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NFLPA’s $65m demand from DraftKings revised to $32.39m
DraftKings payment to NFLPA over NFTs might be changed to $32.39 million instead of the initial $65 million.
The NFL Players Association (NFLPA), founded in 1956, filed a lawsuit against DraftKings on August 22.
After a thorough examination of the case, it turned out that DraftKings might owe NFLPA not $65 million but $32.39 million as listed in the NFLPA’s annual report, submitted in 2023; moreover, there is no legal document stating about $65 million.
The legal filing stated:
“All told, the compensation of just these five aforementioned officers since 2021 is approximately quadruple of what DraftKings owes to the NFLPA licensors.”
DraftKings closed its NFT marketplace on July 30 and stopped the Reignmakers fantasy game, which itself was based on NFTs. Now, NFLPA argues that DraftKings should not avoid paying what it owns, using the NFT issue.
The legal filing includes the following statement:
“At the end of the day, and despite DraftKings’ best efforts to muddy the waters, this case is extraordinarily simple. DraftKings’ inability to profitably commercialize the intellectual property it licensed does not excuse performance, and DraftKings must pay what is due.”
The NFT marketplace and Reignmakers were launched by DraftKings in 2021, during the NFT boom. Initially, the plan worked well, however, after 2022’s “cryptocurrency winter” at the beginning of 2023, NFT prices dropped, reducing the market’s profitability.
NFLPA’s main message is that DraftKings’ exit from the NFT business doesn’t mean that the company can avoid its obligations.
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.
What is the purpose of the lawsuit of NFLPA against DraftKings?
On August 20, NFLPA filed a lawsuit against DraftKings requiring it to pay its owed payment to the union.
The lawsuit was filed in the US District Court for the Southern District of New York.
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