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The French NFT Platform Steps Up and Signs With the Premier League

The French NFT Platform Steps Up and Signs With the Premier League
  • As the market recovers from the winter, brands and sports leagues are resuming ties with cryptocurrency firms.
  • The English Premier League has teamed up with Sorare.
  • The French company has had its fair share of regulatory issues.

The Premier League, the English soccer league comprised of 20 clubs, has teamed with the French-based NFT trading card game. 

The cryptocurrency market is improving as Bitcoin trades above $23,000.The Bitcoin Fear and Greed Index has reached a one-year high of 61 in the Greed zone. 

Brands are once again partnering with crypto-related enterprises as sentiment improves. Stake.com, a cryptocurrency casino, announced a $100 million agreement with Formula One team Alfa Romeo last week.

Players from Sorare can now trade Premier League cards

The four-year agreement will allow Sorare players to swap authentic Premier League cards and compete against one another. Nicolas Julia, the co-founder of Sorare, expressed his appreciation to the athletes who assisted them in securing the agreement. Serena Williams, Kylian Mbappé, and Lionel Messi are among the platform’s investors and advisors.

As a football lover myself, this relationship is what I’ve dreamed of since we began the firm,” Nicolas Julia tweeted. Other sports leagues that have partnered with the platform include the NBA, MLB, La Liga, Bundesliga, and Serie A. Apart from the sports league, it has collaborations with around 300 soccer teams.

Sorare’s most recent valuation is $4.3 billion, which it reached after raising $680 million in a Series B round in 2021. Sorare’s Series A and Series B rounds were led by SoftBank’s Vision Fund team.

Regulatory Obstacles Ahead

In recent years, Sorare has encountered a number of regulatory issues. It was investigated by the United Kingdom Gambling Commission in 2021 for operating without a gambling license. At the time, the platform stated that it was “certain that it does not offer any types of regulated gaming.” 

It was also in hot water with the French National Gambling Authority for the same gambling licensing issue. According to Sorare, it should not be classified as a gambling site because users never lose their cards (NFTs). 

In November 2022, the NFT platform signed a temporary provisional agreement with the French National Gambling Authority. 

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