DraftKings NFTs Partnership Puts Polygon Crypto, DKNG Stock in Focus
InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe DraftKings NFTs partnership with Polygon is a big deal, as it will help the company continue to grow its...
DraftKings (NASDAQ:DKNG) is showing no signs of wavering as the dominant force in the sports betting market. The company is continuing to secure partnerships and bolster its portfolio of services. Earlier in the year, its foray into non-fungible tokens (NFTs) proved very lucrative; now, with a new partnership, DraftKings NFTs are taking things to the next level.
NFTs are a white-hot item right now, with companies and celebrities left and right looking to unveil a collection of tokens. However, not many companies have been doing things quite as strategically as DraftKings has within the NFT space. Early in the year, it partnered with Tom Brady’s NFT company, Autograph, to release a capsule collection of tokens featuring the all-time great quarterback; of course, these tokens sold out almost immediately.
It is continuing this momentum with a series of week-long collections featuring new athletes with each collection; most recently, it is featuring Brady’s teammate Rob Gronkowski. Most notable about the tokens is the fact that no crypto is required to make a purchase; DraftKings sells their NFTs with USD only. This makes buying less of a hassle for those who are not familiar with crypto but want a token regardless.
DraftKings NFTs Now Bolstered by Polygon Network
In keeping up with its trend of impressive growth in the NFT space, DraftKings is announcing a partnership with the Polygon (CCC:MATIC-USD) network. The DraftKings NFTs partnership doesn’t just stand to improve the company’s marketplace, either; rather, it also will provide DraftKings with an opportunity to contribute to the Polygon network.
Polygon is seen as one of the most appealing options for an NFT marketplace looking for infrastructure. Its layer-2 scaling technology makes it one of the most apt networks for handling large loads of transactions at one time. In fact, the network is so apt, its fans are swirling with rumors right now regarding Coinbase’s (NASDAQ:COIN) incoming NFT market. Polygon is Coinbase’s official scalability partner, and one of the most scalable networks at a company’s disposal; thus, many expect Polygon to underly the second-largest crypto exchange’s NFT market, which stands to drive huge numbers of sales.
DraftKings is proving its strategic aptitude within this space once again with its Polygon partnership. The effort proves that DraftKings knows exactly where to go for support within a space that other brands are only just figuring out; announcing a partnership of this magnitude makes DraftKings look very good. Polygon’s assistance will additionally help DraftKings continue to grow the capabilities of the marketplace in both scaling and what tools it will be able to offer users.
The partnership will also give the company more clout within the Polygon community. DraftKings stands to be a force within the network now; its partnership also gives the company governance power on the network. Additionally, it has the opportunity to act as a network validator. This gives the company the power to produce new blocks on the chain.
On the date of publication, Brenden Rearick 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.
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