Premier League ignores Crypto Chaos, Backs Soria’s NFT Fantasy Football Game with Bold Moves
Non-fungible token (NFT), a fantasy game and marketplace based on non-fungible token Sorare: Football The has partnered up with Premier League Multi-year licensing agreement – crypto dramas or not.
It explained that
“Football enthusiasts around the globe can now buy, trade, and collect officially licensed digital cards featuring every player across the Premier League’s 20 teams.”
The Financial Times has the answer to the question of how long it took for the deal to be signed. reported It is a 4-year licensing agreement. According to people familiar with the matter, “Sorare will pay Premier League tens and millions of pounds per year to secure the rights,” while performance will determine the final payment.
It stated that the Premier League has the option of taking an equity stake in Sorare as part of the agreement.
Sorare is supported by stars such as Kylian Messi and Lionel Messi. Sorare has partnered with more than 300 football clubs and teams all over the world, including Europe’s top leagues. Sorare Managers have the opportunity to play with Premier League stars in either Premier League competitions or global competitions.
“Bad taste in the mouth”
The partnership was made at a time when the crypto industry was in turmoil. Although the prices of cryptoassets has risen in January, for example bitcoin (BTC), which gained nearly 39% in just 30 days, there are still many concerns and issues. These are due to the long-running string of failed crypto projects and companies.
Last year, there were Terra, Three Arrows CapitalAnd Celsius Network Go down are just three examples of the many. Then there is the famous and massive collapse of the FTX exchange – All of which are still causing waves bankruptcies, staff layoffs in the industry, and legal and regulatory problems outside it.
Financial Times quoted Nicolas Julia, Sorare’s chief executive and co-founder, as saying:
“I don’t like the crazy of the past six to 18 month. […] Many companies and organisations think short-term and jump into new cool tech for wrong reasons. This leaves fans with a bitter taste in their mouths.
Despite all of this, football’s world seems to not mind.
Richard Masters, the Chief Executive Officer of the Premier League was quoted as saying this.
“The Premier League is constantly looking for new ways to engage fans in their favorite teams and players.
Masters says this partnership will allow fans to feel more connected to the game and the players.
Julia reports that Sorare’s revenues rose 50% between 2021 and 2022 as its gross merchandise volume (which is the total user spending on its platform before accounting for revenue share with partners) increased from $292.3 million to $541.2 million in 2021.
In a 2021 round of funding, Sorare, a Paris-based company, raised $680m at a valuation of $4.3 billion in a financing round. SoftBank.
Sorare: Football announced features to celebrate the partnership that include league-specific competitions and draft-based gameplay.
Sorare stated that there are no fees to sign up and play. How the game works is that players must draft eight players from professional leagues across the globe, then scout and buy, sell, trade, and trade digital card player cards to create a lineup. The five-a-side teams are then selected and entered in competitions twice a week with other Managers to win prizes. Scoring is determined by real-life performance.
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