Web3 Startup Sorare Scores Mega Deal with the Premier League

The English Premier League (EPL), England’s top soccer league, has struck a deal worth over $37 million a year with NFT-based Fantasy Soccer Game Sorare.
The multi-year deal will introduce some of the world’s top soccer players as playable cards in the NFT-based game.

The Paris-based Web3 startup has amassed over three million users worldwide and is worth $4.3 billion, backed by French soccer prodigy Kylian Mbappe and World Cup winner Lionel Messi.

Sorare announced a four-year licensing contract with the Premier League on Monday.

Users can now collect and trade digital cards representing soccer superstars from all 20 of the league’s teams.

The wait is over. @premierleague Sorare pic.twitter.com/7M8JzWliXW
— Sorare (@Sorare) January 30, 2023

Kicking Off 2023 in Style

The Web3 fantasy soccer game has allegedly been in talks with the Premier League about the licensing agreement since October 2022. Sorare CEO Nicolas Julia said the agreement took longer than usual since the English league had an existing NFT licensing deal with another company.

The Premier League’s soccer teams will join Sorare’s extensive list of soccer clubs and teams worldwide.

While the agreement’s specifics have yet to be shared with the public, Sorare will supposedly pay the Premier League millions of dollars a year to secure the rights, according to sources familiar with the agreement.

Here’s a quick overview of the Sorare game:

Players draft eight players from different soccer leagues worldwide.
They can scout, buy, sell, or trade digital players’ cards to build a lineup.
Once players’ lineups are finalized, they can select a five-a-side team and compete against other players in weekly competitions.

Besides the licensing agreement, the Premier League will also have the option to take an equity stake in the game.

Richard Masters, Chief Executive of the Premier League, shared,

“The way that supporters follow their favorite teams and players is evolving, and the Premier League is always looking for ways to engage with fans.”

Masters added,

“Sorare’s digital cards and innovative online game represent a new way for them to feel closer to the Premier League whether they are watching in the stadium or from around the world. We believe that Sorare is the ideal partner for the Premier League, and we look forward to working closely together.”

The U.K. Gambling Commission shared on October 8, 2021, that it is investigating the firm to establish whether Sorare.com needs an operating license or whether its services do not constitute gambling.

However, the Web3 startup has yet to share additional details about the process.

Additionally, Sorare has announced that it is launching two new features in the game. The first feature will allow players to compete with league-specific player cards. In contrast, the latter will enforce ‘financial fair play’ to prevent users from selecting all-star teams.

On the Flipside

Sorare is ranked seventh by sales volume this month, according to CryptoSlam.
The Paris-based firm also has licensing agreements with the National Basketball Association (NBA) and Major League Baseball (MLB).

Why You Should Care

The Premier League is one of the most-watched soccer leagues in the world. According to studies, it boasts an annual TV audience of 4.7 billion, with an average viewership of 1.9 million.

The Premier League’s interest in leveraging Web3 technology to connect with its fans is a landmark achievement. This enthusiasm can introduce Web3 to millions of viewers and fans.

One of Soccer’s all-time greats joins Web3:

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Text source: DailyCoin.com

Gaming & NFTs