as well as Japan’s SoftBank, are among the prominent organizations that have invested in Sorare. In addition to these, well-known athletes like Lionel Messi, Serena Williams, and Kylian Mbappe are stockholders in the company.
The Premier League’s collaboration with Sorare is a recent example of the growing number of deals happening between different sports leagues and crypto platforms. In the past, Sorare has announced partnerships with both Major League Baseball and the National Basketball Association.
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Source: https://coingape.com/premier-league-signs-nft-deal-with-this-ethereum-project/