By ARC
Paris-based startup Sorare has signed a multi-year deal with the Premier League to license official player cards as non-fungible tokens (NFTs) for its popular fantasy soccer game. The deal is set to bring the Premier League’s top talent to Sorare’s 3 million global users, allowing them to compete in five-a-side games based on real-time player performance.
As part of the agreement, Sorare will also launch two new features in the game. Players will be able to compete with league-specific player cards, and a “financial fair play” feature will prevent users from selecting all-star teams. The financial terms and length of the deal were not disclosed.
Despite a downturn in NFT trading, Sorare has experienced growth, with transactions more than doubling from $270 million in 2021 to $500 million last year. The company’s CEO, Nicolas Julia, attributed this growth to a shift in player behavior, with more users opting for the free-to-play mode, rather than purchasing paid-for cards. Although 87% of Sorare players don’t spend money on the platform, Julia stated that the platform’s income is anchored by the spending power of its big-spending users. Sorare takes a cut from all transactions via its platform.
Sorare is the third-biggest NFT collection in the world, processing roughly $1 million of transactions per day. The Premier League’s partnership with Sorare adds to a growing trend of sports leagues partnering with crypto platforms, including Major League Baseball and the National Basketball Association.
The Premier League’s entry into the NFT space is a significant development, providing fans with a new way to engage with their favorite teams and players. Sorare’s partnership with the Premier League is another step forward in the growing NFT market and a testament to the company’s success in building a sustainable and profitable business model in the world of fantasy sports.
