Thursday December 7, 2023

Premier League Replaces $459M NFT Deal Frozen by Crypto Winter

  • The Premier League settled for a lesser NFT deal with Sorare.
  • A reported $459 million deal with Consensys came undone due to falling crypto prices.
Copy Link
Link Copied
Link Copied

The crypto winter has hit the Premier League’s balance sheet.

The popular English soccer league signed a deal with blockchain company Sorare — replacing a more lucrative one with Consensys.

  • Sorare will provide the Premier League’s NFT digital collectibles for $34.5 million annually.
  • The league’s previous NFT deal with Consensys was for a reported total of $459.3 million. Consensys beat out Sorare, Dapper Labs, and Candy Digital for the contract.
  • The Consensys deal fell apart in September amid falling cryptocurrency prices.

In September 2021, Sorare raised $680 million in a round led by Softbank that valued the company at $4.3 billion.

Sorare, best known for its blockchain-based fantasy soccer game, also has licensing deals with Serie A, La Liga, Bundesliga, and MLS.

Winter is Here

Leading cryptocurrencies bitcoin and ethereum each lost more than 60% of their value over the last 12 months. Other crypto assets have seen a similar plunge, with Luna and connected stablecoin TerraUSD collapsing in May and wiping out $40 billion in value.

In all, the crypto industry’s market cap has dropped from $3.2 trillion to under $1 trillion.

Dapper Labs’ NBA Top Shot, which helped ignite the NFT craze, has seen diminishing activity since topping $200 million in sales in both February and March of 2021, per Cryptoslam. 

This year, Top Shot has seen decreasing sales volume nearly every month since recording $59 million in January activity. In October, Top Shot earned $2.7 million in sales.

Copy Link
Link Copied
Link Copied

What to Read

Goodell Makes ‘MNF’ Visit To Help Jaguars in $2B Stadium Talks

The Jaguars are exploring a $2 billion stadium deal.
A Chicago Bears helmet.

Yet Another Proposal for A New Bears Stadium: The Parking Lot

Popular tailgating site becomes latest stadium site possibility for NFL team.

Fresh Off Turnaround Season, The Orioles Could Be Facing Big Changes

MLB team reportedly nears sale agreement with local native and billionaire.

NWSL’s Record Media Deals Drive Schedule Expansion

The league will grow to a 26-match schedule in 2024.
podcast thumbnail mobile
Front Office Sports Today

Why the NBA May Have Made Billions With Midseason Tournament


Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple Locations
Multiple Locations
Creative Artists Agency
Multiple Locations
Jon Rahm

LIV Golf’s Signing of Jon Rahm Further Complicates Partnership Negotiations

The world's third-ranked golfer is joining LIV Golf's roster.
A view of a 1914 Baeb Ruth rookie card in a protective casing from the Sportscard Guaranty Company.
December 4, 2023

Babe Ruth Rookie Card Sets Player Record at $7.2M

It’s the most expensive piece of Babe Ruth memorabilia ever sold.
Shaun White Josh Harris
December 6, 2023

Josh Harris Doubles Down on Sports as an Asset Class with Latest Investment

Shaun White is partnering with Washington Commanders owners Josh Harris and David Blitzer to purchase an action sports camp.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
PFL Bellator
November 20, 2023

PFL Completes Acquisition of Bellator, Readies to Challenge UFC

“Today, the MMA market changed,” PFL Founder Donn Davis said.
November 14, 2023

German Soccer Pushing $1.1B Rights Deal To Private Equity Investors

Governing body mounting third attempt for outside investment
CAA logo on side on building
November 13, 2023

CAA Forms Sports-Focused Investment Bank In Continued Expansion Push

Powerhouse agency looks to further expand dealmaking capabilities
Mercedes-AMG Petronas driver George Russell drives on the track during the Formula One Las Vegas Grand Prix Launch Party at Las Vegas Strip.
November 10, 2023

Ticket, Hotel Prices Plummet As Las Vegas GP Nears

Lack of competitive drama for F1 event fuels market crash