DraftKings NFT Plans Spur Interest in Cryptocurrency Polygon
DraftKings’ (NASDAQ:DKNG) latterly announced non-fungible token (NFT) plans are stoking increasing interest group in Polygon, a previously unheralded cryptocurrency.
In July, the sportsbook manipulator proclaimed the creation of DraftKings Marketplace, which features “curated NFT drops and supports secondary-market transactions.” At that time, DraftKings said its NFT weapons platform is partnering with Autograph, an NFT collecting program cofounded past Tampa Bay Buccaneers quarterback and seven-time Super Bowl hero Tom Brady.
Transactions on the political program are conducted in Polygon, which is based on the ethereum blockchain. When DraftKings announced a partnership with Polygon inward October, the digital asset ranked 21st past securities industry time value on the list of cryptocurrencies. Today, it’s upwards to the 14th spot, with a market place capitalization of $19.91 billion, indicating the relationship with DraftKings is perhaps generating young involvement inward the digital token.
Data Confirm Polygon Interest
Some data points sustain traders are embracing Polygon.
Seeking Alpha readers got excited almost the enlargement of the NFT market place last week. Bolstered past its involvement in a trade with the NFL players’ union, Polygon became 1 of the most-added cryptocurrencies, according to an analytic thinking of portfolio additions and deletions,” reports the financial tidings and investing blog.
Polygon’s add-to-remove ratio among Seeking Alpha readers is five-to-one, significance far more investors on that political program are embracing the digital plus than are parting shipway with it.
DraftKings’ confederation with Autograph could be component of the understanding Polygon is generating buzz. Not just now the collectibles company backed past Brady, it has cognitive content arrangements with picture studio Lionsgate, as easily as NFT deals with Tiger Woods, Duke Wayne Gretzky, Derek Jeter, Noemi Osaka, and Tony Hawk.
Further bolstering its NFT efforts, and potentially Polygon inwards the process, earlier this month DraftKings announced an accord with the NFL Players Association (NFLPA) earlier this month to hand out NFT collections of stream players.
Proof Is in Polygon Pudding
It’s clear-cut the DraftKings human relationship is having some impact on Polygon. On Dec. 13 – the daylight the NFLPA trade was announced – the cryptocurrency traded around $1.76. At this writing, it goes for $2.77.
When the partnership with the gaming companionship was made public on Oct. 18, Polygon traded around $1.52. The digital item has tripled inwards economic value since late July.
“Polygon solves painful sensation points associated with blockchains, like mellow gaseous state fees and slacken speeds, without sacrificing on security. This multi-chain system of rules is akin to other ones, such as Polkadot, Cosmos, Avalanche etc.,” according to the token’s developers.
The asset looks to shell those rivals by fully leveraging the ethereum’s web effects, piece beingness more powerful and secure.