On Aug. 10, 2021, DraftKings (DKNG -3.84%) opened up its online marketplace with the launch of numerous Tom Brady non-fungible tokens (NFT). In today's video, I share how this marketplace can increase DraftKings user growth. Here are some highlights from the video:
- DraftKings Marketplace allows users to buy and sell digital collectibles. DraftKings is expected to create digital collectibles across sports, entertainment, and culture markets, bringing a wide range of users to its platform. The marketplace is straightforward to use, even for those with little knowledge of digital collectibles.
- To be able to use the DraftKings marketplace, the user must have a DraftKings account. Now DraftKings will be able to cross-sell the user on other services like its online casino and sports betting since the account purchasing power is connected.
- DraftKings continues to expand its user base through acquisitions. On Aug. 9 DraftKings entered an agreement to acquire Golden Nugget Online Gaming (GNOG). DraftKings also recently acquired Scarcity Labs. Scarcity Labs is a small Canada-based company focused on blockchain technology that DraftKings will use to support its marketplace advancement.
Click the video below for my full thoughts and analysis.
*Stock prices used were the after-hour prices of August 11, 2021. The video was published on August 11, 2021.