Sorare secures NFT licensing deal with English Premier League
- Sorare has secured an NFT licensing deal with English Premier League.
- Sorare will pay £120 million to create and distribute digital sports cards featuring players from the top football clubs.
Sorare has inked a deal with English Premier League to create and distribute exclusive digital collectibles. As per the licensing deal, the blockchain-based fantasy gaming firm can sell digital sports cards/ Moreover, the collectibles would feature players from all 20 clubs in the leading football league.
Multi-million pound deal to last four years
According to a blog post by Sorare, the licensing deal between the Paris based firm and the Premier League will last four years. As per the deal, the Premier League will also have the option to acquire an equity stake on the French fantasy gaming platform.
While the figure has not yet been disclosed, a report from City A.M valued the deal at nearly £30 million per year. This would make the deal worth a whopping £120 million.
Richard Masters, Chief Executive of the Premier League, said:
“The way that supporters follow their favorite teams and players is evolving and the Premier League is always looking for ways to engage with fans. We believe that Sorare are the ideal partner for the Premier League and we look forward to working closely together.”
Users will collect and trade digital sports cards featuring players like Manchester United’s Marcus Rashford and Chelsea’s N’Golo Kanté. Sorare counts popular players, including Kylian Mbappe and Lionel Messi, among its investors.
Other investors include The Softbank Vision Fund, Accel and Benchmark, among others who have poured in $680 million. The fantasy gaming firm was valued at $4.3 billion in 2021.
Details of the deal first emerged in October 2022 after SkyNews reported that the Premier League had dropped a similar deal with blockchain firm Consensys. The league inked the deal with Sorare after Consensys tried to renegotiate at a lower price following a slide in NFT valuations.
The Premier League’s decision to pursue an NFT deal in the midst of a volatile digital collectibles market will help restore investors’ confidence in the sector.