Premier League eyes £30m NFT deal with Sorare
The Premier League is weighing up £30m-a-year digital tokens deal with Sorare, as the sport pushes into the world of non-fungible tokens (NFTs).
According to reports from Mark Kleinman for Sky News, the top English clubs are set to meet with the French start-up later today to discuss a multi-year agreement.
It is understood the deal will focus on static images of footballers such as Tottenham Hotspur’s Harry Kane.
Sorare, whose investors also include former England and Manchester United star Rio Ferdinand, has sold more than £100m of its limited edition trading cards last year.
They are used in fantasy football games but have also become highly prized collectibles that can fetch six figure sums.
Sorare was valued at more than $4bn in a fundraising last year.
Rival firm Socios, which sells NFT fan tokens that can be traded like cryptocurrency, operates on a similar basis with individual clubs. It has signed up Manchester City, Paris Saint-Germain, Inter Milan and Arsenal as well as US sports teams.
The NBA has enjoyed huge success with Top Shot, its range of NFT highlights clips, totting up more than $700m in sales in less than a year.
The Premier League was not immediately available for comment.