Sorare, a Paris-based NFT fantasy gaming startup, has reached an understanding with the Premier League, a member of the UK’s highest soccer division. According to reports, the multi-year deal will generate tens of billions of pounds in revenue for the league every year.
Sorare Contains Premier League in Its Platform
Sorare, a UK-based fantasy NFT gaming startup, has signed an agreement to include photos from the Premier League in its gaming platform. App users will be able to create their own teams with players or teams from the mentioned league. With this agreement, Sorare has five of the most important European leagues in its portfolio. Spain, the Spanish LaLiga.
Despite the bear market, NFTs have been met with a variety of challenges. Sorare allows users to include players in their fantasy teams without having to buy their collectibles. Sorare CEO Nicolas Julia stated that 87% of users don’t spend any money on the platform, indicating that many players have migrated from other gaming modes.
Julia pointed out that the platform depends on high-powered NFT users to make it profitable. Nevertheless, there are still unique collectibles on the platform.
Deal Details
The agreement had to be kept confidential due to the Premier League’s additional negotiations with other platforms for similar deals. According to Sky News, the deal will result in a secondary partnership with Consensys, an anonymous Ethereum software firm that was sold last year.
Although the figures have not been updated in any official announcements, the Financial Times reported that the agreement involves the payment of “tens of millions of pounds a year”, with each fee being dependent on the performance of the app. The extra agreements enable the Premier League to participate in the fantasy startup.
Sorare has seen noteworthy growth in 2021, reaching a total of $680 million in its Series Round B funding round, led by Softbank, in September. At that time, the company was valued at more than $4B.
In September of last year, the company signed a partnership agreement with the National Basketball Association (NBA) to launch an NFT-based game featuring players and teams from across the league. In November, Argentina’s most famous soccer player, Lionel Messi, became a model ambassador and investor of Sorare.
What do you think of the deal between Sorare and the Premier League? Let us know in the comments below.
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