Returns as of 03/18/2022
Returns as of 03/18/2022
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.
You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More
Shares of DraftKings ( DKNG 3.66% ) popped 13.6% on Wednesday after the daily fantasy sports contest and sports betting company announced a larger move into non-fungible tokens (NFTs).
DraftKings debuted the Primetime NFT Series ahead of the college basketball national tournament. It represents the company’s first fully in-house launch of collectible NFTs, which represent ownership of digital assets.
Image source: Getty Images.
“DraftKings is already deeply embedded within the biggest moments in sports, and the new Primetime NFT Series will further drive engagement while also providing rewards that bridge to our gaming offerings for the first time,” co-founder and president Matt Kalish said in a press release.
NFT collectors will be eligible to receive site credits they can use to play daily fantasy games and place sportsbook wagers. DraftKings also plans to reward some NFT buyers with airdrops and priority access to future collections. Additionally, it intends to auction its most exclusive NFTs on its digital marketplace.
The Primetime NFT Series is DraftKings’ latest push into the booming digital asset market. In December, the company announced a partnership with the NFL Players Association to launch an NFT-based game.
“The future of fandom is unfolding in front of us, and few organizations beyond DraftKings are as equipped to capitalize on the increasing intersection between sports and NFTs that will be cornerstones of engagement and entertainment within Web3,” DraftKings senior vice president Beth Beiriger said at the time. Web3 is a term used to describe a new version of the internet that’s based on decentralized blockchain technology.
NFTs and Web3 initiatives are relatively minor portions of DraftKings’ business. Still, they could help to bolster its engagement and retention metrics should they prove popular with its customers.
*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
Market-beating stocks from our award-winning service.
Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 03/18/2022.
Discounted offers are only available to new members. Stock Advisor list price is $199 per year.
Calculated by Time-Weighted Return since 2002. Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns as of January 1, 2021.
Invest better with the Motley Fool. Get stock recommendations, portfolio guidance, and more from the Motley Fool’s premium services.
Making the world smarter, happier, and richer.
Market data powered by Xignite.