DraftKings Launches New NFT Series in Advance of NCAA Tournament

DraftKings is capitalizing on the NCAA Tournament to introduce a unexampled railway line of non-fungible tokens (NFTs).

The Boston-based gaming keep company said today it rolled out the Primetime NFT Series — its 1st all-in-house NFT collection. Primetime NFTs will follow sold on DraftKings Marketplace, which the sportsbook manipulator launched last-place year.

Collectors holding all VIII editions of the 2022 College Hoops Collection next the title gamy will live airdropped a 9th commemorating NFT as a pay back for collecting the replete(p) set, and this airdrop will give collectors precedence access to the next Primetime NFT Series drop,” according to a statement issued by DraftKings.

The NFT is an rising digital plus class that’s generating considerable buzz, and unity that many interested investors don’t cognise how to take part in. DraftKings Marketplace also features “curated NFT drops and supports secondary-market transactions.”

March Madness NFTs Have Gaming Angle

DraftKings is leveraging the young NFT set in motion as an boulevard for attracting bettors to its day-after-day phantasy sports (DFS) and online sportsbook offerings.

With each free fall inward the unexampled NFT collection, buyers receive DK Dollars, which can follow used as credits toward DFS, sports betting, and “across all parts of DraftKings’ digital sports amusement and gaming ecosystem.”

“Eligible holders can buoy utilise their 2022 College Hoops Collection NFT rewards to localise bets and go in pools, brackets, or fantasy contests,” according to the company. “There testament also be scoop one-of-one (1/1) editions of all viii collectibles, which testament be auctioned off at the same time using DraftKings Marketplace’s lately launched auction bridge platform.”

Some analysts look at NFTs as a small though a viable contributor to the broader DraftKings investment thesis. Sports memorabilia is a $10 billion-plus industry, and as more of it goes digital, NFTs could surge inwards popularity.

Adding to its NFT thesis, DraftKings said utmost December it reached a business deal with the NFL Players Association (NFLPA) to rove out “gamified” NFT collections.

Good Tournament Timing for DraftKings NFT Launch

The impact on its whirligig and merchant ship lines remains to be seen. But DraftKings’ conclusion to undulate out an NFT series related to the NCAA Tournament could establish fortuitous.

With more states than ever permitting regulated sports wagering, Mar Madness 2022 is forecast to generate track record betting handle. Roughly 45 billion American adults project to wager $3.1 one thousand million on Mar Madness this year, according to the American Gaming Association (AGA).

Additionally, DraftKings 2022 College Hoops Collection will attend to as a jumping-off point for similar NFT launches around upcoming major sporting events. DraftKings didn’t mention specific competitions that could be leveraged for NFT drops.