Sorare, English Premier League enter multi-year NFT deal

Sorare and Premier League sign multi-year deal with NFT Sorare and Premier League sign multi-year deal with NFT
Sorare and Premier League sign multi-year deal with NFT

Cover/illustration via Cryptooshala

Sorare NFT platform and The English Premier League has signed a multi-year license agreement to offer NFT player cards for the league, CNBC reported Jan. 30.

The Paris-based startup will allow its 3 million users to play fantasy football with Premier League player cards, allowing fans to buy, sell and trade virtual cards of their favorite players in a deal originally reported. appreciated in £30 million.

The news of the partnership between the NFT startup and one of the world’s biggest football leagues comes amid a sharp drop in the overall NFT market since its peak in 2021, when total digital asset sales fell by more than 90%.

According to data compiled by CryptoSlam, Sorare moved up to 8th place overall, with total sales between December 31st and January totaling $891,789. 30, up 45% from a month earlier. In 2022, total card sales on the Sorare platform were $500 million, nearly double the 2021 sales of $270 million.

Total NFT sales by collection in the last 30 days according to CryptoSlam
Total NFT sales by collection over the last 30 days, data from CryptoSlam.

This agreement is just the latest in a string of other deals Sorare has signed in the sports world, including with Major League Baseball and the National Basketball Association.

Founded in 2018, Sorare specializes in using blockchain technology to introduce digital collectibles to fans through fantasy leagues.

Sorare was last valued at $4.3 billion by investors in September 2021, backed by industry leaders such as Japanese SoftBank and venture capital firms Accel and Benchmark. The company’s shareholders include athletes such as Lionel Messi, Serena Williams and Kylian Mbappé.

However, it has come under scrutiny in the UK and France due to allegations that it encourages gambling, with the UK Gambling Commission calling for it to be investigated “whether requires an operating license or the services it provides do not are games of chance. notice 2021.

The company responded to the accusations by saying that 80% of its players play the free-to-play version of the fantasy league, and also committed to beefing up the free-to-play elements of the game as required by the French national game. Power.

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