Premier League Signs Agreement With Sorare’s Digital Trading Card Platform

Key Points:

• The English Premier League collaborated with the digital trading card business Sorare to increase the number of non-fungible token (NFT) options available.
• Top names like Japan’s SoftBank and venture capital firms Accel and Benchmark support Sorare. Sporting greats Kylian Mbappe, Serena Williams, and Lionel Messi are also stockholders.
• The Paris-based network now includes the Premier League in addition to all 30 Major League Baseball teams and more than 280 international soccer leagues.

The English Premier League collaborated with the digital trading card business Sorare to increase the number of non-fungible token (NFT) options available.

According to a blog post published on Monday by Sorare, a contract between the English soccer league and the NFT-based competitive fantasy game allows NFT buyers to create their own teams and participate in a fantasy version of the competition. According to CityAM, the four-year agreement is for a total of $150 million and 120 million British pounds.

Investors last assigned a value of $4.3 billion to the French business in September 2021. Top names like Japan’s SoftBank and venture capital firms Accel and Benchmark support Sorare. Sporting greats Kylian Mbappe, Serena Williams, and Lionel Messi are also stockholders.

Sorare has not been without controversy

According to a notice dated October 8, 2021, the U.K. Gaming Commission is looking into the company “to determine whether Sorare.com requires an operational license or whether the services it provides do not constitute gambling.”

The Paris-based network now includes the Premier League in addition to all 30 Major League Baseball teams and more than 280 international soccer leagues.

In October of last year, Sky News reported that the Premier League intended to speak with its 20 clubs for a multiyear contract with Sorare. The league had previously been close to striking a contract with blockchain software company ConsenSys, according to sources who spoke with the site.

The Premier League was reportedly taking a “slow and cautious” approach to working with a cryptocurrency platform to provide new opportunities for fan involvement, according to reports that first surfaced in 2021.

A different agreement was reportedly being explored between the Premier League and Dapper Labs, the company that created NBA Top Shots, according to Sky News.

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