The Premier League are in the process of finalising an NFT (Non-Fungible Token) deal likely to be worth over £400 million.
With four blockchain firms in the running, it appears French-based company Sorare are favourites to secure the deal. Their bid however could be in jeopardy after the UK’s Gambling Commision launched an investigation into their business model.
Sorare made a statement in response to the investigation, saying “we are very confident Sorare does not offer any forms of regulated gambling. This has been confirmed by expert legal opinions at every stage since the company was founded, including during a number of fundraising rounds. We will always engage and have an open dialogue with authorities who reach out to us to learn more about our game.”
The official NFT license is to be awarded in the coming weeks so it’s probably a good idea to look into what Sorare is all about.
Sorare combines fantasy football with the emerging world of NFTs. Players are represented by digital cards that can increase or decrease in value depending on their real-world performance. They can be bought and sold using cryptocurrency, Ethereum on a marketplace involving bidding and buyouts.
Special weekly 250 is a big one! 🥳
— Sorare (@Sorare) March 4, 2022
We’re delighted to celebrate another Game Week landmark with an extra special weekly! 🍾
Let’s see your Underdog teams #GW250 #ScoutingSeason ⬇️
These cards get submitted into regular competitions in groups of five with the highest point scoring team earning their owner huge prizes.
The platform is advertised as free-to-play but as you would expect, this requires a lengthy time-investment as well as a lot of luck.
With many cards valued at well over £1000, there’s significant financial risk involved when using Sorare. In March of 2021, a Cristiano Ronaldo card set the record for the most expensive Sorare card to date, selling for just over £200,000.
A deal with the Premier League would likely see a large influx of fans flood to the platform which could pose serious issues for fans blindly entering a very complex digital world.
Today is a historic moment for the #NFT world as @LaLiga join the #Sorare family! ⚽
— Sorare (@Sorare) September 9, 2021
Hear from #LaLiga legend @3gerardpique who shares a few words on what this means for football fans worldwide. 🔥#OwnYourGame⚽️ pic.twitter.com/Ffga8gPGAX
La Liga managed to secure a similar deal with Sorare last September, joining the German Bundesliga and the French Ligue 1 on the platform. Liverpool remain currently the only Premier League team involved with Mo Salah currently worth around £10,000.
For more stories like this follow our blog at: LIVE BLOG: Formula 1 Testing, England vs West Indies and a Round-up of Wednesday’s University Sports Teams – Park Life (uogjmag.co.uk)
It has to be emphasised that when it comes to NFT trading, capital is very much at risk. Before investing anything into Sorare, it’s strongly advised that users read through the help centre provided on the website.
The Premier League’s involvement seems inevitable, and it will be interesting to see how the introduction of NFTs affects English football.
