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NFT-Based Soccer Fantasy Game Sorare to Launch 1,111 Premier League Licensed Card.
Sorare partners with the English Premier League to mint and sell digital trading cards of EPL players.
The English Premier League (EPL) has taken a major step into the non-fungible tokens (NFTs) market following its partnership with Sorare, a fantasy gaming, and digital collectible platform.
According to a CNBC report today, the duo has partnered on a four-year deal worth around £30m ($37.12M) yearly. Under the partnership, Sorare game players can buy and use official EPL-licensed NFTs within the game throughout the agreement. Furthermore, the partnership will also allow Sorare to mint and sell digital trading cards of EPL players, which can be traded and used in online fantasy football games.
Commenting on the development, EPL chief executive Richard Masters said in a statement that the partnership with Sorare is imperative, given that soccer fans have evolved in the way they support their favorite teams and players.
“Sorare’s digital cards and innovative online game represent a new way for [fans] to feel closer to the Premier League whether they are watching in the stadium or from around the world,” Masters said in a statement published by City A.M.
“We believe that Sorare is the ideal partner for the Premier League, and we look forward to working closely together.”
Sorare to Auction 1,111 EPL Cards
Notably, Sorare will roll out its Premier League-licensed cards, with 1,111 cards (representing each player in the EPL) expected to be auctioned today. Per the announcement, the cheapest card will have a reserve price of £1 ($1.24) and will rise to £1,000 ($1,238).
Sorare is a Paris-based startup that allows people to compete in a fantasy soccer game of five-aside. Sorare’s fantasy soccer game is built on the Ethereum blockchain, and its first version was released in 2019. The team behind the game claims it has over 3M users globally.
It bears mentioning that Sorare has previously partnered with other top sports leagues, including Spain La Liga, Major League Baseball, NBA basketball, etc.
Sorare’s NFT Sales Spike Despite Crypto Downturn
Meanwhile, the news comes when the value of NFTs has plunged massively amid a downturn in the global cryptocurrency market. Citing CryptoSlam data, CNBC noted that the average selling price of an NFT is down 63% to $143.22 from $383. Furthermore, NFT sales slumped 78% from $3.1B recorded a year ago to $678M in December 2022.
Interestingly, Sorare has experienced a different outcome from the rest of the market. According to Julia, Sorare sales spiked to $520M last year from the $270M recorded in 2021.