Premier League Aims to Print Soccer Stars as NFTs!
According to a recent report, the English Premier League is in talks with two NFT companies over a project to mint football-themed tokens. It is stated that the deal could be worth £ 30 million a year.
Premier League to Partner with Sorare
PL is negotiating a deal worth £30 million with French company Sorare. The program will see the printing of NFTs based on images of famous players sold to fans as unique digital memorabilia.
The deal focuses on static images of footballers such as Tottenham Hotspur's Harry Kane and Manchester City's Erling Haaland. There is talk that the project could be formally approved within weeks. Tech industry sources say the Sorare deal will replace the deal with ConsenSys that was scheduled to be signed earlier this year.
The deal with Sorare allows fans to 'own' an image of a famous work of art or a major sporting event. However, it is also to provide non-fungible NFTs, a fast-growing but volatile asset class.
Sorare is a Paris-based company founded in 2018. However, it has the backing of French soccer player Kylian Mbappe and Japan's SoftBank. Sorare has also made a blockchain-based soccer-themed video game.
Premier League and Football Themed NFTs
Sorare is not the first and only crypto firm to negotiate with the Premier league. The current £30 million deal with the French company replaced the old deal with ConsenSys. However, it has also been reported that the old deal with ConsenSys was worth £400 million.
The ongoing "crypto winter" has caused serious problems for NFT markets, with volumes down 68%. ConsenSys attempted to renegotiate to settle at a lower price following the drop in NFT valuations. However, a Premier League club executive said that they were informed that the Sorare contract was more lucrative than the revised ConsenSys offer.
According to the same report, the Premier League is also in talks with another NFT company. Dapper Labs, however, has experience with sports due to their deal with Ticketmaster in August to keep in mind NFL memorabilia in the form of non-fungible tokens.
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