Shares of DraftKings (DKNG) - Get DraftKings Inc. (DKNG) Report jumped on Wednesday after the sports gambling platform unveiled plans to cash in on the nonfungible-token craze by launching DraftKings Marketplace.
The marketplace will provide access to curated NFT releases and facilitate secondary-market transactions.
"The NFT boom has reinvented the collectibles industry and driven excitement to early-adopting audiences worldwide — including the DraftKings community,” Matt Kalish, co-founder and president of the Boston company, said in a statement.
DraftKings shares at last check were 4.1% higher at $47.72.
DraftKings is teaming with Autograph, the NFT platform co-founded by National Football League star Tom Brady, to offer its first drops.
The initial offering, called the Pre-Season Access collection, will showcase NFTs from Autograph's athletes roster, which includes Tiger Woods, Wayne Gretzky, Derek Jeter, Naomi Osaka and Tony Hawk.
Autograph's advisory board will help design custom NFTs exclusively for DraftKings Marketplace drops. Offerings will begin rolling out later this summer.
DraftKings Marketplace will be the exclusive purveyor of sports NFTs from Autograph, but the company says the collaboration could eventually branch out into entertainment, lifestyle and culture NFTs.
“As the world becomes more comfortable with digital ownership and collection, we see an incredible opportunity to bring users high-quality and personalized content from their favorite athletes, artists and franchises,'' Autograph Chief Executive Dillon Rosenblatt said. Autograph is based in Los Angeles.