The recent surge in popularity of NFTs has resulted in the emergence of new marketplaces that provide NFT trading services. The DraftKings NFT Marketplace is one of the most interesting newcomers. Fans of sport are avid collectors of memorabilia, trading cards, signed merchandise etc. – many have now embraced non-fungible tokens well. DraftKings has become one of the largest sports NFT marketplaces.
We’ll review the DraftKings NFT Marketplace in detail in this guide, comparing its fees and features before explaining how to buy an NFT on DraftKings today. DraftKings is an NFT Marketplace sports fans should enjoy and find tailored to their interests – DraftKings has also set the goal of making the investment process as simple, beginner friendly and cost-effective as possible.
What is the blockchain used? DraftKings runs on the Ethereum blockchain. But it is currently only accepting real-money fiat payments.
What are the fees? On secondary sales on DraftKings Marketplace, a royalty fee is given to the content creator, set by the creator himself, and varies by collectible. Autograph NFTs receive a fixed royalty fee of 10% for all secondary market transactions.
DraftKings also earns a 5% secondary market processing fee for all secondary market transactions of all NFTs on the DraftKings Marketplace, which covers the processing and management of the secondary sale on the Marketplace.
Pros
Cons
Would we Recommend the DraftKings Marketplace? In our opinion, DraftKings has done an excellent job with its NFT marketplace. It’s a good location to trade sports memorabilia, but if you’re looking to buy or sell artwork, gaming avatars, or other types of NFTs, it’s more limited than the best NFT marketplaces.
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Founded in 2012 DraftKings is a daily fantasy sports behemoth, an American sportsbook, an internet casino, and now since 2021 an NFT marketplace. When DraftKings announced the launch of its own NFT (non-fungible token) ecosystem in July 2021, the DraftKings Marketplace, it took the world by storm.
New sports NFTs are listed on a regular basis, and you can join upcoming NFT drops within a waiting area.
Similar to our NFT calendar, DraftKings has a page of upcoming NFT listings and the dates to expect them.
The DraftKings NFT marketplace is based on Ethereum; but it currently only accepts traditional real-money payments in fiat currency. This means that no crypto brokers are required to obtain cryptocurrencies for the purchase of NFTs, and the transaction can be completed in USD, GBP, EUR and other currencies.
Users may trade and sell NFTs they already bought, so the DraftKings Marketplace works as a platform to flip NFTs as well. DraftKings strives to attract a diverse spectrum of consumers to its platform, from sports to entertainment and culture. Even for people with no prior experience with digital collectibles, the marketplace is simple to use.
The “Pre-Season Access” NFT collection from DraftKings, essentially their first step into the NFT world, featured NFTs of iconic players from Autograph’s pool of talent and partners while also providing fans a chance to obtain priority access to future sports NFT releases.
This was the first to drop on DraftKings Marketplace that could be bought with USD. The DraftKings Marketplace functions as a secondary-sale platform, allowing players to buy, sell, and exchange digital assets purchased from other members of the DraftKings community.
Over time, DraftKings’ top brass went through a rigorous process to think about what else they could achieve and how to expand the Marketplace for NFTs online. Alongside daily fantasy sports (DFS), which is DraftKings’ signature offering, the platform now focuses on three more verticals – online sports betting (OSB), online casino (iGaming), and entertainment.
It is important to mention here that all of these NFTs were developed by the Autograph platform and are only available on the DraftKings website. They’re exclusive, limited edition sport NFTs.
As a result, you won’t discover any of the Bored Ape or Punk style tokens found on other NFT marketplaces. DraftKings is the place to go if you want an NFT of Tom Brady’s college résumé or a Simone Biles Mystery container.
Outside of their sports NFT marketplace, there are a plethora of fantasy sports markets accessible on the main DraftKings platform, as well many sports betting markets. There’s also an online casino with one of the most extensive collections of slots and table games we’ve seen on any gambling site.
It doesn’t matter what form of betting you enjoy because DraftKings has a little bit of something for everyone.
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A royalty fee is paid to the content originator on secondary sales on DraftKings Marketplace. The creator determines the royalty fee, which may vary by collectible. The developer of the content receives the fee profits.
For all secondary market transactions involving Autograph’s NFTs that take place on the DraftKings Marketplace, Autograph receives a fixed royalty fee of 10%. This percentage may change in the future for other sport NFT content publishers.
Each time an NFT is sold on the secondary market on the DraftKings Marketplace, the royalty is paid to the content producer, regardless of who created the NFT content.
For all secondary market transactions of all NFTs on the DraftKings Marketplace, DraftKings receives a 5% secondary market processing fee for the processing and oversight of the secondary sale on the marketplace.
NFT collections are available for purchase on the DraftKings Marketplace through NFT drops, which users are able to get on the whitelist for by joining drop queues. Customers can also sell the NFTs they purchased on DraftKings Marketplace for a set price to other customers.
A drop is when a single or group of NFTs is released on the DraftKings Marketplace on a specific date. DraftKings uses NFT drops to add new NFTs to the DraftKings Marketplace, and any NFTs introduced through drops are referred to as the primary market.
We review some key features of the DraftKings Marketplace below:
DraftKings Marketplace, like many other NFT ecosystems, delivers its newly minted sports NFTs on predetermined drop dates and start times. A waiting area opens 30 minutes before the scheduled drop time to allow users to enter and secure a spot in line. When the drop is ready to begin, users are assigned a random number that corresponds to their position in the queue.
If a person is fortunate enough to receive a number that is fewer than the number of NFTs available, they are directed to a buy page where they can purchase the NFT. If a collector is granted a queue number of 350 or below during a drop with 350 NFTs available for purchase, the collector is guaranteed to be able to buy the NFT.
