Can Premier League Nfts finish the bear season? Despite the recent decline in the value of cryptocurrencies, the Premier League has agreed to partner with an NFT-based fantasy soccer game called Sorare.
Under a multi-year exclusive arrangement, Sorare will allow its users to purchase and utilize official Premier League-licensed NFTs in the game.
Sorare will power Premier League NFTs
The Premier League has reached a multi-year contract with Sorare, the $4.3 billion fantasy soccer game, to license official player cards for the game.
Under the terms of the exclusive multi-year arrangement, players will be permitted to buy and utilize NFTs that the Premier League has licensed.
Sorare, a Parisian business with 3 million members, facilitates 5-on-5 fantasy soccer competitions. Success probabilities are updated in real-time when players’ on-field performances change.
In addition, Sorare announced the addition of two new gameplay elements. Among these is the option to compete with league-specific player cards and the addition of a “financial fair play” function that restricts users from picking all-star teams.
Sky News previously claimed that the deal was worth £30 million. Neither the deal’s duration nor the financials were not officially revealed yet.
Sorre & Premier League agreement has been spoken for a while despite of crypto winter
In October of 2022.2, rumors began circulating that Sorare was in licensing talks with England’s Premier League, the highest tier of men’s soccer competitions. Given that the Premier League already had an NFT licensing arrangement with another firm, said Nicolas Julia, CEO of Sorare, the process took longer than expected to wind up.
Despite a precipitous drop in NFT trading activity, the news has arrived. The collapse of major exchange FTX in recent months has contributed to the widespread decline in the value of NFTs, also known as non-fungible tokens.
In December 2022, the average selling price of an NFT was $143.22, down 63% from the December 2021 price of $383.73, according to data portal CryptoSlam.
The amount of transactions has also dropped dramatically. Total NFT sales for the month of December fell to $678.2 million, down 78% from the record high of $3.1 billion in December of 2017.
When asked about how Sorare compares to the rest of the space, Julia responded, “trended extremely differently.” The total value of cards traded on the network increased to $500 million in 2018 from $270 million in 2021, an almost twofold increase.
However, the business has seen a shift in user behavior, with more people preferring the “free-to-play” mode where they are not required to utilize payment cards.
In fact, “without even spending money on the platform,” as Julia put it, is the case for 87% of Sorare gamers.
If you’re interested in NFTs, you should know that Sorare is the third largest collection in the world, according to data provided by CryptoSlam. CryptoSlam data shows that the company handles around $1 million in transactions in a single day.
What is Sorare?
Fantasy sports games like Sorare allow players to interact with a digital version of an actual sports team by purchasing, trading, and managing digital player cards. Nicolas Julia and Adrien Montfort created the game in 2018, using blockchain technology based on Ethereum.
Can you make money in Sorare?
The quick answer to the initial question is yes, there are opportunities for users to make money on Sorare. Collectors may use the cards they possess to compete in weekly events (which score based on real-life soccer performances) to win new cards and cash rewards in the form of ETH.
How does Sorare work?
When you first join the Sorare platform, you are given 10 free common cards to get you started.
The initial setup steps include the following:
- Picking a team name and logo.
- Entering your first rookie league.
- Select your team of 5 players from the collection you have so far.
Check out our detailed article about Sorare for more information.