Blockchain-based fantasy game Soure has signed a four-year contract with the English Premier League in another possible sign of a thaw in the crypto winter.
The French-based non-fungible token (NFT) trading card game has partnered with the Premier League, the 20-club English soccer league.
Crypto market sentiment is recovering as bitcoin trades above $23,000. And the Bitcoin Fear and Greed Index has moved into the greed zone at 61 – a one-year high.
As sentiment recovers, brands have returned to partner with crypto-related firms. Last week, crypto casino Stake.com signed a $100 million partnership with Formula One team Alfa Romeo.
Sorare players can now trade Premier League cards
The four-year partnership will enable Sorare players to trade official Premier League cards and compete with each other. Nicolas Julia, co-founder of Sorare Express His gratitude to the athletes who helped him secure the partnership. The platform has renowned sports stars such as Serena Williams, Kylian Mbappe and Lionel Messi as investors and advisors.
Nicolas Julia Tweeted, “As a soccer fan myself, this partnership is something I’ve dreamed of ever since we founded the business.” The platform has already partnered with other sports leagues such as NBA, MLB, La Liga, Bundesliga, and Serie A. Apart from sports leagues, it also has partnerships with 300+ soccer teams.
Sorare’s latest valuation is $4.3 billion, which it achieved in 2021 after raising $680 million during its Series B round. SoftBank’s Vision Fund team led Series A and Series B rounds for Sorare.
regulatory challenges further
Sorare has had its share of regulatory problems in recent years. In 2021, it came under investigation by the United Kingdom Gambling Commission for operating without a gambling licence. The platform said at the time that it was “confident that it does not offer any form of regulated gambling.”
It also faced trouble from the French National Gambling Authority for the same gambling licensing issue. According to Sorare, since players never lose their cards (NFTs), it should not be classified as a gambling platform.
The NFT platform signed a tentative provisional settlement with the French National Gambling Authority through November 2022.
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BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.