• Sorare and the English Premier League have signed a multi-year NFT deal
• The partnership allows users to buy, sell and trade virtual player cards
• Sorare is valued at $4.3 billion with investors like SoftBank, Accel and Benchmark
Sorare and English Premier League Sign Multi-Year Deal
The Paris-based startup Sorare has signed a multi-year licensing agreement with the English Premier League for an NFT backed fantasy football league featuring top players from the league. The deal was initially reported to be valued at £30 million.
Overview of Sorare Platform
Sorare specializes in using blockchain technology to bring fans into contact with digital collectibles through fantasy leagues. Founded in 2018, it is currently valued by investors at $4.3 billion, backed by industry leaders like Japan’s SoftBank and venture capital firms Accel and Benchmark. It also counts among its shareholders, athletes like Lionel Messi, Serena Williams and Kylian Mbappe.
Opportunity for Players to Buy/Sell/Trade Virtual Player Cards
The partnership between an NFT start-up and one of the world’s biggest football leagues will allow its 3 million users to play its fantasy football game with Premier League-specific player cards. This includes being able to buy, sell and trade virtual cards of their favorite players as part of the deal.
Allegations of Gambling
However this agreement comes amidst allegations that Sorare encourages gambling, with the UK Gambling Commission called to investigate whether or not it requires an operating license or if it does not constitute gambling according to a 2021 notice. The company responded to these allegations by stating that 80% of its players play the free version of the fantasy league game.
Total Sales on Platform Over Last Month
According to data compiled by CryptoSlam, total card sales on the platform amounted to $891,789 between Dec 31 – Jan 30 which is a 45% increase from last month alone; while overall in 2022 totaled $500 million nearly doubling its 2021 total of $270 million
