DraftKings Inc. (NASDAQ: DKNG) has renewed its agreement with UFC and announced a new integration using NFT tokens.
A new edition of gamified non-fungible tokens (NFTs) on the DraftKings marketplace has been released as a result of the DraftKings Inc. (DKNG) and UFC relationship. Fans may collect NFTs of their favorite UFC fighters to compete in games for rewards in the Reignmakers UFC game. This option is scheduled to become accessible to consumers before the end of the year.
It’s worth noting that NFT is a big aspect of DraftKings Inc.’s (DKNG) monetization plan. The firm hopes that by using these new technologies, it would be able to draw more users to the platform and persuade them to spend more money.
DKNG, an online sports betting company, operates in a fast-expanding field. This industry will generate $39 billion in yearly gross gaming income by 2033, according to Goldman Sachs, excluding users winning prizes.
As a result, the firm has a lot of space to grow. DraftKings Inc. (DKNG) currently has a license to operate in 17 US states but intends to expand to the entire country.
The major approaches to growing the company’s income are geographic expansion and collaboration agreements with sports federations. DraftKings Inc. (DKNG) is now cooperating with both the UFC and World Wrestling Entertainment to facilitate in-game purchases.
DKNG was given exclusive access to World Wrestling Entertainment’s media assets as well as the ability to promote the brand at WWE events.
The company’s stock price has dropped by 78.21% in the last year. In the previous five trades, the stock price has decreased -15.67 percent, and in the last 30 trades, it has declined -2.99 percent. However, the stock price fell -63.73 percent in the last six months, and -27.72 percent was deducted from its value in the preceding three months.