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NFTs can be linked to betting products in Web3 by DraftKings

The “Primetime NFT Series” sports betting company has unveiled its first collection around March Madness basketball.

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An NFT collection developed in-house is being released by DraftKings as the company believes sports will be a major driver of blockchain adoption in the future.

For the NCAA’s college basketball tournament, which begins on Tuesday and runs through April 4, a Boston-based sports betting company is launching the NFT (non-fungible token) series.

We chose March’s college basketball tournament to launch our new digital collectibles program because of its “dramatic and spectacular” nature, co-founder Matt Kalish said.

An upcoming Primetime NFT Series will feature releases timed to coincide with major sporting events, the first of which is the 2022 College Hoops Collection. In an interview with Blockworks, DraftKings’ senior vice president of marketplace operations, Beth Beiriger, said that the company may introduce future NFT collections in conjunction with the NBA Playoffs and the Super Bowl.

DraftKings’ digital collectibles marketplace was unveiled in August, and now the company is bringing its NFT drops and secondary-market trading to the masses. NFT platform Autograph had previously announced that it would be the exclusive distributor of sports-related NFT content.

For the first time, says Beiriger, the NFT series connects digital collectibles to the company’s traditional line of products. In order to participate in DraftKings sportsbook and daily fantasy offerings, holders of the 2022 College Hoops Collection NFT will be eligible for site credit.

It will be given to those who have all eight NFTs in the collection, after the NCAA championship game, so they can get the next Primetime NFT Series drop early.

A key part of that early onboarding process is digital collectibles, according to Beiriger, who told Blockworks that “we see sports as a mainstream driver for blockchain adoption.”

Today, consumers have already been conditioned for the ongoing digitization of sports, thanks to cashless concessions in stadiums, online ticketing, and much more,” she said.

Beiriger said the company is also keeping a close eye on the blockchain gaming market as play-to-earn models take off.

An NFT-based fantasy game is expected to be released in time for NFL season 2017. The NFL Players Association has agreed to grant DraftKings the right to license its games to its active players.

Polygon partnership

As part of its partnership with infrastructure platform Zero Hash, DraftKings also announced that it would be putting its treasury’s digital assets into the Polygon (MATIC) blockchain. The partnership with Polygon, which the company had previously announced, has now been further solidified.

For Sandeep Nailwal, the co-founder of Polygon, DraftKings will become “an even more active participant in our Polygon ecosystem, playing an important role in securing and maintaining the integrity of our blockchain,” he said.

Creating a pool of Web3 talent

According to job postings, the company is actively recruiting crypto experts to join its ranks.

When it comes to its NFT marketplace, DraftKings is looking for a senior Web3 engineer to assist with “building and expanding our blockchain infrastructure to ensure the scalability and availability of the entire platform,” according to its website.

An anti-money laundering specialist is also needed by the company, which is looking for someone who can investigate cryptocurrency, blockchain, and the NFT marketplace.

Despite its acquisition of Scarcity Labs, a company that specializes in blockchain and cryptography, DraftKings is looking for people from all industries who can help the company succeed.

Cryptocurrencies are so new and fast-growing that “we do not want to miss out on premier talent by focusing solely on crypto natives,” said Beiriger.

Recruiting a diverse pool of employees with a variety of native professional backgrounds or transferable skill sets is as important to us as bringing on new customers.

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Is Fender quietly getting ready to enter the NFT market?

In order to preserve or launch its brand in web3, Fender has filed various NFT-related patents and trademark applications in the United States.

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Fender, a well-known guitar manufacturer, has filed three patents related to NFT with the US Patent and Trademark Office.

When it comes to developing, selling, or buying NFTs with the Fender brand name, the patents would suggest a purpose to make or protect its brand.

Fender filed a series of trademark applications linked to its headstock design in possible NFTs, according to GuitarWorld, including NFT collectibles, virtual products, pictures, artwork, video, and audio recordings featuring music and musical instruments.

Mike Kondoudis, a trademark attorney, noticed the application to the US Patent and Trademark Office, which was filed on April 28.

Source: Twitter

Fender isn’t the first guitar company to think about using NFTs. Billboard reported in January that Gibson, the legendary guitar brand and Fender rival, was preparing to join the NFT industry with six trademark applications connected to NFTs and digital goods.

Big brands, from Adidas to Gucci, have been fast to experiment with NFTs and the Metaverse as two new distribution channels. They’re still figuring out where they belong in the virtual worlds.

