Sorare, a Paris-based fantasy NFT game startup, has closed a deal with the soccer Premier League of the U.K. to use its likenesses as part of its gaming platform. The software will allow users to create their own teams of players and groups from the aforementioned competition. With the signing of this agreement, Sorare can now boast hosting five of the most significant European divisions, including the Spanish Laliga, the top tier of soccer in Spain.
While the NFT model has faced several difficulties due to the downturn of the cryptocurrency market, Sorare allows anyone to list players as part of their fantasy teams without having to purchase their collectibles in a free-to-play game mode. Sorare CEO Nicolas Julia explained that many players have migrated to this game mode, as 87% of the players don’t spend money on the platform.
Julia also explained that the platform relies on the transactions of high-power NFT users to be profitable, as unique collectibles are still available on the platform.
The deal reportedly had to be maintained in secret because the Premier League was also negotiating with other platforms with similar agreements. According to Sky News, the deal will be replacing another partnership, with Consensys, an Ethereum software company that had been dropped last year.
Although specific figures have not been made public, the Financial Times stated that the agreement calls for the payment of tens of millions of pounds annually, with each payment being based on the app’s performance. The deal also allows the Premier League to take a stake in the fantasy startup.
With $680 million raised in September as part of its Series B fundraising round, which was headed by Softbank, Sorare saw considerable expansion in 2021. At that time, the company reached a valuation of more than $4 billion.
In September last year, the company announced a partnership with the National Basketball Association (NBA) to launch an NFT-based game featuring players and teams from the league. Also, in November, Argentine soccer superstar Lionel Messi became an investor and ambassador of the Sorare brand.