The recent spike in popularity of non-traditional assets (NFTs) has led to the establishment of new markets that offer services related to the trading of NFTs. DraftKings’ New Fantasy Sports Marketplace stands out as one of the most intriguing of the recent entrants. Many sports fans are becoming enthusiastic collectors of non-fungible tokens, as they are obsessive hoarders of sports memorabilia such as trading cards, autographed goods, and other collectibles. DraftKings has grown to become one of the most successful online marketplaces for sports NFTs.
In this article, we will examine the DraftKings NFT Marketplace in great detail, contrasting its many pricing and features before moving on to discuss how one can purchase an NFT on DraftKings right now. DraftKings is a New Fan Trading (NFT) Marketplace that sports fans should find enjoyable and find tailored to their interests. DraftKings has also set the goal of making the investment procedure as simple, beginner friendly, and cost-effective as is possible.
A Brief Overview of the DraftKings NFT Marketplace
How is the blockchain actually put to use? The Ethereum blockchain is what powers the DraftKings platform. However, at this time it will only accept payments in actual money or fiat currency.
What are the costs involved? On secondary sales made through the DraftKings Marketplace, the content creator is entitled to a royalty charge. The amount of this fee is determined by the content producer and varies depending on the collection. All secondary market transactions involving Autograph NFTs result in a royalty fee of 10%, which is a predetermined amount.
DraftKings also receives a secondary market processing charge of 5% for every transaction of an NFT’s secondary market on the DraftKings Marketplace. This fee covers the cost of processing and managing the secondary sale on the Marketplace.
Pros
• Welcomes business from consumers based in the United States
• Provides attractive bonuses and incentive programs
• Competitions for daily fantasy sports (DFS)
• Prompt payouts and the ability to cash out early
• Competitions have the potential to attract a big number of participants
Cons
• At this time, not all states in the US have accepted
• An intricate points and rewards system
• Newer online sportsbooks
• There is a restricted choice of banking services available
Should You Use the DraftKings Marketplace? [Recommendation] Regarding its NFT marketplace, we believe that DraftKings has done an outstanding job overall. It is an excellent site to exchange sports memorabilia, but if you’re trying to buy or sell artwork, gaming avatars, or other kinds of non-fungible tokens, your options are more limited here than they are on the finest non-fungible token marketplaces.
What exactly is meant by the term “DraftKings Marketplace”?
DraftKings is a daily fantasy sports juggernaut, an American sportsbook, an internet casino, and as of 2021, a non-traditional sports betting marketplace. The company was founded in 2012. The entire globe was up in arms when DraftKings made the announcement in July 2021 that it will be launching its very own NFT (non-fungible token) ecosystem called the DraftKings Marketplace.
You are able to join upcoming NFT drops while you are waiting in a waiting area, and new sports NFTs are announced on a regular basis.
DraftKings has a page that lists upcoming NFT listings along with the expected dates for those listings, much to our NFT calendar.
However, at this time, the DraftKings NFT marketplace will only take traditional real-money payments in fiat currency. Ethereum is the platform on which the DraftKings marketplace is built. Because of this, obtaining cryptocurrencies for the purpose of purchasing NFTs does not require the use of crypto brokers, and the transaction can be finalized in a variety of currencies including USD, GBP, EUR, and others.
Because users are able to trade and sell the NFTs they have already purchased, the DraftKings Marketplace also functions as a venue for flipping NFTs. DraftKings is focused on bringing a wide variety of customers to its platform, including those who are interested in sports, entertainment, and culture. Even for individuals who have never dealt with digital artifacts before, the marketplace is straightforward and easy to use.
DraftKings Offers a Wide Variety of Different NFTs to Choose From
DraftKings took their first real step into the world of non-fantasy trading cards (NFTs) with the release of their “Pre-Season Access” non-fantasy trading card collection. This collection featured non-fantasy trading cards of iconic players drawn from Autograph’s pool of talent and partners, and it also gave fans the opportunity to obtain priority access to future non-fantasy trading card releases pertaining to sports.