Users do not have the option to choose a specific edition after they arrive at the purchasing page. Instead, they are assigned a random edition (e.g. Edition #100/350) and given the opportunity to buy or cancel it.
There is a secondary market for collectors who miss out on a sports NFT drop. Those who were lucky enough to get an NFT during the drop can post it for sale at their desired price for others to see. New drops are expected in the near future, providing lots of opportunities to purchase collectibles.
Collectors may view NFTs they’ve acquired on DraftKings Marketplace and Autograph’s platform via the portfolio function. Users will be able to transfer their NFTs to a wallet on Ethereum Mainnet in the coming months.
Customers can store their DraftKings Marketplace NFTs in their DraftKings Marketplace custodial storage after they are minted on an environmentally friendly Ethereum Layer 2 solution. NFT transactions are maintained on a centralized internal ledger that DraftKings controls once they are minted.
You’ll be able to withdraw your NFT from DraftKings Marketplace to an external wallet in the future. NFTs, on the other hand, will remain in the DraftKings custodial account for the time being. Until that time you could set up a Coinbase wallet which is one of the most beginner friendly options. That exchange also has its own marketplace ‘Coinbase NFT’.
See our reviews of the best NFT wallets.
Cryptoassets are a highly volatile unregulated investment product.
For qualifying customers who want to get in on the action right now, the DraftKings app is available for download on iOS and Android.
Also check out our reviews of the best NFT apps.
DraftKings has a fun and exciting feel to it, as far as its appearance and user interface are concerned, which goes perfectly well with its theme of fantasy sports.
With icons that are bold, original, and immediately distinguishable, the smart use of contrast, color, and relative scale generates a clear flow and prioritization on their website.
The design has been executed well enough to provide a well-organized and weighted flow that guides users to the next stage of their fantasy adventure. DraftKings quickly became considered the best NFT marketplace for sports.
They’re introducing millions of sports fans and memorabilia collectors to the rapidly developing NFT market while also providing an easy-to-use interface.
In terms of customer support, DraftKings features a comprehensive FAQs section that answers the majority of the most often asked issues. During our DraftKings review, we discovered that this section includes nearly all you need to know about investing in NFTs with DraftKings, making the process considerably simpler for newcomers.
DraftKings also provides a dedicated customer support setup available 24 hours a day, 7 days a week, for any questions that aren’t addressed in the FAQs section.
Only the United States and Canada have access to the DraftKings Marketplace at this time. To buy and sell NFTs on DraftKings Marketplace, you must be 18 years old and reside in one of the 50 United States or Canada. In Alabama and Nebraska, you must be 19 years old. In Iowa, Louisiana, and Massachusetts, you must be at least 21 years old.
You must also have a DraftKings account that has been confirmed. Before transacting on DraftKings Marketplace, you must agree to the DraftKings Marketplace Terms of Service (TOS) and DraftKings Marketplace Privacy Policy. Have a quick read of the terms and conditions and click accept.
Once you’re on the DraftKings’ marketplace, trading NFTs is quick and simple. Here’s a quick walkthrough of how to get started trading NFTs at DraftKings.
If you’re a sports fan, DraftKings features some of the best sport NFT tokens. It debuted its marketplace with a limited amount of rare Tom Brady NFTs, and since then, it has issued sports memorabilia from Wayne Gretzky, Tony Hawk, Simone Biles, Derek Jeter, and many other sports stars and athletes.
It appears that DraftKings is also broadening the availability of NFTs to cover assets from the entertainment and culture industries, as well as others. So you might expect to see some celebrity backed NFTs soon.
For now though it is still best known as a sports NFT marketplace, and for its work in online fantasy sports and DFS more than anything else.
DraftKings has done a good job with their sport NFT marketplace. There’s a seamless integration of the Draftkings Marketplace with the rest of the DraftKings website and its sportsbook.
The Marketplace can be found near the Daily Fantasy, Sportsbook, and Casino windows on the site, so it will be visible and accessible to all of Draftkings’ 1.5 million Monthly Unique Players. It also means you’ll be able to utilize the same account wallet that Draftkings offers today, which includes bank account and credit card payment options.
Although the DraftKings CEO has voiced optimism that they would be able to keep NFTs and users exclusive to their platform, Draftkings Marketplace will eventually allow integration with other marketplaces like OpenSea. Allowing DraftKings NFTs to migrate outside of the Draftkings Marketplace will help the platform’s long-term viability, so it’s good to see them addressing that ahead of time.
If you want to exchange digital sports collectibles, DraftKings is a great place to go, but if you’re trying to purchase or sell artwork, gaming avatars, or other items, you might want to check out another NFT marketplace.
The DraftKings platform is a well-known name in the world of online gambling, and it’s a good place to start if you want to buy NFTs for the first time. Whether you’re searching for an NFT from a great quarterback or a rising NBA star, DraftKings has you covered.
Cryptoassets are a highly volatile unregulated investment product.
Yes, it’s a specialist NFT marketplace for sports NFTs that makes its simple even for a complete beginner to create an account and buy NFTs. We wrote a step by step guide on how to buy NFTs on DraftKings on this review.
Since marketplace accounts are separate from the standard DraftKings platform, you must first establish and verify your DraftKings NFT account. Users can then browse the many sport NFTs and purchase the one they want using fiat currency.
Yes, DraftKings is a good sports NFT marketplace. For other types of NFTs check out our best NFT marketplaces page.
Mostly sporting NFTs but slowly DraftKings is broadening its spectrum of NFTs to cover digital assets from the entertainment and culture industries, as well as others. However it is still best known for its work in online fantasy sports NFTs more than anything else.
This article was written for Business 2 Community by Eric Dunne.
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Eric started investing in NFTs in 2021 after several years working in finance and writing about crypto. His favorite topic to write about now is the non-fungible token scene.… View full profile ›
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