Last Updated on January 30, 2023 by Bitfinsider
To enhance its non-fungible token (NFT) services, the English Premier League has partnered with digital trading card business Sorare.
According to Sorare’s blog post on Monday, the agreement between the English soccer league and the NFT-based fantasy sports game allows NFT customers to form their own teams and engage in a fantasy version of the tournament. The agreement will span four years and is worth a total of 120 million British pounds ($150 million), according to CityAM.
Sorare provides a free-to-play competition in which its three million users compete by collecting soccer players in the form of non-fungible tokens (NFTs), which are then entered into a fantasy squad that generates incentives based on real-world performance. The platform also offers a competition in which users may buy limited NFTs for bitcoin in order to earn larger prizes; these NFTs can also be sold with other users.
In September, the business secured $680 million in a Series B round with a $4.3 billion valuation, drawing investment from SoftBank Vision Fund and LionTree, among others.
On the Paris-based platform, the Premier League joins over 280 worldwide soccer organizations and all 30 Major League Baseball teams.
“Sorare’s digital cards and unique online game provide a fresh opportunity for fans to feel closer to the Premier League,” said Premier League CEO Richard Masters in a statement.
Sky News reported in October that the Premier League planned to start negotiations with its 20 teams to establish a multiyear contract with Sorare. According to sources, the league was on the point of finalizing an agreement with blockchain software developer ConsenSys.
The Premier League was said to be considering a “slow and cautious” approach to working with a cryptocurrency platform to give new channels for fan involvement in 2021.
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