February 25, 2024

Despite a spate of NFT hacks in 2023, many big-name companies are still entering the NFT space. This positive sentiment is partly due to the high market valuation of the Metaverse, which is expected to reach over $5 trillion in the next seven years.

The allure of this growing market has led many companies to pursue NFTs, despite the inherent risks associated with the still-evolving technology. However, some quarters have criticized this growth, who point to the high number of NFT hacks in 2023 alone and the lack of regulation in the crypto space as evidence of the potential dangers involved.

Premier League Joins NFT Space

First, fashion brands like Louis Vuitton and tech giant Amazon have made their presence felt, and now the football world has followed suit, with the Premier League leading the charge in NFTs. After months of careful consideration and deliberation, the footballing giant has closed a deal with Sorare to sell Premier League trading cards.

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These cards can be used in popular fantasy football games such as FPL and other gaming platforms, offering fans a new and exciting way to engage with their favorite teams. This move into the NFT market marks the Premier League’s position as a true leader in the sports industry and gives fans a one-of-a-kind way to show their support for their clubs.

The Premier League’s partnership with Sorare centers around the rights to turn memorable moments from the English Premier League into NFTs. However, Sorare will not create NFTs for video clips like other sports. Instead, the premier league will look for a different deal for the clips.

The deal is lucrative for Sorare, with the French company set to receive over 30 million pounds per year. In return, the Premier League will have the option to acquire equity in Sorare, further strengthening the partnership between the two entities. This innovative deal allows fans to own a piece of history and collectible moments from their favorite football clubs.

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The Premier League NFT collection offered by Sorare includes over 1100 unique digital collectibles. Prices for these NFTs range from as low as 1 pound to over 1000 pounds, offering fans a range of options to suit their budgets. This collaboration with the Premier League further solidifies Sorare’s position as a top player in the NFT space. It provides fans a new way to engage with their favorite football clubs.

Supporter Groups Are Not Happy

Sorare, the NFT company partnering with the Premier League, is partially owned by some of the biggest names in sports, including Serena Williams, Lionel Messi, and Kylian Mbappe. However, despite this level of star power, the Premier League’s entry into the NFT space has faced opposition from some supporter groups.

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They raise concerns about the high prices that may make the collectibles unattainable for the average fan, the need for more regulation in the cryptocurrency space, and the potential risks for consumers. In addition, the Premier League’s decision to partner with Sorare has been deemed careless by some, as they argue that the safety of consumers has not been considered.

According to the support groups, Sorare and the Premier League must work together to address the supporters’ concerns and ensure they make decisions that align with consumer protection.

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