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Premier League may partner with crypto platform to sell NFTs

Several Premier League clubs already have their own sponsorship deals with crypto platforms.

The Premier League is considering is about partnering with a cryptocurrency platform to sell NFTs, in a “slow and cautious” move into the sports NFT space.

According to the Premier League, several of its clubs already have their own sponsorship deals with crypto platforms, which provide a much-needed revenue stream to recover some of the 1.4 billion that the clubs lost last year, the biggest collective loss in league history.

A new study by Deloitte projects Sports NFTs to generate over $2 billion in transactions in 2022 with roughly 5 million sports fans purchasing or receiving NFTs.

The NFTs’ meteoric rise led to a number of major deals and investment rounds in sports this year.

In September, New York Mets owner Steve Cohen’s venture fund Digital led a $50 million Series A funding round for Recur, an NFT platform now valued at $333 million.

Meanwhile, the NFL and NBA Top Shot creator Dapper Labs announced an NFT marketplace.

In October, Fanatics-owned NFT platform Candy Digital completed a $100 million Series A round to push the company’s value to $1.5 billion.

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