DraftKings that is listed on the NASDAQ under the symbol DKNG is now making further inroads in the cryptocurrency market. In an announcement that was released on October 18, 2021, the online casino operator announced that it was partnering with Polygon in order to support debuts on non-fungible tokens (NFTs). These NFTs would be debuted on the marketspace of DraftKings.

DraftKings Marketplace

The marketplace that was recently launched currently has curated NFT drops. It supports transactions in the secondary market. The marketplace partners with Autograph. This platform was co-founded by Tom Brady, quarterback of Tampa Bay Buccaneers, and is an NFT collecting platform. Tom Brady is also a seven-time champion of the Super Bowl.

The relationship is significant because there is an arrangement between Autograph and Lionsgate, a movie studio. Autograph also has NFT deals with Wayne Gretzky, Tiger Woods, Naomi Osaka, Derek Jeter, and Tony Hawk.

Polygon is based on the Ethereum blockchain. The casino operator helps expand digital token capabilities as well as throughput. According to a statement that was released the online casino operator has the option now to contribute to the governance at Polygon. The online casino operator is a validator node that has its own stake pool. This will help it secure the network.

The timing of the announcement is significant. It comes in the wake of the appreciation of Bitcoin by eight percent last week. Bitcoin is the largest digital currency when market capitalization is considered. Polygon is at number 21 in terms of market capitalization but has risen 18% over the same time period.

The online casino operator is a young company. Its clientele includes young, crypto-savvy investors. The enthusiasm of the company towards cryptocurrency as well as NFTs is not a surprising event.

Regulatory approvals

Even though it could take some time for the regulatory authorities to approve gaming companies to accept payment in terms of digital currency, the agreement between the online casino operator and the cryptocurrency company has hastened the entry of the online casino operator into NFTs as well as cryptocurrency.