premier League Commits To Nft Platform
The Premier League has partnered with blockchain-based fantasy sports game Sorare.
The four-year deal will allow Paris-based Sorare platform to publish player cards from all 20 Premier League teams as part of its free-to-play online fantasy football game. With over three million users worldwide, the game’s chances of success are based on the real-time performance of players on the pitch.
Along with the officially licensed digital player cards, Sorare has also new gameplay features, such as league-specific contests, draft-based gameplay, and capped-mode competitions.
The deal has been agreed despite a sharp slump in NFT trading activity. Values have dropped significantly amid a downturn in crypto prices known as the ‘crypto winter,’ exacerbated in recent months by the bankruptcy of major exchange FTX.
Due to the unstable market, cryptocurrency partnerships within football specifically have come under scrutiny in recent months. English football’s top teams, including Manchester City, Arsenal and Everton have all secured agreements with crypto brands and faced criticism for encouraging young football fans to invest.
Sky News reported in October that the deal between the Premier League and Sorare could be worth £30m per year, but Sorare declined to comment on whether the figure was accurate.
Under the deal, the Premier League also has an option to take an equity stake in Sorare. The start-up was last valued at $4.3bn (£3.5m) in 2021, when venture capitalist firms SoftBank’s Vision Fund, Benchmark, Accel and others invested a total of $680m (£550m).
Speaking on the partnership, Richard Masters, Chief Executive of the Premier League, commented, “The way that supporters follow their favourite teams and players is evolving and the Premier League is always looking for ways to engage with fans.
“Sorare’s digital cards and innovative online game represent a new way for them to feel closer to the Premier League whether they are watching in the stadium or from around the world. We believe that Sorare are the ideal partner for the Premier League and we look forward to working closely together.”
Nicolas Julia, CEO and Co-Founder of Sorare, said, “The Premier League is a truly global competition and has been the home to so many iconic moments and players over the last 30 years. As football fans ourselves, this partnership is something we’ve dreamt of since we founded the business.
“It’s a major milestone for us as we pursue our goal to build a compelling global sports community for fans and we’re extremely proud to have now partnered with three of the biggest sports leagues in the world: the Premier League, NBA and MLB. We’re incredibly excited and can’t wait to see fans play with Premier League cards in our tournaments.”
