• Bids reach around $600 million as the Premier League auctions off the inaugural NFT license

  • The Premier Competition, largely recognized as the world’s most exciting and entertaining football league, is auctioning off its first NFT license. The license would grant the owner the ability to create authentic digital memorabilia of all teams and players who fall under the Premier League’s licensing umbrella, which currently includes Cristiano Ronaldo, Kevin De Bruyne, and Mohamed Salah.

    As expected, the bids for the four-year rights have skyrocketed, with blockchain-based fantasy football game Sorare, as well as three other unnamed companies, all putting bids ranging from $299 million to $589.8 million.

    However, there is a catch to Sorare’s bid: UK government agencies have warned the Premier League of their concerns about the company and its product, following the launch of an inquiry by the UK Gambling Commission into whether the company should be required to hold a gambling license in the country. As of now, Sorare is not regulated as a gambling company, so UK residents are recommended to exercise caution when using the platform.

    Although numbers near $600 million for a four-year licensing agreement may appear ludicrous at first glance (even within the ballooning proportions of the NFT industry), such figures quickly become much more humble when learning of the Premier League’s global media deals totaling $14.1 billion over the 2022-2025 cycle.

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