What started out as a sports betting platform, DraftKings is the latest company to also throw its hat, or should we say “crown,” into the ring of the NFT space. This publicly-traded company (DKNG on the NASDAQ) offers users the chance to enter daily and weekly fantasy sports-related contests.
Participants can win money based on an individual player’s performance in the five, major, American professional sports leagues, including Major League Baseball (MLB), the National Hockey League (NHL), the National Football League (NFL), the National Basketball Association (NBA) and the Professional Golfers’ Association of America (PGA).
Additional sporting events with the Premier League and UEFA Champions League (professional European soccer), NASCAR auto racing, Canadian Football League, the XFL, mixed martial arts (MMA), and tennis are also included on the platform.
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A Background in Betting
DraftKings began in August of 2018 as it launched its “DraftKings Sportsbook” in New Jersey. The launch made the company the first, legal, mobile sports betting operator in the state.
Since its start in New Jersey, DraftKings has grown. The company now has legal mobile apps for those seeking sports betting operations in Indiana, Pennsylvania, West Virginia, and New Hampshire, as of the time of publication. Other states are considering the new endeavor, and as they allow such betting, you can make a pretty safe bet DraftKings will be applying to spread there, too.
A DraftKings Account
Starting an account with the DraftKings sports betting, which will then also be used in your NFT ventures, as well, is free. Anyone over the age of 18 (though 19 in Alabama and Nebraska and 21 in Arizona, Iowa, Louisiana, and Massachusetts) can make the account. With a quick trip over to the site, https://www.draftkings.com/, you can click on the upper right-hand corner and “Sign In,” which will direct you to either log into an existing account or create a new one.
DraftKings Marketplace and More
While they are new to the NFT game, DraftKings has plenty of variety already offered on its homepage. One account connects users to use the traditional Sports Betting features, as well as online casino games, and Fantasy leagues.
Now that same log-in gets you into an NFT exchange, as well.
And Now? Draft King NFT
Its newest addition to the DraftKings family, the DraftKing’s Marketplace is, as many are of its kind, a space where unique pieces of sports-themed digital files come up for ownership. The site itself does drops of NFTs, but also allows them to be traded on other exchanges.
Operating with the traditional blockchain technology, the DraftKings Marketplace aims to take its wares far beyond betting and fantasy. With a distributed public ledger, the non-fungible token space is now running wild with new content coming out frequently from these sports betting giants.
So, what is a sports betting app doing in the NFT space? The same thing most people and corporations are doing alike: trying to make a buck.
Releasing unique sports tradable and collectible items, much like the famed NBA-owned Top Shot, DraftKings wants to cash in on this phenomenon while it lasts. How long that will be is anyone’s guess, but business is surely booming.
What Are You Buying?
Like most NFTs, nailing down precisely what it is you own can be confusing when you are just getting into the space. And, DraftKings’ collection of NFTs is a wide variety all on its own. From clips of classic college football games, to “signed” (remember, digital images and files) trading images, these NFTs are as unique as the players, teams, and coaches that inspired them.
As technology continues to change, so too do the forms of digital entertainment offered by way of the NFT. This versatility, where an NFT can represent nearly anything, means these marketplaces are still an emerging landscape, filled with possibilities.
This fact alone creates excitement among collectors, investors, and sellers, like DraftKings, alike. There is always room in the different aspects of the industry to continue to grow.
Drops of NFTs
The DraftKings NFT Marketplace announces active and scheduled drops on its own site. Drops are quickly snatched up by would-be owners and collectors, so it is wise to keep tabs on the exact timing of such a chance. Drops are likely the best chance you will have at obtaining a DraftKing NFT at the best price.
Users can enter the “line” for a chance to buy prior to the official start of a drop. By clicking “Join the Drop” within the app, you can be assigned a randomized number in the queue, dictating at which point you may enter to buy.
View and Store Your NFTs
In the DraftKings marketplace, your NFTs are stored under a tab called “Portfolio.” There you can see the items that you own (NFTs). That same portfolio tab will allow you to select NFTs you hope to sell on an open exchange.
DraftKings also operates a “secondary market” where users of the platform can buy, sell, and trade amongst themselves. This owned offering gives the company a chance to make some more money, but also offers a unique selling functionality few organizations selling NFTs think to offer.
The blockchain again offers not only security in the verification of ownership and authenticity, but also brings users together directly, with no middleman required to make transactions of NFTs.
Big Names and Sports and NFTs
Partnering with an organization called Autograph, DraftKings also hopes to combine autographed NFTs (yes, a digital autograph on digital art) in a drop scheduled to release in early 2022. With names like Tom Brady and Wayne Gretzky donning its lineup, it is likely a venture that will pay off for both DraftKings and its users. Drop times for these specialty items is also announced on the Marketplace pages.
Drops like the Autograph collection are rare, with very small and limited numbers of NFTs released in a batch. This exclusivity is created by a purposeful digital scarcity. If you want to own something unique, it should first be unique. Limiting the number sold throughout the entire globe means the value will increase by sheer economic principle.
A Future In Sports NFTs
Sites like the NBA Top Shot exchange have taught us there is clearly a market out there for sports NFTs. These unique collectibles may not sit on your shelf or on your dad’s desk, but they are meaningful and valuable to many just the same.
Fans across the world can enjoy access to these unique NFTs. And where the NFT stands in the future is truly anyone’s guess.
One thing is for sure: if you can continue to rope in names like Tiger Woods and Derek Jeter into not only approving of your product, and possibly becoming owners of NFTs themselves, but also allowing for likeness rights to be used in NFT creations, you are writing an entirely new story for the marketplace as a whole.
Customers are certainly interested, and DraftKings previously announced a plethora of new features on the horizon. From auction capabilities to public portfolios, and an ability to withdraw your NFTs (possible partnerships, anyone?), the site is just getting its feet wet in the big ocean of NFT exchanges. These extended capabilities are likely to grow an audience that is already perked its ears to the possibilities.
While the DraftKings’ sites and emails are a great place to start, if you truly want to keep your ear to the ground on the latest updates, changes, and new offerings, stay tuned into resources you trust, such as the informative articles offered through FLOLiO.
Our team is staying on the pulse of the cryptocurrency and NFT universe so that you can stay informed and on top of the latest and greatest in this ever-changing industry. Stay in the know, and continue your research. You never know when the next “big thing” is about to hit one out of the ballpark.