NBA Enters Into A Partnership With Sorare For Fantasy NFT Game
- NBA has signed a new partnership deal with the renowned Ethereum-based NFT platform Sorare to work together on a brand-new, officially licensed, free-to-play digital collectible-based fantasy basketball game.
- This is a multiyear partnership that makes Sorare the Official NFT Fantasy Partner of the NBA.
The North American professional basketball league, the National Basketball Association (NBA) has solidified its position in the crypto space and expanded its Web3 presence with a new partnership.
According to a recent announcement, the NBA has signed a new partnership deal with the renowned Ethereum-based NFT platform Sorare. The two will work together on a brand-new, officially licensed, free-to-play digital collectible-based fantasy basketball game that will debut this fall for the NBA’s 2022-23 season.
The press release reveals that the game will offer fans a “new opportunity to interact with the league and compete through a unique fantasy gaming experience that offers users the ability to create a lineup of NFT-based digital collectibles representing their favorite players and teams to earn points based on the real-life performance of NBA players.”
Though neither of the two entities has disclosed terms related to the multiyear deal, the NBA is targeting Europe and Asia for the new product as Sorare has a massive growth possibility in these regions.
“Our partnership with Sorare will give NBA fans an entirely new way to engage with our teams and players. With Sorare’s emerging NFT fantasy platform, we see significant opportunities to broaden our community of fans and grow NBA basketball around the world, “NBA Commissioner Adam Silver commented on the new deal.
Sorare’s expansion and healthy competition
Sorare, which will be carrying the new gameplay experience for its 2 million registered users across over 185 nations, marks its third partnership with a United States sports league, signaling the company’s massive expansion plans in the U.S.
Sorare began in European football, fusing the ideas of NFTs and fantasy sports. The platform has developed a good reputation with a number of teams and is the market leader in creating Blockchain-based fantasy sports. Sorare’s football league now includes around 300 clubs from a variety of sizes and geographic locations.
The platform entered the American sports world for the first time this year when it partnered with Major League Baseball. Baseball’s 30 major league teams were given full IP access as part of the agreement, and a fantasy-style competition is expected here as well.
Notably, Sorare is also working with the NFL to release another fantasy-inspired NFT game called ‘Rivals.’
“The NBA has been at the forefront of digital experiences and collectibles, and our game gives basketball fans the ultimate sports entertainment experience, where they can play like a general manager, own their game, and foster real-world connections, “NFT platform’s co-founder and CEO, Nicholas Julia, commented on the new partnership with the NBA.
While Sorare continues its expansion, rival platforms like Dapper Labs are also taking the same path. The recent partnership deal might create healthy competition, which would motivate the latter to expand its presence in the sector beyond its recent partnership with Ticketmaster.