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Despite the market downturn, the Premier League has finalized a deal with French fantasy sports platform Sorare to launch NFT collections.
Sorare Receives Official Premier League Licensing
The fantasy sports platform Sorare will launch and sell exclusive Premier League NFTs. Under the terms of the agreement, Sorare will be licensed for the next four years to sell digital sports cards of players from all 20 Premier League clubs. The platform underwent a funding round in 2021, raising a whopping $680 million at a $4.3 billion valuation. One of the major investors in the company is Japan-based financial conglomerate SoftBank.
Premier League Chief Executive spoke about the factors contributing to the deal with Sorare.
"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. 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 is the ideal partner for the Premier League, and we look forward to working closely together.”
Official Premier League NFTs
The Sorare team announced the news on Monday. According to its website, users will be able to purchase digital cards of the players of their choice and roster them together in five-player line-ups to play them against global fans. The outcome of these games will be based on standard fantasy sports rules and will depend on the football players' actual performance on the field. These player-based digital cards, or NFTs, will also open doors to many other perks for the collectors, including access to Sorare merchandise, signed kits, and match tickets. They will also be able to meet select football stars from time to time. Furthermore, upon winning their fantasy games, users can also be eligible for blockchain-based rewards like ETH or digital collectibles.
Are NFTs Recovering?
2022 had spelled destruction across multiple crypto avenues, and NFTs were also affected deeply. The explosion of activity and interest that NFTs generated in 2021 was effectively wiped out in the aftermath of several catastrophic events in the industry and the slumbering bear market. For example, let’s look closer at the Sorare platform itself. In March 2021, the average price of an NFT on this platform was at the peak of $281. This value plummeted drastically the next year and hit rock bottom with an average price of $38 in December 2022.
However, 2023 has been looking up for most crypto prices. The NFT market also appears to be recovering at a slow, yet steady pace. According to blockchain tracker CryptoSlam, the number of monthly buyers and transactions on Sorare has already reached an all-time high. \
ââDisclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.