By announcing its desire to sign a £30 million annual deal with a new provider, the English Premier League has taken a major step toward realizing its goal to hawk crypto tokens to supporters.
According to Sky News, the league was intending to launch the system with New York-based software firm ConsenSys, but will now meet with its 20 teams to discuss the proposed new relationship with French start-up Sorare.
After the price of NFTs dropped, ConsenSys allegedly attempted to renegotiate the terms of the nearly agreed upon contract, but Sorare has since jumped in with a more lucrative offer.
Sorare, which is sponsored by French footballer Kylian Mbappé and Japanese tech investor SoftBank, may soon be working with the Premier League to create NFTs based on still photos.
It was claimed earlier this year by The Athletic that the Premier League was planned to divide its NFTs into two distinct types: still photographs and videos. Dapper Labs, maker of NBA Top Shot, was possibly slated for video responsibilities, while ConsenSys was originally brought on to handle the stills (a duty that will now be filled by Sorare).
In March, ConsenSys and the Premier League were said to be negotiating a deal worth up to £400 million spread out over four years.
After the NFT market crashed in June, however, the transaction had to be drastically revised.