A bit of a history of the product
How it launched and how it works
So at DraftKings always want to provide what’s best for our customers, so they looked at their skin the game sports fan and customers and really saw that they were either participating in NFT space or interested in the NFT space, so from this data, they saw, it was really important to expand our offerings and launch new vertical.
But also what was clear that some of the competitors that we traditionally talk about weren’t venturing into the web 3.0 space yet, so DraftKings knew they would be very unique in the market to have sports betting daily fantasy casino and an NFT marketplace, and now NFT games which we’ve announced throughNFLPA partnership.
So we’re now really sitting at the intersection of web 3.0 in the culture of sports bringing curated content for our customers and this is an offering that we knew no one else would provide so we really were really excited about the opportunity.
So we launched marketplace around July-august 2021 timeline, having a core group of probably 10 engineers, three product people, two designers at that point two-three operators mega newer team and obviously a lot of businesspeople working overall on the marketplace, it was a huge effort, the team worked on that for like two months.
This was a quick turnaround to be one of the first to get to the market in terms of sports, entertainment, and NFTs, which was done.
So far DraftKings has been running a marketplace for six-seven months and had plenty of drops, usually a few two drops a week, and it was a huge success, they generated a lot of revenue and great user engagement, and because of that users of Draftkings are interested in NFTs in that space, there is a good cross-selling opportunity for the company.
Why would somebody want an NFT?
This is a very unique opportunity for the first time probably in the sort of history of the digital world where users can own a part of a favorite athlete or object like anything that athletes work with a piece of art music really anything right and this type of engagement is first a new experience and second, it provides you with a unique opportunity to own something that is special and scarce.
So you won’t find another version of it anywhere.
A good example is can be a favorite NFL game or a part of an NBA moment that you like can be sports non-sports-related so it really creates this unique bond between you as a customer consumer and an athlete or any real celebrity.
When you actually look before blockchain technology there’s always been a lot of excitement and novelty in the culture around owning something rare, something special. Maybe it’s a rare piece of art some type of rare collectible and you see a lot of that translating into this space, because non-fungible stands for completely unique so cannot be copied or duplicated or interchangeable.
So customers are really excited about owning something unique and rare and that scarcity can create value in a market.
But then on top of that, the ownership piece can be certified through blockchain technology, so being a certified owner of something is really exciting and that means that you can hold on to that collectible, because maybe you’re passionate about it represents your identity or as an owner you can choose to resell it.
That uniqueness and ownership are two really exciting parts of this technology, it’s exciting for artists, for the creator economy, if you’re an artist now because of the technology that goes along with smart contracts you can actually have a piece of the sale potentially if you attach a royalty to it so over time as these collectibles are trading you can still have a part of that is the original artist so it’s a really exciting opportunity for the art community.
People on tick-tock or artists or creators talking about how they created their own a unique piece of work and their journey and all of that stuff and it is so cool to see the growth of something like that and especially for sports fans to sure hold on to some of that is really really unique.