This was the very first item to become available on the DraftKings Marketplace to be purchased with USD. The DraftKings Marketplace is a platform for secondary sales that gives users the ability to buy, sell, and trade digital assets that they have acquired from other users who are also a part of the DraftKings community.
The higher-ups at DraftKings went through a methodical process over the course of time to see what else they were capable of accomplishing and how they could grow the online Marketplace for NFTs. In addition to daily fantasy sports (DFS), which is the platform’s primary service, the company is currently concentrating its efforts on three more verticals, namely online sports betting (OSB), online casino gaming (iGaming), and entertainment.
It is essential to point out at this juncture that each of these NFTs was conceived up and designed by the Autograph platform, and that they can only be played on the DraftKings website. They are one-of-a-kind, limited edition sport NFTs that are special.
As a direct consequence of this, you will not find any tokens in the style of Bored Ape or Punk, as is the case on other NFT platforms. DraftKings is the site to visit if you are interested in participating in a non-fantasy tournament (NFT) to win a copy of Tom Brady’s college résumé or a Simone Biles Mystery container.
Outside of their sports non-fantasy sports marketplace, the primary DraftKings site features a plethora of fantasy sports markets as well as various sports betting markets. In addition, there is a sports non-fantasy sports marketplace. There is also an online casino that has one of the largest selections of slot machines and table games that we’ve seen on any gambling website.
DraftKings offers a variety of betting options, so it doesn’t matter what kind of gambling you choose to play because there is something for everyone there.
DraftKings NFT Fees
When secondary sales occur on the DraftKings Marketplace, the content creator is entitled to receive a royalty payment. The royalty fee is established by the creator and might change depending on the item. The earnings from the charge are given to the person who created the content.
Autograph earns a flat royalty fee of 10% for all secondary market transactions involving Autograph’s NFTs that take place on the DraftKings Marketplace. These transactions take place on the DraftKings Marketplace. It is possible that in the future, this percentage will shift for other sport NFT content publishers.
The payment of the royalty to the content producer occurs whenever an NFT is sold on the secondary market on the DraftKings Marketplace. This occurs independent of the person who originally developed the NFT material.
DraftKings receives a 5% secondary market processing fee for the processing and oversight of the secondary sale on the DraftKings Marketplace for all secondary market transactions of all NFTs. These secondary market transactions take place on the DraftKings Marketplace.
Features Available on the DraftKings NFT Marketplace
On the DraftKings Marketplace, players have the opportunity to acquire NFT collections by participating in NFT drops. Players have the ability to get on the whitelist for these drops by joining drop queues. Customers have the option of selling any non-fantasy items (NFTs) they purchase on the DraftKings Marketplace to other customers for a predetermined fee.
A single NFT or a group of NFTs being made available on the DraftKings Marketplace on a predetermined date is referred to as a drop. DraftKings expands its selection of NFTs in the DraftKings Marketplace by means of “NFT drops,” and the market for NFTs that are distributed in this manner is known as the primary market.
The following is a rundown of some of the most important aspects of the DraftKings Marketplace:
The Line (Queue)
DraftKings Marketplace, much like many other NFT ecosystems, distributes its newly created sports NFTs on drop dates and start timings that have been established in advance. A waiting area that allows users to enter and secure a place in line opens up thirty minutes before the time that they are due to drop off their items. When it is time to start the drop, the users will each be given a random number that is associated with the place they currently hold in the line.
If a person is fortunate enough to receive a number that is lower than the total amount of NFTs that are up for grabs, they are taken to a page where they can make a purchase in order to acquire the NFT. In the event that a collector is given a queue number that is 350 or below during a drop that has a total of 350 NFTs available for purchase, it is assured that the collector will be able to acquire one of the NFTs.
Once they reach the page for making a purchase, users will not have the opportunity to select a particular version of the product. Instead, customers are offered the option to buy or cancel the edition that has been randomly assigned to them (such as Edition #100/350, for example).
Market of Secondary Importance
Collectors who are unable to participate in a given sport’s NFT drop can sell their cards on the secondary market. Those that participated in the drop and were successful in acquiring an NFT can now advertise the item for sale on the platform at the price of their choosing for others to view. In the not-too-distant future, new drops are anticipated, which will result in a great deal of opportunities to purchase collectibles.
