Premier League signs NFT deal with fantasy sports platform Sorare
A deal signed between the Premier League and Sorare allows the latter to sell digital sports cards of PL players for four years.
The English Premier League is partnering with French fantasy sports platform Sorare to sell non-fungible tokens (NFTs), the latter announced on Monday.
In a statement, Sorare indicated that the agreement grants it a four-year license to sell digital sports cards of players from all 20 Premier League clubs.
In October, Sky News reported that the deal could be worth 30 million pounds ($37.13 million) per year.
Welcome to the House of Sorare. 🦁— Sorare (@Sorare) January 30, 2023
Your @premierleague legacy starts now. #BuildYourLegacy: https://t.co/q4bDnlT2qq pic.twitter.com/c2m0j0gqwz
Reuters explained that the cards in Sorare's game are bought and traded in the form of NFTs using either cryptocurrency or traditional currency.
Sorare CEO Nicolas Julia noted at a journalists' briefing last week that Britain's gambling watchdog 2021 investigation into whether its game amounts to gambling was still ongoing.
Richard Masters, chief executive of the Premier League, pointed out that "the way that supporters follow their favorite teams and players is evolving and the Premier League is always looking for ways to engage with fans."
It is noteworthy that many top football teams and sports stars promoted crypto assets, such as NFTs or fan tokens.
According to Reuters, the average sale price of a Sorare NFT dropped to around $38 in December, down from a peak of $281 in March 2021. However, blockchain tracker CryptoSlam highlighted that the number of Sorare monthly buyers and transactions is near an all-time high.
"We never market the game as an investment... it's a collectible that you can play in a game," Julia underscored, noting that 87% of current users play the game without spending money on the platform.
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