DraftKings is undoubtedly the king of sports betting in the United States, enjoying official partnerships with the National Football League (NFL), Major League Baseball (MLB), National Basketball Association (NBA), and several others. With the rise of NFTs in sports and entertainment, the company is working to become the king of sports non-fungible tokens, and has already had some success at doing so.
Earlier this year, the company partnered with Autograph, an NFT company launched by Tom Brady, to release a collection of tokens featuring the all-time great quarterback. As you could imagine, the collection sold out nearly instantaneously.
Most recently, the company launched another smash-hit collection of NFTs featuring Rob Gronkowski, tight end for the Tampa Bay Buccaneers, yet another collection that sold out quite quickly.
Nonetheless, the company plans on taking things to the next level with a new partnership with Polygon.
DraftKings Partners With Polygon
Building on the success the company has had in the NFT industry, DraftKings said it partnered with the Polygon network, setting the stage for the company to contribute to the network.
So, what’s Polygon?
Polygon is a NFT marketplace infrastructure company that uses layer-2 scaling technology. As a pioneer in the space, it is the most qualified network for handling large loads of transactions nearly instantaneously, which is why it has been used by some of the largest projects in the NFT space. In fact, the network is so robust that it will play an integral role in the Coinbase NFT marketplace that’s set to launch soon. After all, Polygon is Coinbase’s official scalability partner and one of the most scalable networks available today.
The fact that DraftKings partnered with Polygon shows just how strategic the sports betting network is. After all, it’s a sign that DraftKings knows who the players are in the market and is b-lining straight to them to build out a quality platform.
Not only will the adoption of Polygon allow DraftKings to build out a scalable marketplace with tools to make navigating the NFT world easier for users, it will also drive awareness within the vast Polygon community, making the partnership far more than an operational partnership, it’s a marketing ploy.
DraftKings’ Marketplace Is Expected to Be Different
One of the most interesting things about the fact that DraftKings is getting into the NFT industry is the difference in how these tokens are paid for. As we’ve seen with the sports-related collections the company has already dropped, and seen strong success with, users will be able to buy the tokens with cryptocurrencies, just like they can anywhere else.
However, most marketplaces don’t allow NFT sales using fiat currency. That’s where DraftKings is different.
All of the NFT collections it has dropped could be purchased using USD, which greatly expands the audience. Think about it, you’re a Football fanatic that loves Tom Brady, but you’re not sure about cryptocurrency and not interested in investing in it. If you had to use cryptocurrency to purchase a Tom Brady NFT, you’d be far less likely to do so than if you could purchase the same NFT using cash money.
So, DraftKings is building out something that’s quite impressive and providing it to a large audience that otherwise wouldn’t purchase these digital collectibles.
The Commercial Viability of NFTs Is Hard to Ignore
While DraftKings is taking non-fungible tokens to the next level, it’s not the only major brand that sees promise in the industry. Recently, we’ve seen several major corporations diving in. Some of the top companies include Visa, Louis Vuitton, and ViacomCBS. Not to mention, the premier scotch whisky maker, Glenfiddich also recently announced the launch of a super rare scotch that will take place completely on the blockchain.
Ultimately, this is a great thing for NFT and blockchain enthusiasts.
Think about it, as more and more major companies jump on the bandwagon and push these tokens to their audiences, demand for them is only likely to continue on an upward trend. Of course, as the law of supply and demand tells us, increased demand will ultimately relate to increased prices, meaning that the collectors that get in early will benefit greatly as the industry grows.
The Bottom Line
The bottom line here is simple. With the largest sports betting company in the United States diving into non-fungible tokens, we’re likely to see a massive marketplace met with incredible demand hit the tape relatively soon. Moreover, as more and more big brands dive in, the community as a whole will benefit.