DraftKings Lands NFL Non-Fungible Token Deal

DraftKings (NASDAQ:DKNG) is boosting its footmark in the prosperous non-fungible token (NFT) arena. The keep company announced today that it reached a deal with the NFL Players Association (NFLPA) to turn over come out “gamified” NFT collections.

The arrangement also includes OneTeam Partners, a unwaveringly specializing inwards name, image, and semblance (NIL) marketing and rights for athletes. OneTeam is the NFLPA’s licensing partner. The parties said the NFT collections testament debut on DraftKings Marketplace during the 2022-2023 NFL season.

The arrangement grants DraftKings licensing rights for active NFL players, including the reliable utilize of name, image, and likeness,” according to a statement.

The online sportsbook operator proclaimed the creation of DraftKings Marketplace inward July. The NFT is an rising digital plus class that’s generating considerable buzz, and i that many interested investors don’t live how to take part in. The weapons platform will also characteristic “curated NFT drops and supports secondary-market transactions.”

DraftKings Fast Becoming Credible NFT Player

One of the initial applications of the NFL NFTs to follow sold on DraftKings Marketplace is for customers to exercise the tokens inward games against apiece other on the platform. There will also live part buying and marketing functionality. From there, it’s “expected in that respect will follow a variety of NFT editions and tiers that integrated different aspects of public utility company and digital scarcity.”

Analysts view NFTs as a raw(a) market for DraftKings, noting it could live a revenue diversification tool for the company. When the manipulator proclaimed its NFT market place before this year, it also revealed a partnerships with Autograph, an NFT collecting political platform co-founded by Tampa Bay Buccaneers quarterback and seven-time Super Bowl prizewinning Tom Brady.

Autograph has cognitive content accords with moving-picture show studio Lionsgate, as comfortably as NFT deals with Tiger Woods, Anthony Wayne Gretzky, Derek Jeter, Naomi Osaka, and Tony Hawk.

NFT’s interlock with the company’s efforts to turn a digital sports and entertainment monolith, not just a betting operator.

DraftKings Betting on NFT Growth

Sports betting is a hyper-competitive business sector requiring massive cash outlays to simply acquire customers. That often forces operators to endure extended periods of no profitability. Thus, DraftKings’ ahead of time go into NFTs could prove prescient. Data confirms the marketplace is growing at an exponential rate.

The securities industry for NFTs bang new highs in the indorse quarter, with $2.5 1000000000 inwards sales so far this year. This is almost 20-times more than the $13.7 gazillion inwards the world-class half of 2020,” says Nigel Greene, chief executive director and beginner of deVere Group.

The DraftKings/NFLPA testament live powered by the cryptocurrency Polygon, with which the gaming companionship previously proclaimed an agreement.

The purpose of the Polygon accordance is “to ply a scalable, eco-friendly blockchain result that enables added throughput, let down dealing fees, and expanded capabilities,” according to DraftKings.