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Sorare and NFT platforms The English Premier League has signed a multi-year contract to license the league’s player card NFT offerings, CNBC reports January 30.
The Paris-based startup will allow its 3 million users to play their game of fantasy football with special Premier League player cards, allowing fans to buy, sell and trade virtual cards of their favorite players as part of the deal, which was initially reported to be priced at £30. million.
The news of the partnership between the NFT start-up and one of the world’s biggest soccer leagues comes amid a sharp decline in the NFT market as a whole since its peak in 2021, with sales of digital assets as a whole plunging by more than 90%.
According to data compiled by CryptoSlam, Sorare has risen to 8th place overall, with total sales of $891,789 between December 31-Jan. 30, an increase of 45% from the previous month. In 2022, total card sales on the Sorare platform amounted to $500 million, nearly double the 2021 total of $270 million.
The agreement is just the latest in a series of others 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 connect fans to digital collectibles through fantasy leagues.
Sorare was last valued by investors at $4.3 billion in September 2021, backed by industry leaders such as Japan’s SoftBank and venture capital firms Accel and Benchmark. It counts among its shareholders, athletes like Lionel Messi, Serena Williams and Kylian Mbappe.
However, Sorare.com is under scrutiny in the UK and France for allegations of encouraging gambling, with the UK Gambling Commission being summoned to investigate whether Sorare.com “requires an operating license or whether the services it provides do not constitute gambling,” according to 2021 notice.
The company responded to the accusations by stating that 80% of its players play the free version of fantasy league, while also committing to strengthen the free play element, as requested by French National Gaming. Authority.
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