One of America’s leading daily fantasy sports operators, DraftKings, is taking a giant leap forward this week as it moves into getting a non-fungible token (NFT) space.
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This announcement comes as part of the DraftKings Marketplace and these NFTs will work alongside the DK Dollars - DraftKings’ own cash-equivalent currency used solely for their site and betting through them. These DK Dollars are cash-equivalent site credits that you can use for entry into any real money contest on the site, but are greatly different to NFTs, so don’t get them mixed up.
What is a Non-Fungible Token?
The Boston-based gaming company, Autograph, is set to join as an exclusive partner of DraftKings for this newly launched NFT startup. Autograph was co-founded by quarterback Tom Brady and they have had previous or current deals with top American athletes from a variety of sports such as Derek Jeter, Tiger Woods, Tony Hawk, Naomi Osaka and Wayne Gretzky.
But what is a non-fungible token? Simply put, an NFT is a unit of data that gets stored on a digital ledger, known as blockchain. This makes this unit of data a certification as a digital asset that ultimately becomes interchangeable.
So, what does this mean NFTs can bring you? Effectively, NFTs can be used to collect things such as videos, photos and audio, or any other digital files, however, access to the original file of the copy is not restricted to just the buyer of this specific NFT.
Now, in 2021 this digital asset class that was once unheard of has begun to create a lot of discussion and hype, which tends to happen when it’s co-founded by arguably the greatest footballer of all-time. However, it is a tricky one to navigate around and many investors don’t know how to participate, so, what can you get from an NFT?
As stated, NFTs are classed as a digital entity, such as art. Previously, some incredibly hefty price tags have come from an NFT and this will seemingly continue as a popular trend as cryptocurrencies grow also. Not too long ago, an artist known as Beeple had his art sold for more than $69.3 million at an auction through Christie’s, which is now used as an NFT. This was the first of its kind and by no means, the last.
When Will This Come Into Play?
As of now, the NFT marketplace is not scheduled to start on a specific date, which means we could be waiting for a few weeks or months. However, DraftKings’ co-founder, Matt Kalish, stated that the platform will be “debuting later this summer,” which means it could be just over the horizon.