Portfolio
Through the use of the portfolio tool, collectors on DraftKings Marketplace and Autograph’s platform are able to view any NFTs that they have collected. In the coming weeks and months, users will have the ability to move their NFTs to a wallet that is hosted on the Ethereum Mainnet.
Wallets that are compatible with the DraftKings NFT Marketplace
After their DraftKings Marketplace NFTs have been minted on an Ethereum Layer 2 solution that is more sustainable for the environment, customers have the option of storing them in custodial storage provided by DraftKings Marketplace. Once they have been “minted,” NFT transactions are recorded and kept on a centralized internal ledger that is under DraftKings’s control.
In the not too distant future, you will be able to transfer your NFT from the DraftKings Marketplace to a wallet that is not affiliated with DraftKings. The NFTs, on the other hand, will continue to be held in the custodial account that DraftKings maintains for the time being. You could create a Coinbase wallet, which is one of the solutions that is easiest for beginners to use, until that time comes. This particular exchange also operates its very own market known as “Coinbase NFT.”
DraftKings NFT App
The DraftKings app is currently available for download on iOS and Android devices for clients who meet the required criteria and are eager to get started right away.
User Experience With DraftKings’ New Fantasy Sports Marketplace
In terms of both its outward style and its user interface, DraftKings exudes an air of merriment and excitement, which is a quality that fits in really well with the website’s central focus on fantasy sports.
Their website features icons that are striking, unique, and easily recognized because to the strategic use of contrast, color, and relative scale, which also helps produce a clear flow and prioritization of content.
The design has been implemented effectively enough to produce a flow that is both well-organized and weighted, leading people to the next step of their fantasy adventure in a manner that is intuitive to them. DraftKings rapidly rose to prominence as the industry standard for top NFT marketplace for sports.
They are giving an interface that is simple to use while also introducing millions of sports fans and memorabilia collectors to the fast increasing market for NFTs.
Support for Customers of the DraftKings NFT Marketplace
Regarding its customer service, DraftKings has a detailed Frequently Asked Questions (FAQs) section that addresses the vast majority of the most common concerns. During the course of our analysis of DraftKings, we came to the conclusion that this part provides practically all of the information that is required to know in order to invest in NFTs with DraftKings, making the process significantly simpler for individuals who are just beginning.
If you have any questions that aren’t answered in the Frequently Asked Questions area, you can contact DraftKings’s dedicated customer support team whenever you like, 24 hours a day, seven days a week.
How to Purchase Non-Fan Favorite Items on DraftKings
At this moment, the DraftKings Marketplace is only open to users located in the United States of America and Canada. You have to be at least 18 years old and a resident of one of the 50 United States or Canada in order to purchase and sell non-financial items on the DraftKings Marketplace. You have to be 19 years old to legally drink in Alabama and Nebraska. In the states of Iowa, Louisiana, and Massachusetts, the minimum age to purchase alcohol is 21.
You also need to have a DraftKings account that has been verified before you can participate. You are required to agree to the DraftKings Marketplace Terms of Service (TOS) and the DraftKings Marketplace Privacy Policy before you may engage in any transactions on the DraftKings Marketplace. Please give the terms and conditions a brief look over before clicking the Accept button.
After you have joined the DraftKings marketplace, swapping non-fantasy drafts is a straightforward and uncomplicated process. Here is a quick rundown of the steps involved in getting started with NFT trading on DraftKings.
• Create an account with DraftKings The first thing you need to do is register for an account with DraftKings. Simply clicking on the “Sign Up” button and providing some personal information, like your name, address, and email address, is all that is required to complete this step.
• Make a deposit: If you want to buy NFTs at DraftKings, the good news is that you won’t have to educate yourself on how to utilize a cryptocurrency wallet in order to do so. At present time, the DraftKings Marketplace only accepts payments in United States dollars (USD). Although the company plans to investigate additional currencies and payment methods in the future, bitcoin transactions are not currently permitted. As a consequence of this, you should be able to make a conventional cash deposit using a debit card or an e-wallet, and you will subsequently be able to acquire NFTs from that location.
