DraftKings’ NFT Marketplace Might Be Its Smartest Move — Here’s Why

On Aug. 10, 2021, DraftKings (NASDAQ:DKNG) opened up its online marketplace with the launch of numerous Tom Brady non-fungible tokens (NFT). In today’s video, I share how this marketplace can increase DraftKings user growth. Here are some highlights from the video:

  1. DraftKings Marketplace allows users to buy and sell digital collectibles. DraftKings is expected to create digital collectibles across sports, entertainment, and culture markets, bringing a wide range of users to its platform. The marketplace is straightforward to use, even for those with little knowledge of digital collectibles. 
  2. To be able to use the DraftKings marketplace, the user must have a DraftKings account. Now DraftKings will be able to cross-sell the user on other services like its online casino and sports betting since the account purchasing power is connected. 
  3. DraftKings continues to expand its user base through acquisitions. On Aug. 9 DraftKings entered an agreement to acquire Golden Nugget Online Gaming (NASDAQ:GNOG). DraftKings also recently acquired Scarcity Labs. Scarcity Labs is a small Canada-based company focused on blockchain technology that DraftKings will use to support its marketplace advancement. 

Click the video below for my full thoughts and analysis. 

*Stock prices used were the after-hour prices of August 11, 2021. The video was published on August 11, 2021.

 

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.


View more information: https://www.fool.com/investing/2021/08/12/draftkings-nft-marketplace-might-be-its-smartest-m/

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