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Sorare Bags $150 Million Multi-year NFT Deal With Premier League

Sorare Tie-up With Premier League

Following the deal agreement, Sorare has the license to launch digital cards and fantasy competitions of players and teams from the 20 Premier League clubs. This will mark the first time the Premier League will be dealing with NFTs, according to CityAM.

“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,” said Richard Masters, Chief Executive of the Premier League.

According to reports, the deal is worth £30 million per year, i.e., a total of £120 million (or about $150 million).

Sorare Bags More Rights From Major League

The Premier League has been among the major leagues Sorare has wanted to work with for more than a year now. In September, the CEO Nicolas Julia hinted, “We have had conversations, we have been in touch for a while, and hopefully, we will have something to announce with the Premier League.”

However, the partnership comes through after the Premier League dropped talks with ConsenSys last year for an NFT deal worth £400 million (US$459 million), Sport Pro Media reported.

Meanwhile, the NFT fantasy game holds a similar partnership with several other global soccer leagues like Spain’s La Liga. In May 2022, Sorare sealed a deal with Major League Baseball to launch digital cards and competitions for baseball players.

Sorare Sales Are Down

Sorare is currently valued at $4.3 billion, following a $680 million funding in 2021 led by SoftBank. Average sales on the platform dropped to as low as $37.69 in December 2022, following the bear market. This represents a more than 86% drop from the peak of $281 in March 2021, according to data by Cryptoslam.

~ By Ibiam Wayas ~

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