DraftKings, the sports betting juggernaut, has established a partnership with digital asset startup Zero Hash to become a Polygon validator. The agreement will make DraftKings one of the largest Ethereum layer 2 governors, completing a scheme that has been in the works since last October.
“Participating in validation supports DraftKings’ broader strategy of building out a robust, sustainable, trustworthy and decentralized infrastructure to help futureproof aspects of our business in the Web 3 era,” Paul Liberman, the company’s global tech and product president, said in a statement.
DraftKings presently uses Polygon for its NFT marketplace, which it launched in August in partnership with Tom Brady’s Autograph platform, which is also built on Polygon.
Polygon has become a haven for sports collectible platforms looking for low-fee, fiat-compatible marketplaces. Aside from Autograph, the blockchain is home to the National Football League’s ticket collectible venture, as well as OneOf’s sports marketplace, which was established in collaboration with Sports Illustrated.
According to a spokesman, DraftKings’ marketplace has released 116 NFT collections totaling $44 million in sales revenue since its launch. In October, a rare Tiger Woods collectible sold for $70,000 on the platform.
For instance, Dapper Labs’ NBA Top Shot saw $47.5 million in sales volume in February 2022, a 20% decrease from the previous month and an 80% decrease from its all-time monthly volume peak of $224 million in February 2021.
DraftKings, which is worth about $20 billion on the open market, was downgraded today from “buy” to “hold” by investment firm Argus, which forecasts a decline in sports betting revenues for the following year.
Zero Hash, the business-to-business service tapped by DraftKings, helps integrate crypto and NFTs into its clients’ platforms. The company raised a $105 million Series D in January.
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