Shares of DraftKings (NASDAQ:DKNG) stock are getting a boost on Wednesday after the company announced a major business move.
Collectively, the digital sports entertainment and gaming company is now entering the non-fungible token (NFT) game with its own NFT marketplace. That said, this seems like a prime time for DraftKings to enter the market of these digital art pieces. Why? NFT sales skyrocketed in the second quarter of 2021 to reach $2.5 billion so far this year. This is up from only $13.7 million during the first half of 2020.
That said, what’s the DraftKings and NFT news? Let’s dive in and find out.
- Overall, DraftKings “revealed plans to launch DraftKings Marketplace, a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions.”
- In turn, consumers will be able to buy, sell and trade different types of digital items via the DraftKings platform.
- Additionally, according to the release, “DraftKings Marketplace will also be the exclusive distributor of NFT content from NFT platform Autograph, which leverages official licensing of prominent athletes and celebrities to provide a wide array of digital collectibles.”
- Moreover, the first available items on the DraftKings Marketplace will be the “Pre-Season Access” collection, featuring a number of top-tier items.
With the news, here is what Matt Kalish, DraftKings co-founder and president, had to say about the DKNG stock news.
“The NFT boom has reinvented the collectibles industry and driven excitement to early-adopting audiences worldwide — including the DraftKings community. DraftKings Marketplace will sit at the center of this technological and cultural phenomenon, providing our immense existing customer base with an easily accessible experience that rivals all legacy marketplaces.”
DKNG stock was up 6.5% as of Wednesday afternoon.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Nick Clarkson is a web editor at InvestorPlace.