The English Premier League (EPL) has shortlisted Sorare, Candy Digital, Dapper Labs, and ConsenSys for its first NFT (non-fungible token) partnership. Premier League will award a four-year license to produce blockchain products, including Panini NFTs.
The EPL has released a shortlist of four blockchain firms for its upcoming non-fungible (NFT) token license. The firms that made it to the final shortlist included Sorare, Candy Digital, Dapper Labs, and ConsenSys. A report in the Daily Mail says that English soccer’s top flight was mulling over bids offering returns of between US$298 million and US$589 million over the next four years.
As per the report, the winning bidder for the Premier League’s digital collectibles, which will be presented to clubs before the end of February, will reportedly gain an official license to produce a range of blockchain-based products – including NFTs based on Panini stickers.
A $680 million cash injection by SoftBank
The EPL seems eager to join other sports organizations that are already reaping millions of dollars in the emerging NFT market. NFTs are digital tokens representing and validating ownership of virtual items, including works of art and, most recently, sports trading cards. Every NFT is unique and cannot be replicated since ownership is tracked via blockchain, a digital transactional ledger that’s the bedrock of cryptocurrencies like Bitcoin and Ether.
There are all chances that the move by SoftBank caught the attention of EPL bosses besides the deal signed by La Liga and Sorare in September 2021. Sorare is a French sports blockchain firm gaining popularity in the evolving NFT space, especially following a $680 million cash injection by SoftBank. Whereas the finer details between Sorare and La Liga remain under wraps, rumor has it that the deal was exclusive and long-term, with La Liga reportedly receiving royalties on the sale of NFTs tied to its players.
The fantasy football firm earns its revenues by selling and issuing new trading cards
Sorare, which has over 500,000 registered users, is expected to raise at least $200 million in transactions alone by the end of 2022. The fantasy football firm earns its revenues by selling and issuing new trading cards. Users collect cards or earn them to a team of players who earn points based on real-world performances. The teams compete in leagues and tournaments to win non-cash prizes.
Interestingly, the UK’s Gambling Commission industry regulator opened an inquiry into Sorare’s business model in October after launching a blockchain-based fantasy soccer game without obtaining a UK license. However, a spokesperson for Sorare recently said about their services or promotions to users:
“We received extensive legal advice from several leading law firms.” The company “strongly believes […] are not gambling in the UK or in any other jurisdiction in which we operate.”
Sorare is free, and anyone with a passion for football can be a part of it
Fantasy football is a real-time competition where users can create their fantasy team from a list of players and compete in leagues with other people. Sorare’s crypto gaming model for fantasy football allows players to play the game and own the in-game assets as NFTs on the Ethereum blockchain. Sorare is free, and anyone with a passion for football can be a part of it. By buying and trading player cards as NFTs, users can participate in fantasy football competitions and earn rewards that they own as unique assets.
Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.