The English Premier League (EPL), England’s top soccer league, and NFT-based Fantasy Soccer Game Sorare have reached a contract worth approximately $37 million annually.
Some of the best soccer players in the world will become playable cards in the NFT-based game thanks to the multi-year agreement.
The Web3 startup, founded in Paris, has more than three million members globally and is valued at $4.3 billion. Kylian Mbappe and Lionel Messi, two of France’s top soccer players, are investors in the company.
On Monday, Sorare revealed a four-year licencing agreement with the Premier League.
Now, users may acquire and exchange digital cards featuring famous soccer players from all 20 of the league’s teams.
Beginning 2023 in Style
Since October 2022, there have supposedly been licensing discussions between the Premier League and the Web3 fantasy soccer game. The English league already had an NFT licencing arrangement with another company, according to Nicolas Julia, CEO of Sorare, thus the process took longer than typical.
Soccer teams from the Premier League will join Sorare’s large roster of soccer clubs and teams from around the world.
Although the details of the agreement have not been made public, those familiar with it claim that Sorare will pay the Premier League millions of dollars every year to secure the rights.
A summary of the Sorare game is given below:
Eight guys are selected by the players from various international soccer leagues.
To assemble a lineup, they can scout, acquire, barter, or exchange digital player cards.
Once the lineups are set, players can choose a five-a-side team and take part in weekly competitions with other players.
The Premier League will have the option to purchase an ownership stake in the game in addition to the licencing arrangement.
Premier League Chief Executive Richard Masters stated,
“Fans follow their favourite teams and players in a variety of ways, and the Premier League is constantly exploring for new ways to interact with its audience,” says the league.
“Whether they are watching from afar or in person, Sorare’s digital cards and cutting-edge online game represent a new method for people to feel more connected to the Premier League. We think Sorare is the best partner for the Premier League and are excited to collaborate closely with them.
On October 8, 2021, the U.K. Gambling Commission said that it was looking into the company to determine whether Sorare.com required an operating licence or whether its services did not constitute gambling.
The Web3 startup hasn’t yet provided more information regarding the procedure, though.
Furthermore, Sorare has disclosed that it would include two new features to the game. Players will be able to compete using league-specific player cards thanks to the first feature. The latter, however, will impose “financial fair play” to stop consumers from choosing all-star teams.
On the other hand
By sales volume this month, Sorare is placed sixth, according to CryptoSlam.
The National Basketball Association (NBA) and Major League Baseball have licencing arrangements with the Paris-based company as well (MLB).
Why It’s Important
One of the soccer leagues with the most viewers worldwide is the Premier League. Studies show that it attracts 4.7 billion TV watchers annually, with 1.9 million viewers tuning in on average.
A significant accomplishment is the Premier League’s interest in using Web3 technology to engage with its followers. This passion may attract millions of viewers and supporters to Web3.