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NFT

DraftKings Dumps NFT Business, Citing Legal Developments

By admin
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DraftKings Dumps NFT Business, Citing Legal Developments

Sports gambling company Draftkings is shutting down its non-fungible token (NFT) business “effective immediately,” the company said in an email to customers, ending a high-flying crossover between digital collectibles and sports culture.

“After careful consideration, DraftKings has decided to discontinue Reignmakers and our NFT Marketplace, effective immediately, due to recent legal developments. This decision was not made lightly, and we believe it is the right course of action,” the email said.

Weeks ago, a federal judge allowed a class action lawsuit against DraftKings to proceed after finding plaintiffs “plausibly pled” DraftKings’ NFTs were unregistered securities, according to Westlaw.

This is a developing story and will be updated.

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