Sorare NFT Soccer Trading Card Game has partnered with the Premier League in a multi-year licensing agreement.<\/p>\n
Stray<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Solare, a $4.3 billion fantasy soccer game, has signed a multi-year deal with the Premier League and will feature official player cards licensed by the world’s top soccer leagues.<\/p>\n
Game players can purchase and use official Premier League licensed NFTs under an exclusive multi-year agreement.<\/p>\n
With 3 million users worldwide, Paris-based startup Sorare lets people compete in a 5-on-5 fantasy soccer game. Chances of success are based on real-time performance of players on the pitch.<\/p>\n
Sorare also said it will launch two new features in-game. These include the ability to compete with league-specific player cards and a “Financial Fair Play” feature that prevents users from selecting an All-Star team.<\/p>\n
Solare were first rumored to be in talks with the Premier League, England’s top men’s football league, for a licensing deal for October 2022. His existing NFT licensing agreements with other companies.<\/p>\n
Sky News previously reported that the deal was worth \u00a330m. Julia declined to share details about the financial terms and duration of the transaction.<\/p>\n
The news comes despite a sharp drop in NFT trading activity.<\/p>\n
The value of NFTs (or non-fungible tokens) has plummeted amid crypto price declines known as \u201ccrypto winter,\u201d exacerbated in recent months by the bankruptcy of major exchange FTX. doing.<\/p>\n<\/div>\n
Read more about CNBC Pro tech and crypto<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\nAccording to data site CryptoSlam, the average selling price of NFTs in December 2022 was $143.22, down 63% from $383.73 in December 2021.<\/p>\n
Trading volume has also decreased significantly. His NFT overall sales in December dropped 78% to $678.2 million from his $3.1 billion a year ago.<\/p>\n
Julia says that Sorare “tends to be very different from other spaces.” Last year, he reached $500 million in total card exchanges on the platform, nearly doubling from $270 million in 2021.<\/p>\n
Still, the company has noticed a shift in usage among players who tend to use “play for free” modes that don’t have to compete with paid cards.<\/p>\n
According to Julia, about 87% of Sorare players “don’t even spend money on the platform.”<\/p>\n
This raised obvious questions about the sustainability of Sorare’s model. How do you make money when most users aren’t trading?<\/p>\n
Julia said big spending power users are enough to secure an income stream. Sora takes an unspecified cut of all transactions through its services.<\/p>\n
It is worth noting that Sorare is the third largest NFT collection in the world, according to CryptoSlam data. The company processes about $1 million in transactions every 24 hours, according to CryptoSlam figures.<\/p>\n
The Premier League partnership with Solare adds to the numerous deals between sports leagues and cryptocurrency platforms.<\/p>\n
Solare itself has previously announced deals with Major League Baseball and the National Basketball Association.<\/p>\n<\/div>\n
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Some agreements, such as Crypto.com’s deal for naming rights to Los Angeles’ Staples Center arena and FTX’s now defunct sponsorship of the Miami-Dade arena, have soured amid a plunge in cryptocurrency prices. increase.<\/p>\n
Giulia said his company\u2019s focus on licensing intellectual property rather than sponsorships has shielded Solare from the fallout of crypto-focused sports advertising.<\/p>\n
The French startup was valued at $4.3 billion in September 2021 by investors. Softbank
According to data site CryptoSlam, the average selling price of NFTs in December 2022 was $143.22, down 63% from $383.73 in December 2021.<\/p>\n
Trading volume has also decreased significantly. His NFT overall sales in December dropped 78% to $678.2 million from his $3.1 billion a year ago.<\/p>\n
Julia says that Sorare “tends to be very different from other spaces.” Last year, he reached $500 million in total card exchanges on the platform, nearly doubling from $270 million in 2021.<\/p>\n
Still, the company has noticed a shift in usage among players who tend to use “play for free” modes that don’t have to compete with paid cards.<\/p>\n
According to Julia, about 87% of Sorare players “don’t even spend money on the platform.”<\/p>\n
This raised obvious questions about the sustainability of Sorare’s model. How do you make money when most users aren’t trading?<\/p>\n
Julia said big spending power users are enough to secure an income stream. Sora takes an unspecified cut of all transactions through its services.<\/p>\n
It is worth noting that Sorare is the third largest NFT collection in the world, according to CryptoSlam data. The company processes about $1 million in transactions every 24 hours, according to CryptoSlam figures.<\/p>\n
The Premier League partnership with Solare adds to the numerous deals between sports leagues and cryptocurrency platforms.<\/p>\n
Solare itself has previously announced deals with Major League Baseball and the National Basketball Association.<\/p>\n<\/div>\n
Some agreements, such as Crypto.com’s deal for naming rights to Los Angeles’ Staples Center arena and FTX’s now defunct sponsorship of the Miami-Dade arena, have soured amid a plunge in cryptocurrency prices. increase.<\/p>\n
Giulia said his company\u2019s focus on licensing intellectual property rather than sponsorships has shielded Solare from the fallout of crypto-focused sports advertising.<\/p>\n
The French startup was valued at $4.3 billion in September 2021 by investors. Softbank