The German Bundesliga Football League joins the NFT bandwagon after studying the market for the past 18 months as it signed a deal with Sorare so let’s read more in our latest cryptocurrency news today.
The German Bundesliga Football league joined the growing list of sporting leagues that were taking the time to invest in NFTs and its commercial division, announced a 2-year partnership with football-focused NFT platform Sorare and sports collectibles company Topps. Sorare has been endorsed by famous football players like Gerard Pique and Antonie Griemann as a part of the strategic investors as it has been bullish in the past few months with its other commercial partnerships that were positioned in the number NFT platform for football.
The platform raised about $650 million from SoftBank-led Series B funding round and also has a fantasy football game that is built on the Ethereum blockchain so other players can assemble a team by purchasing digital trading cards of the football players. These digital cards are ERC 721 NFTs and can be verified on the Ethereum blockchain. Bundesliga International’s partnership with Sorare came about 18 months of intense study and analysis of the NFT market so it now decided to have a short-term deal that will allow it to further monitor and understand the market as it grows more mature. The chief executive of Bundesliga, Robert Klein said this during the Sports business NFT Webinar.
The partnership with Sorare will see the platform sell digital cards of the players in Bundesliga and by the time the two-year deal expires, Klein believes that there will be more information available so the league will be able to explore the best possible commercial model. Apart from partnering with Sorare, Bundesliga upgraded its deal for physical collectibles with Topps. Topps has already established itself in the physical sports collectibles sector that ventured into the NFTs and will release the digital cards of players throughout the season. This is not the first partnership involving the NFT space and the sporting world as FC Barcelona announced a new partnership with the NFT marketplace but the deal was later canceled.
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