Premier League Set to Complete $590 Million NFT Deal
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The English premier league is set to award a four-year license for the production of blockchain products, including Panini NFTs
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The deal is reportedly going to be worth more than the $20 million yearly NFT partnerships signed by the NBA and the NFL
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Daily Mail reports that four blockchain firms- Sorare, Candy Digital, Dapper Labs, and ConsenSys have been shortlisted for its official NFT
Although it has taken so long, the English Premier League is set to join the NFT world, with the completion of a $590 million deal. Four Non-fungible token platforms Sorare, Candy Digital, Dapper Labs, and ConsenSys have been shortlisted in the final bidding stage for the licensing of the league’s digital asset. The bid for the collectible is going to be worth between $300 million and $590 million and is going to run for 4 years, according to Daily Mail.
The Premier League’s initiative follows most sports leagues in the world launching their own NFT. The most notable is the NBA, the NFL, and UFC signing a deal with Dapper, while Candy reached a licensing agreement with the MLB and some NASCAR teams. Sorare has also managed to clinch a deal with most top soccer teams in Europe, mostly including those in La Liga ad Bundesliga.
Read also: Snoop Dogg to Transform Death Row Records into “an NFT”
The Premier League’s interest in NFTs comes is it has taken a conservative approach on digital assets for a long time. The League investigated teams and players over crypto and NFT sponsorships. Fan groups have demanded that teams properly educate fans about cryptocurrency before urging them to invest.
Most finalist in this bidding process however have deep pockets and their offers will prove to be too tempting to ignore. Only last year Sorare raised $680 million, Dapper Labs gathered $555 million in various rounds, Candy attracted over $100 million in investments, and ConsenSys raised $265 million.
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