NFT REVIEW NEWS Bids Near $600 Million as Premier League Auctions Inaugural NFT Licence

The Premier League, which is widely regarded as the most enthralling and entertaining football league in the world, is auctioning off its first NFT license. The license will give the owner the rights to produce authentic digital collectibles on all clubs and players which full under the licensing umbrella of the Premier League, which, as of now, would include the likes of Cristiano Ronaldo, Kevin De Bruyne and Mohamed Salah. 

As expected, the bids to acquire the four-year rights have reached astronomical amounts, with blockchain-based fantasy football game Sorare, along with three other unnamed companies, all placing bids within the region of $299 million to $589.8 million.

Sorare’s bid is to come with a catch however, as UK government agencies have warned the Premier League of their concern over the company and its product after an inquiry was recently launched by the UK Gambling Commission regarding 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, meaning UK citizens have been advised to act cautious when engaging with the platform.

Although at first glance, numbers which near $600 million for a four year licensing agreement may appear as ludicrous (even within the ballooning proportions of the NFT industry), such figures instantly become a lot humbler when learning of the Premier League’s global media deals total of $14.1 billion throughout the 2022-2025 cycle.

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Image credit via: Premier League

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