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The Premier League is joining hands with French fantasy sports platform Sorare to sell non-fungible tokens (NFTs), an indication that the sporting world hasn't backed off from embracing digital assets despite the rout in markets. The deal gives Sorare a four-year license to sell digital sports cards of players from all 20 Premier League clubs, Sorare said in a blog today.
The NFT Deal Between Premier League & Sorare
The cards in Sorare's game are bought and traded in the form of NFTs, a kind of blockchain-based asset, using either cryptocurrency or traditional currency. Paris-based Sorare raised $680 million at a $4.3 billion valuation in a 2021 funding round led by SoftBank.
Britain's gambling watchdog has been investigating Sorare since 2021 to assess whether its game amounts to gambling. Sorare CEO Nicolas Julia said at a journalists' briefing last week the probe was still ongoing. Elsewhere, France's gambling regulator told the company in November to make changes to the game, including expanding its free-to-play option.
The Rise on NFT Gaming
NFTs surged in 2021, but prices and sales volumes plunged last year as investors turned cautious and the crypto industry was rocked by a series of high-profile collapses.
Many top soccer teams and sports stars promoted crypto assets - such as NFTs or "fan tokens" - to fans during the boom. Proponents say they can be used to increase fan engagement, but critics say they risk encouraging financial speculation.