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NFLPA filed a lawsuit against DraftKings over NFTs
On August 20, NFLPA sued DraftKings and DK Crown Holdings Inc. over NFTs.
The NFL Players Association (NFLPA), founded in 1956, is the labor union representing National Football League players. NFLPA’s lawsuit against DraftKings with its parent company, DK Crown Holdings Inc., is a result of DraftKings’ decision to shut down the Reignmaker NFT project in July.
DraftKings, headquartered in Boston, had partnered with the NFL for sports betting and launched its NFT marketplace in August 2021. The platform allowed users to purchase NFTs, which could be stored in digital wallets or resold on DraftKings’ secondary marketplace. Despite the initial excitement regarding NFTs, interest quickly vanished. Last month, DraftKings abruptly closed its NFT business on July 30.
DraftKings commented on the closure:
“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 lawsuit was filed in the US District Court for the Southern District of New York. While many details of the lawsuit remain unknown, and the court still has to decide when these details might be made public, the NFLPA’s attorney has requested permission to submit redacted documents.
The results of this lawsuit could have substantial affects on the future of the digital sports betting industry.
FAQs
What does DraftKings do?
DraftKings is an American gambling company, offering sportsbook and daily fantasy sports services.
What does NFLPA do?
NFLPA is a labor union, representing and protecting all professional football players’ rights in matters concerning wages, hours, and working conditions.
What are NFTs?
NFT is the abbreviation for a non-fungible token. Recorded on a blockchain, NFTs cannot be substituted or subdivided.
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