Premier League set to sign two Multimillion NFT partnerships
The Premier League, the English football championship, is about to sign two major partnerships. These deals concern the creation of NFTs bearing the image of important moments in the English championship. These partnerships should represent a sum of 520 million euros.
The NFT market exploded in 2021 and reached a capitalization of $40 billion. Moreover, this market has been doing even better than that of cryptos since the beginning of 2022. Due to their characteristics and their potential, NFTs have found a great playground in football. The Premier League, the English football championship, has understood the interest of NFTs and is preparing to sign two very important partnerships.
The Premier League Is Going NFT!
The Premier League is the biggest football league in the world. If this success is reflected in the amount of its TV rights, it’s also in the field with teams often present in the last four of European cups.
Also, knowing that the Premier League, this heavyweight of world football, is very interested in NFTs, is anything but trivial. According to The Athletic newspaper, the 20 Premier League clubs are about to sign a partnership with the firm ConsenSys. This deal would allow the company to mint NFTs relating to the English championship. If the details have not leaked out, the NFTs should represent photos taken from league matches.
The newspaper also discusses the idea of a second deal in parallel with the first. This second partnership would be made with the company Dapper Labs This deal would allow Dapper Labs to create NFTs that represent videos. Again, no details were given but one can easily imagine that the NFTs will be used to immortalize certain key extracts from matches.
NFTs Have Everything To Succeed In The World Of Football
As we know, football clubs (like all businesses) have not been spared the economic consequences of COVID-19. Health policies have led to the cessation of certain championships (like in England). Then when they resumed, the clubs had to face strict limitations in terms of presence in the stadiums. All this led the clubs (already well indebted) to dig their coffers. So, is it any wonder that leagues are looking for new ways to generate revenue?
From then on, it was only a matter of time before a league as bankable as the Premier League turned to NFTs. The two agreements mentioned above should, for example, bring an amount of 434 million pounds sterling to the English league, or almost 520 million euros. Candy Digital and Sorare would also have been in the running but would be among the big losers.
NFTs didn’t wait for the Premier League to successfully break into football. Famous players like John Terry, Wayne Rooney, or Neymar have already taken up NFTs.