Today DraftKings announced a deal with the NFL Players Association (NFLPA) to launch gamified non-fungible tokens (NFT). The gaming company now has the right to use the NFL players’ name, image and likeness as collectibles to be incorporated in DraftKings fantasy football games.
DraftKings’ description of the functionality sounds very similar to how Sorare operates in soccer. Player collectibles can be bought individually and used as part of fantasy teams. Sorare has done pretty well, landing a $680 million funding round at a $4.3 billion valuation.
In contrast to Sorare, which is still very young, DraftKings is massive and active in gambling and fantasy games. Last year it was listed on Nasdaq through a merger with a SPAC and has a market capitalization of $24.5 billion. However, it is heavily loss-making, has been the subject of short-seller action, and its current stock price is less than half of its high in March.
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