Sorare has secured a partnership with the Premier League to release digital player cards for its fantasy sports platform, using Ethereum blockchain technology.
French startup Sorare has entered a 4-year licensing deal with the Premier League, a major milestone for the company as the English football league is a highly watched sports league globally.
Sorare is a fantasy sports platform based on NFTs . The platform is partnering with the Premier football league to create and sell player trading cards registered as unique tokens on the Ethereum blockchain. Players buy, sell, and earn points based on the performance of their chosen lineup of five players. Sorare generates revenue by releasing new cards as collectibles.
Welcome to the House of Sorare. 🦁
Your @premierleague legacy starts now. #BuildYourLegacy: https://t.co/q4bDnlT2qq pic.twitter.com/c2m0j0gqwz
— Sorare (@Sorare) January 30, 2023
The company has been successful, raising a $680 million Series B and partnering with football organizations like LaLiga, Bundesliga, and Serie A. With the Premier League partnership, Sorare will feature all 20 teams and host league-specific competitions.
Sorare creates digital player cards from the Premier League on the Ethereum blockchain using the ERC-721 token standard for NFTs. The Premier League cards will first be sold on Sorare before being traded on marketplaces like OpenSea.
Football clubs advancing with NFTs and metaverse projects
The connection between cryptocurrency and football has been around for a while with the existence of fan-tokens, linking the intersecting community. With the growth of NFTs and metaverse, NFTs have been explored in the same field. NFTs preserve iconic moments in matches and offer collectors a variety of membership benefits like voting in club decisions, merchandise designs, rewards, and exclusive experiences.
According to data at Cryptoslate Fan tokens are down. However, upon closer inspection, many of the tokens are performing well in the 30-day average.