• Browse the NFTs After the funds have been deposited into your DraftKings account, navigate to the Marketplace icon located at the very top of the page in order to view the NFTs that have been highlighted. These things, along with the current market price and the exact time the NFT will be made available, will be listed. Keep in mind that you need to check the Drop Schedule in order to determine when you need to be in the waiting area in order to get those NFTs first.
• If you invest in non-financial sports assets, you should be aware that, similar to other non-financial assets, the value of sporting collectibles could decrease. Therefore, exercise caution before making any investments in the DraftKings NFT marketplace.
• Create a wallet: In preparation for when DraftKings offers them, you might also wish to create a wallet on Coinbase. You can do this by following the instructions on their website. When you log in to the DraftKings Marketplace, there will be a section labeled Portfolio where you will be able to view your NFTs till that time.
Which Use Cases Are Ideal for DraftKings’s NFT Marketplace?
DraftKings offers some of the best non-fantasy sports (NFT) tokens there are if you are a sports fan. It began selling items in its marketplace with a limited quantity of rare Tom Brady NFTs, and since then, it has issued sports memorabilia from Wayne Gretzky, Tony Hawk, Simone Biles, Derek Jeter, and a great number of other sports stars and sportsmen.
It would appear that DraftKings is expanding the availability of NFTs to encompass assets from a wider variety of businesses, including those related to entertainment and culture, amongst others. Therefore, you should probably anticipate seeing some celebrity-backed NFTs in the near future.
For the time being, however, it is still best known as a marketplace for sports non-fantasy sports (NFT), as well as for its work in online fantasy sports and daily fantasy sports (DFS), more so than anything else.
DraftKings’ Non-Farm Competition Market – The Wrap-Up
DraftKings has developed a sport NFT marketplace that is both functional and user-friendly. The DraftKings Marketplace is fully integrated with the rest of the DraftKings website, including its sportsbook, for a smooth user experience.
All of Draftkings’ 1.5 million Monthly Unique Players will be able to see and utilize the Marketplace because it is located on the site close to the Daily Fantasy, Sportsbook, and Casino windows. It also means that you will be able to use the same account wallet that Draftkings offers today, which includes the option to make payments using a bank account as well as a credit card.
Even though the CEO of DraftKings has expressed confidence that the company would be able to keep NFTs and customers unique to their platform, DraftKings Marketplace will, at some point in the future, enable integration with other markets such as OpenSea. It is encouraging to see that they are planning to fix this issue in advance as it will assist ensure the long-term survival of the platform. DraftKings NFTs will benefit from being able to migrate outside of the DraftKings Marketplace.
Investors also have the option of putting their money into Lucky Block, which comes highly recommended by us as the best NFT cryptocurrency to purchase in 2022. Participants have the opportunity to win a total of $50,000 worth of NFTs that have been mined on the Lucky Block platform. The native token is called LBLOCK, and its price on the market right now is $0.001 USD per token.
FAQs
On DraftKings, is it possible to purchase NFTs?
It is true that it is a specialized NFT marketplace for sports NFTs that makes it simple for even a total novice to create an account and purchase NFTs. Within this review, we have provided a step-by-step tutorial on how to purchase NFTs from DraftKings.
How do I go about purchasing NFTs with DraftKings?
You are need to first create and validate your DraftKings NFT account before you can access the marketplace. This is due to the fact that marketplace accounts are kept distinct from the main DraftKings site. After that, users are able to peruse the many different sport NFTs and purchase the one of their choosing with fiat currency.
Is DraftKings a reputable platform for NFTs?
Yes, DraftKings is an excellent choice for a marketplace for sports NFTs. Check out the other sorts of NFTs on our website dedicated to the top NFT marketplaces.
What types of NFTs can be played on DraftKings?
DraftKings focuses mostly on sports non-sporting events, but it is gradually expanding its range of non-sporting events to include digital assets from the entertainment and cultural industries, as well as other industries. Despite this, it is still best known for its work in online fantasy sports NFTs rather than for any other aspect of its operations.
