Premier League contemplates entry into NFT space with Sorare
The Premier League is considering signing up with Sorare to launch NFTs for its players
The English Premier League is considering whether to join the non-fungible token (NFT) area by signing up with Sorare, the French NFT football trading card game developer, to launch NFTs for its players.
Nicolas Julia, chief executive of Sorare told the Daily Telegraph: “We have had conversations, we have been in touch for a while, and hopefully we will have something to announce with the Premier League.”
The Sorare CEO is hoping to build on the developer’s recent deal with LaLiga, the Spanish football’s top professional division. The LaLiga deal involves all 20 teams in the league including Real Madrid, FC Barcelona and Atlético de Madrid offering NFTs for every player.
The deal will see LaLiga clubs receive a royalty on sales with Sorare paying a minimum guarantee to ensure exclusivity.
Premier League team Liverpool already has NFTs on the platform. When announcing the LaLiga deal, Sorare added that it plans to partner with every one of the world’s top 20 football leagues by the end of 2022.
Sorare sees $680m in Series B funding round
The French NFT trading card game has raised $680m (£497m) in its Series B funding round led by Japanese fintech giant SoftBank. This has resulted in the company’s valuation being revised to $4.3bn.
Sorare said it has made over $130m in sales so far this year and expects to reach $200m by the end of 2021.
Rio Ferdinand, former England and Manchester United player is an investor in the company.
Julia said: “It's new and fresh money for the clubs and the leagues, we are creating a new market, it’s not competing with existing partnerships.”
Manchester City recently released second NFT
Premier League champions Manchester City recently launched its second NFT.
The football club’s second NFT went live on 7 September at 20.00 BST on MakersPlace, a marketplace for digital art. This followed its first NFT in May.
The second NFT release, dubbed the ‘Creation’ collection, was produced by digital artist Alan Bolton. The collection consists of three pieces: ‘The Football Academy’, ‘The Football Laboratory’ and ‘To The Blue Moon’. The artwork combines to form a painting made up of three sections known as a triptych. One of the pieces, ‘The Football Laboratory’, has sold for $19,000.
The NFT also included a limited-edition collectors’ draw which featured a fourth artwork called ‘The Football Artists’. With each edition having the signature of a different member of the Manchester City’s 2021/22 squad.