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Friday, June 14, 2024

Premier League NFT License Auction Nears $600M

  • The Premier League is auctioning off NFT licensing rights.
  • Sorare and three others are reportedly in on the bidding.
Sorare
Sorare/Design: Alex Brooks

The Premier League is auctioning off its first NFT license, and Sorare is reportedly getting in on the action, despite warnings from a United Kingdom government agency about its product.

The blockchain-based soccer game company is one of four companies in the running for a deal to produce digital collectibles for the league. 

  • Bids for the NFT license reportedly range from $299 million to $589.8 million over four years. 
  • In October 2021, the UK Gambling Commission began enquiries into Sorare to determine whether it should be required to hold a gambling license in the country. The agency noted that Sorare is not currently regulated as a gambling company, and that customers should exercise caution.
  • Sorare offers an ethereum-based game in which users may buy, sell, and trade digital soccer player cards and win prizes when their team performs well. 

“It’s completely natural that regulators would want to scrutinize emerging trends, or new technologies, and act in the interests of consumers,” said a Sorare spokesperson. “We will always engage and have an open dialogue with authorities who reach out to us to learn more about our game as we believe this is the responsible way to grow our game and community globally.”

The Premier League boasts enormous global popularity: Its international media deals total $7.2 billion for the 2022-25 cycle, beating its domestic returns — $6.9 billion — for the first time.

Raise Hits So-Rare Heights

In September, France-based Sorare brought in $680 million in a funding round led by SoftBank – one of the largest Series B rounds in Europe’s history. 

The round valued the company at $4.3 billion. Sorare said it would use the funds to acquire licenses and grow its team beyond the 30 employees it had at the time. The company said it works with over 230 clubs.

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