Sorare Scores Deal with the English Premier League


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of english premier league Signed a multi-year deal with a $4.3 billion NFT game company, StrayDespite the current market decline, the four-year deal with Sorare signifies continued adoption of NFTs in the sports world.

The Paris-based startup said in a statement on Monday that it will be able to purchase and use NFTs officially licensed by the Premier League. However, it adds that it will include a Financial Fair Play system that prevents users from forming All-Star teams.

“The way supporters follow their favorite teams and players is evolving and the Premier League is always looking for ways to engage with fans.” Premier League Chief Executive Richard Masters said:

According to reports, Solare were in talks with the Premier League in October 2022 for a licensing deal worth $37.13 million a year. However, Sorare declined to share details about the financial terms of the deal.

Sorare CEO Nicolas Julia said it took longer than expected to reach an agreement because the Premier League had already signed a licensing deal with another NFT company. However, Julia says that Sorare “tends to be very different from other spaces.”

Sorre secure epic deal with English Premier League

Persistence of diversion amid NFT slump

Julia acknowledged that despite the big changes in player behavior, they still produce healthy turnovers. In the current situation, over 87% of her players opt for the free-to-play mode, while a small portion of the rest include high-spending power users.

In addition, Sora receives a cut from all transactions processed through its services. As such, it is his third largest NFT collection in the world, processing around $1 million in transactions every 24 hours, according to CryptoSlam data. The platform nearly doubled its card transaction volume last year, with $500 million worth of cards traded compared to $270 million in 2021.

The CEO said the cryptocurrency-focused sports ad crash wouldn’t hurt Sorare because it focuses more on utility than sponsorship.

“We will never sell our games as an investment… they are collectibles that you can play with in our games.”

The company, valued at $4.3 billion in September 2021, is backed by notable investors such as Softbank, Accel and Benchmark, as well as shareholders such as sports stars Lionel Messi, Serena Williams and Kylian Mbappe. .

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Conor the Tech Veteran
He previously spent 6 years publishing research on tech stocks, and believes in using a combination of fundamental, technical, and quantitative analysis. Prior to a career in tech stocks journalism he was a technology and semiconductor analyst with a research team.

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