The Premier League is on the Verge of Signing an NFT Deal Worth Millions

£434 million is on the cards with the Prem's latest financial endeavour.

February 28th 2022

The Premier League has reportedly shortlisted four blockchain companies for the launch of its official NFT license.

The top-flight of English football is said to be considering offers from Sorare, Candy Digital, Dapper Labs and ConsenSys – with their bids said to offer returns between £220 million – £434 million over the course of four years.

The Prem is set to announce the winning bidder in the coming days before officially presenting them to clubs.

The winning bidder of the Premier League’s digital collectibles will gain an official license to produce a range of blockchain-based products, including NFTs based on Panini stickers.

Dapper Labs already has deals in place with the NBA and NFL – each reportedly worth £15 million a year – while Candy Digital has secured a partnership with the MLB. Yet it’s the potential partnership with Sorare that could pose a problem.

Last October, the UK’s Gambling Commission industry regulator made enquiries into the French company after they launched a blockchain-based fantasy football game without obtaining a UK license.

The Gambling Commission issued a statement at the time of investigation – which is ongoing – advising consumers “to consider this information when deciding whether or not to interact with the site.”

Sorare welcomed the scrutiny from the UK regulators in their own statement: “It’s completely natural that regulators would want to scrutinise emerging trends, or new technologies, and act in the interests of consumers.”

Further explaining, “Sorare partners with over 230 clubs and several major European leagues to offer NFTs of players in the form of digital trading cards and provides an accompanying fantasy football game, which is free to play…After having received extensive legal advice from several leading law firms, we strongly believe that our services or promotions to users are not gambling in the UK or in any other jurisdiction in which we operate.”

The Premier League are aware of the investigation and has reportedly noted it is a ‘concern’ according to Daily Mail.

The NFT sports market has grown exponentially in the last year. At the beginning of this month, a Sorare digital trading card of Borussia Dortmund striker Erling Haaland sold for £511,000 at auction.

The ‘card’ is representative of a real-life, tangible trading card. Showing key player details like a player’s number, age, position and nationality.

Due to the Premier League’s global fanbases, millions are set to be made from this upcoming partnership.