DraftKings (NASDAQ:DKNG) has joined the NFT game and plans to launch its own marketplace for digital collectibles, aptly called the “DraftKings Marketplace.” As a result of this announcement, DKNG stock popped over 5% today.
The potential for this marketplace is huge.
DraftKings has numerous partnerships that will enable them to offer digital collectibles of famous athletes and celebrities.
And as interest in digital collectibles grows among the mainstream crowd, DraftKings will be able to increasingly leverage these partnerships to bring additional content to its ecosystem.
NFT Interest Is Picking Up Again
Yes, the hype surrounding NFTs has faded some since Beeple’s record-breaking $69 million NFT sale and the decline in interest in other notable projects such as NBA Top Shots.
But this downswing is temporary, and it won’t be long until NFTs once again take over on a broader scale.
What we saw earlier this year was a whole lot of people entering the space who were interested in capitalizing on the unprecedented crypto hype and making a profit. These people were not interested in the art or the technology behind digital collectibles so much as making a quick buck.
But as legitimate companies continue to flock to the digital collectible space, the future looks more NFT-friendly than ever.
Even famous contemporary artist Damien Hirst believes art as NFTs will likely outlast physical art and art galleries. A lot of art is already digital these days, why not add additional functionality to these digital works of art that benefit creators and collectors alike?
And on top of that, there’s a work of art with the potential to beat Beeple’s record and sell for even more — and it’s signed by legendary Ethereum co-founder Vitalik Buterin. The NFT goes up for auction in a little over a week.
The Bottom Line on DKNG Stock
The NFT market will boom again. There’s no doubt about that.
And many investors are clearly already on board, which is why DKNG stock rose today.
As artists increasingly warm up to the idea of creating digital art, and as consumers become more comfortable with the idea of “owning” digital art, the NFT market will explode once again.
And DraftKings is now in an incredible position to benefit from that boom.
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On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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