After the NFT craze that we saw earlier in 2021, DraftKings set out to make their own marketplace in the space. Well, as NFL season approaches, DraftKings has officially unveiled and released their brand new product. You can find the DraftKings Marketplace when you head over to the website or any DK application. DraftKings now has four platforms to choose from, Daily Fantasy Sports, Sportsbook, Online Casino, and Marketplace.
According to DraftKings, “…millions of customers will have the ability to seamlessly buy, sell and trade digital collectibles across sports, entertainment, and culture using their existing DraftKings account. Additionally, as part of a new strategic relationship, DraftKings Marketplace will also be the exclusive distributor of sports-related NFT content from NFT platform Autograph, which leverages official licensing of prominent athletes and celebrities to provide a wide array. Of digital collectibles.”
What Is An NFT?
First things first, NFT stands for “non-fungible token,” and they live on Ethereum blockchain, which is a cryptocurrency. They are essentially just digital piece of art and/or music. The art is included with an NFT that shows ownership of an original, which differs it from someone just copying and saving the artwork on their desktop. Some are also numbered, where you could own the 4th trading card out of 500, where it is then worth more due to the lower number.
How It Works & Initial Drops
The DraftKings Market will remind you a bit of the NBA’s Top Shots. The marketplace will carry drops and claims to have five drops a day. You can wait in a virtual line in an attempt to get these NFTs that will be placed into your DraftKings account. On the platform, there will be a public market to buy and sell NFTs from other users.
The first drop that DraftKings is featuring is a Tom Brady NFT. The price for these drops ranges from $12 to $1,500 for the “Tomy Brady Ruby Signed,” which is part of the Preseason access collection. The NFT does not seem to be anything that we have not seen before, as it features a simple autograph card in the form of a video.
You must be a DraftKings user to purchase and also be verified. Funds also should be in your account before you are brought to the purchase screen. You can access the NFT Marketplace in the top navigation.
What To Expect
Much like the price range of NFTs, the interest levels fluctuate drastically. There is a crowd that is heavily involved in NFTs and the digital art scene, but the more casual crowd might be tougher to capture in terms of interest. A Tom Brady signed NFT is starting at $1,500 for the max level, which will attract some but for $1,500 might be better spent trying to attract instant earnings on their daily fantasy or sportsbook platform.
NFL has yet to have a massive NFT site as the NBA has with Top Shots. If DraftKings becomes the major market for NFL NFTs, they will have a decent stronghold. If not, this market will likely be something secondary for DraftKings overall. This could also lead to more rewards being NFTs for specific daily fantasy contests and rewards for their sportsbook.