NFT fantasy game Sorare partners with Premier League for multi-year licensing deal
Sorare, a fantasy NFT game startup based in Palace, has closed a deal with the United Kingdom’s Soccer Premier League to use the likeness as part of its gaming platform. Users of the app will be able to create teams featuring players and teams from that league. With the deal, Sorare boasts five important European leagues on its platform and also states that it has established the first division of football in Spain, including the Spanish La Liga. If we talk about it, the NFT model has faced many difficulties due to the fall in the crypto currency market and in view of the same, the permission has been given by Sorare to list any player as part of their team. And it’s definitely one of the best ways to buy their collectibles without being in free-to-play game mode. CEO Nicholas revealed that many players have switched to this game mode as 87% of players do not spend their money on the platform. Further CEO Nicholas explains that the platform relies on transactions with high power users being profitable as the platform still has unique collection capabilities and that the deal reportedly had to be kept secret as the Premier League was in talks with similar agreements. We chatted on other platforms. According to Sky News, the deal will also replace another partnership it had with Ethereum software company ConsenSys, which was dropped last year. No official announcement has been made on the entities and according to the Financial Times the deal involves payment of millions of pounds per annum depending on the performance of the app. The deal broadly allows the Premier League to take a stake in the fantasy startup and at the same time shows how important the deal is to the league.
Sorare experienced a significant headwind in 2021 as it raised $680 million in a Series B funding round led by SoftBank in September, taking the company’s valuation to over $4 million or nearing that point was successful. In September last year, the company partnered with the National Football Association to launch an NFT-based game featuring players and teams, and in November, Argentine football superstar Lionel Messi became the brand’s investor and brand ambassador.
