An extensive multi-year partnership has been announced between the English Premier League and industry-leading fantasy football company Sorare. Licensed by the Premier League, these NFTs can be used by Sore players, CNBC reports.
Sora himself declared (1) adding two new features when commenting on a deal that gives the Premier League the right to license official player cards.
The $4.3 billion Paris-based business has announced several innovations, including the use of league-specific player cards and “financial fair play” elements in its fantasy football games.
According to Soror, everyone is playing on a level playing field as the fair play rule prohibits users from battling against all-star teams.
Initially, the partnership between Sora and the Premier League emerged in the wake of the league’s failed negotiations with ConsenSys.
In October last year, the Premier League and Sorare began discussing the possibility of a licensing deal. With the partnership between the two platforms now official, Nicolas Julia, CEO of Soror, discussed the next steps in the negotiation process.
According to Julia, problems with finalizing a licensing agreement between the fantasy soccer company and the top English men’s soccer league contributed to the delay in starting production. The Premier League’s delay was caused by their existing NFT license agreement with another platform.
Sky News reported (2) The sale is valued at £30 million, although Julia would not comment on the details of the deal. In October last year, a British free-to-air television news program and organization hinted at a close deal involving Sorey and the Premier League.
The top English football league is said to have met representatives of its twenty member teams.
Sky News reported in October 2022 that the Premier League’s talks with ConsenSys had broken down, leading to the Sore development. Given the fall in NFT values, the private blockchain software technology company was hoping to negotiate a sale at a lower price. However, executives from Premier League clubs considered the Soare deal more lucrative than Consensus’ renewed offer.
NFT market in grip of severe winter
Whether the current Sorey-Premier League transaction is profitable or not comes at a time when both the value of NFTs and the volume of trade are collapsing. Several economic factors contributed to the general downward trend in cryptocurrency prices for most of 2018.
Over the past few months, the dramatic and unexpected demise of the once-dominant exchange FTX has been dubbed crypto winter.
In December of last year, the average selling price of an NFT was $143.22, CryptoSlam reported. This is a significant decrease of 63% compared to the same month of the previous year.
Accordingly, the average selling price of NFTs in December 2021 was $383.73. NFT trading volumes are also in the dumps, with December sales down 78% to $678.2 million from $3.1 billion a year ago.
Julia notes that Sorare is “very trendy unlike other places.” The value of all card transactions will increase from $270 million in 2021 to $500 million in 2022, according to Sorare’s CEO.
However, there is a movement in player preference towards a “free-to-play” version of the fantasy soccer site. They don’t have to go up against players who have bought better cards in this system.
Soar’s previously announced partnerships include the NBA, MLB and Premier League.