However, the company is being scrutinized by the UK Gambling Commission because it launched a fantasy football game “without the appropriate gambling licenses”. Since most Premier League clubs already have NFT deals, their share from the Premier League deal gives them two bites of the pie financially.Ĭonsidering Sorare’s experience in football and relationship with the teams it would seem to be in a leading position. But Dapper Labs has far more experience with Moments. For Sorare, collectible NFT Moments or video clips would make more sense given its existing deals. It has not been specified what kind of NFTs would be launched with Sorare since it already commercializes players’ cards for use in fantasy football games. Sorare already has a deal with almost every team in the Premier League therefore it’s unclear how the licensing exclusivity will work. However, the vast majority of these transactions are between collectible owners, with the platform taking a small cut. The two biggest grossing sport NFT platforms so far are Dapper Labs’ NBA Top Shot with total transactions of almost $920 million, followed by Sorare at $230 million, according to CryptoSlam. The Premier League’s global branding and exposure likely gave it more leeway when valuing the deals’ worth. And while the details of Sorare’s deal with LaLiga were not disclosed, it is unlikely that it reached £100 million ($136m) a year. Dapper’s deal with the NBA and NFL is valued at approximately $20 million per year according to the Daily Mail (we’re unconvinced about the NFL figure). When compared to other NFT-based sports deals, the League has managed to negotiate a value much greater than anticipated. Given other Leagues are joining in the NFT trend the Premier League might be left at a disadvantage if it didn’t get involved with its own line of digital collectibles as well. The idea was quickly dropped but it still exposed the League’s fragility. The Premier League, like almost every sports league in the world, lost significant ticketing revenue during Covid and last year the organization was threatened when the top clubs announced the creation of a Super League with other leading teams in Europe. But given rampant speculation, that may be arguable.Īnd with these sums of money on the table, the sector is hard to ignore. Some view collectible NFTs as less risky than cryptocurrencies and fan tokens.
Fan groups have said that digital assets are risky investments and it is irresponsible for teams to get involved without properly educating fans on the potential financial consequences. The League apparently investigated teams over crypto based sponsorships. The Premier League has taken a more conservative approach with NFTs. Softbank led the rounds for Sorare and Candy Digital. Last year alone Sorare raised $680 million, Dapper Labs secured $555 million in multiple rounds, Candy attracted $100 million, and ConsenSys raised $265 million in two tranches. Bidders have deep pocketsĪll the finalists have deep pockets. Dapper has deals with the NBA, the NFL and UFC, Candy has a licensing agreement with the MLB and some NASCAR teams, and Sorare has managed to acquire a deal with almost every top soccer team in Europe as well as LaLiga and Bundesliga. Most top sports leagues in the world have launched their own NFT based initiatives. The bids for football collectible rights are between £220 million ($300m) and £434 million ($590m) over the course of the next four years, the Daily Mail reported.
Non-fungible token (NFT) platforms Sorare, Dapper Labs, Candy, and ConsenSys reached the final stage of bidding for licensing Premier League’s digital assets.
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