•The Premier League has signed a multi-year licensing agreement with Sorare, the fantasy soccer game worth $4.3 billion, allowing players to purchase and use official Premier League-licensed NFTs.
• Values of NFTs have plummeted amid a downturn in crypto prices due to the bankruptcy of major exchange FTX.
• Sorare CEO Nicolas Julia said that usage on his platform had shifted towards its “free-to play” mode where users don’t have to compete with paid cards; 87% of users do not spend money on the platform but still generate income for Sorare through transactions cut taken by them from power users.
• The firm is also launching two new features: league specific player cards and financial fair play feature that prevents all star teams selection .
• Other sports leagues such as Major League Baseball (MLB) and National Basketball Association (NBA) are partnering up with crypto platforms like Crypto.com or FTX which however saw some agreements souring due to plunge in crypto prices .
• French startup was last valued at $4,3 billion , backed by SoftBank , Accel & Benchmark venture capital firms along side sports stars Lionel Messi , Serena Williams & Kylian
The world of sports and crypto have been more connected than ever in 2021. One of the major collaborations between both industries has been the multi-year licensing agreement between the Premier League and Sorare, a French startup backed by Softbank, Accel & Benchmark venture capital firms. Other sports leagues like NBA, NFL, and MLB have also invested in crypto platforms. This blog post will discuss what makes this agreement so important for both parties and how it is helping to bridge the gap between sports and crypto.
The highly anticipated licensing agreement between Sorare and the Premier League has propelled both organizations into a promising new era of engagement and connection with soccer fans around the world. Starting immediately, Players can now purchase and use official Premier League-licensed non-fungible tokens (NFTs) within the Sorare fantasy soccer game. This agreement is worth an impressive $4.3 billion and promises to enhance gameplay for loyal followers through innovative visuals, exclusive content, interactions with clubs, and digital collectibles. Both groups are dedicated to continuing this partnership in order to create even more unforgettable experiences for passionate players.
The Multi-Year Licensing Agreement Between the Premier League and Sorare
This agreement allows Sorare to offer official Premier League licensed NFTs to players, who can use them to build fantasy teams and compete against others. This partnership will help both parties as it gives the Premier League access to a new audience who can engage with their clubs through fantasy football while allowing Sorare to expand its reach in the world of football. In addition, Sorare has launched two new features that allow players to create league specific player cards and prevent all star teams selection using their financial fair play feature.
Decrease in Values of NFTs due to FTX Bankruptcy
The values of NFTs dropped due to bankruptcy filing from FTX which caused a decrease in crypto prices and investors leaving the market out of fear. There are several reasons for this drop such as lack of regulation, volatility of cryptocurrency markets, etc.. Despite this setback, there are still plenty of opportunities for people interested in investing in NFTs as they are becoming increasingly popular amongst athletes and sports leagues alike.
Sorare CEO Nicolas Julia’s Comments on Free-To-Play Mode
In an interview with Bloomberg News, Nicolas Julia said that 87% usage among non-paying users is generating income for their platform which he believes is beneficial for both power users who pay money for cards as well as non-paying users who can win rewards from playing free games. He also mentioned that having a free-to-play mode helps players get familiar with their platform before investing real money into it which increases engagement on their platform overall.
The collaboration between sports leagues and crypto platforms has opened up many new possibilities for both industries. It has allowed sports franchises like the Premier League to reach a wider audience while giving crypto startups like Sorare access to new sources of revenue. Although there were some concerns about values dropping due to recent bankruptcies within these platforms, there is still plenty of potential for growth within this sector as long as regulations continue being improved upon over time. As such, we can expect these partnerships between sports leagues and crypto platforms will continue gaining traction in the near future.