NFTs are being used by musicians to reinvent fan involvement

NFTs and the Metaverse are being used by many established bands and brands to redefine how they communicate with fans. Additionally, musicians that rely significantly on in-person concerts as a fundamental income source will find the revenue streams and royalties available by the sale of NFTs appealing.

Music producers and platforms such as Audius, DAOrecords, and TokenTraxx are collaborating with musicians to demonstrate the possibilities of Web3 technology and allow fans to be creative using NFTs.

As famous guitarists get involved in the NFT realm, guitar brands are naturally interested. Keith Richards sold one of his beloved guitars with an exclusive 1-of-1 Tezos blockchain NFT produced for $57,600 in January of this year. The guitar, as well as a digital replica in the shape of an NFT and a video of Richards signing the guitar, were all up for auction.

Since the beginning of the year, the number of NFT trademark applications has increased dramatically, with 3,306 applications filed between January and April.

Source: Twiter

Despite the applications, Fender has yet to reveal its plans for NFT.

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According to Music Ally, Spotify has begun testing NFTs on its platform

If a trial deployment goes well, artists may soon be allowed to market their non-fungible tokens (NFTs) on Spotify, according to Music Ally.

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Spotify, the most recent tech business to join the NFT bandwagon, entered the web3 world earlier this month with the introduction of “Spotify Island” on Roblox on May 3. Spotify will now test NFTs on the platform to specifically selected US consumers, starting with a single trial selection of artists, including Steve Aoki and The Wombats.

Users will have to purchase NFTs through an external marketplace, thus they won’t be able to sell them directly. As part of the trial, Spotify has stated that it will not take a portion of the sales.

Simultaneously, customers have stated that Spotify is sending out surveys and even paying some people to talk to team members about their feelings regarding NFTs and web3. Questions concerning sentiment, cryptocurrency purchases, and why people acquired NFTs have been circulated on Twitter. Some poster responded with mockery to the queries.

Since March, when Spotify placed two job offers for working on early-stage web3 projects, rumors have circulated that the firm was interested in entering the web3. The announcement comes only days after Meta revealed that it would begin testing digital collectibles and NFTs on Instagram as well.

By the time of publication, Spotify had not responded to a request for comment from The Block.

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Square Enix intends to issue tokens and make a significant investment in Web3 gaming

By investing in blockchain gaming infrastructure, the big game producer is altering its business strategy to include a stronger NFT environment.

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Square Enix announced in its first-quarter results report that as part of its medium-term business strategy in 2022, it will include nonfungible tokens (NFTs) into more game goods.

According to Square Enix’s most recent earnings report, the company manages $3 billion in assets. The company controls the Final Fantasy franchise, which it sold for $300 million on May 3rd.

According to the report, the company began testing NFTs in February this year on the Shi-San-Sei Million Arthur game. If the pilot program is a success, the game’s NFTs will be renewed for a second season, and the company will expand its NFT and blockchain activities.

SE wants to provide regulatory clarity and norms for blockchain gaming, address scalability in NFT economies, and consider forming a corporate capital venture unit, among the top priorities of its blockchain domain projects.

The company also announced that it intends to create an overseas organization that will be responsible for “issue, administering, and investing our own tokens,” implying that the company will begin to build a large gaming-token economy.

SE has been exploring its options in the blockchain gaming market with the help of Web3 gaming and metaverse venture capital firm Animoca Brands. As SE digs deeper into the ecosystem, collaboration between the two companies is expected to deepen.

Square Enix’s gaming clout, according to Animoca’s executive chairman Yat Siu, will only help the company establish a blockchain gaming presence. On Monday, he said to Cointelegraph,

“Square Enix has long talked about the possibilities of blockchain games, so it understands it better than most of the traditional gaming titans.”

The third objective of the report’s medium-term business strategy is to invest in and monetize blockchain, artificial intelligence (AI), and cloud computing. This aligns with CEO Yosuke Matsuda’s stated desire in January to increase his company’s involvement in such technologies.

Despite a broad cryptocurrency market dip in 2022, the appeal of Web3 and NFT gaming has remained strong. On Saturday, according to market tracker DappRader, there were roughly one million daily active gamers, nearly the same as on January 1.

Gamers, on the other hand, aren’t spending as much as they used to, with total sales volume for NFT game items falling 88 percent from $70 on January 1 to $8.7 million on Saturday.

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