Premier League Takes Sorare’s $34.7M Deal Over ConsenSys

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English soccer organization Premier League is in talks with its teams about signing a multi-year Non-fungible token (NFT) contract with French cryptocurrency startup Sorare.

The partnership deal is worth up to £30 million which is approximately $34.7 million per year. Once the deal is closed, participating clubs can sell digital collectibles to their fans. 

So far, the league has informed its twenty high-ranked clubs about the Sorare deal. The NFT collection will feature static images of some players like Manchester United’s Cristiano Ronaldo, Tottenham Hotspur’s Harry Kane, and Erling Haaland of Manchester City. Fans-collectors stand the chance to own a well-recognized picture of their favorite player in the form of a digital collectible. 

Apart from pictures of the players, NFTs representing iconic moments, events, and other sports highlights from England’s top football clubs will be available.

According to Sky News, the deal could be finally agreed upon within weeks. While the incoming arrangement with Sorare sounds like a mouth-watering deal, it is also a replacement for Premier League’s agreement with ConsenSys.

ConsenSys Offered Premier League a Less Lucrative Deal

Due to a fall in the price of several digital assets including NFTs owing to the crypto winter, ConsenSys attempted to renegotiate a deal that was not as high as what Sorare is currently offering. On the verge of finally closing the ConsenSys deal, a Premier League club executive tipped off the organization that Sorare was making a more lucrative offer.

With that information at hand, the English soccer organization went ahead to call off ConsenSys’ deal.

As Sorare gets busy providing NFTs for the clubs of the Premier League, the crypto startup also intends to offset its unavoidable carbon emissions by the end of this year. In three years’ time, Sorare aims to have mitigated the carbon emissions to a point where it reaches net zero.

“In July of 2021, we reduced our corporate carbon footprint by 99 percent by migrating the vast majority of our transactions within the Ethereum blockchain to the more efficient Layer 2 network. Our long-term ambition is to align our decarbonization efforts to a long-term net-zero strategy,” the company said in a statement

Last month, the blockchain startup expanded to the United States by signing a multi-partnership with National Basketball Association (NBA) and National Basketball Players Association (NBPA).