Boston, Saturday, August 03, 2024 – DraftKings is shutting down its non-fungible token (NFT) business, effective immediately. The sports betting giant cited recent legal developments as the reason for the decision.
The move comes after a federal judge allowed a class-action lawsuit against DraftKings to proceed, alleging its NFTs were unregistered securities. The company had launched its NFT marketplace and “Reignmakers” fantasy sports game in mid-2021.
DraftKings had initially seen strong interest in its NFT offerings, but the legal challenges and evolving regulatory landscape prompted the company to exit the market.
DraftKings’ NFT venture was a short-lived experiment. The sports betting giant launched its NFT marketplace and “Reignmakers” fantasy sports game in 2021, hoping to capitalize on the growing digital collectibles market.
DraftKings is a leading provider of daily fantasy sports contests and sports betting. The company offers a platform where users can compete for cash prizes by selecting real-life athletes and constructing fantasy teams. In recent years, DraftKings has expanded its offerings to include online casino games and sports wagering, positioning itself as a comprehensive digital gaming and entertainment company.
