DraftKings (DKNG) is teaming up with Zero Hash to become a Polygon validator. Zero Hash will help the sports betting platform operate smoothly and be one of Polygon’s biggest governors.
On Monday, the company announced that it will partner with Ethereum to make DraftKings one of the largest governors on Ethereum layer 2. This plan has been in the works since October.
Paul Liberman, the company’s global tech and product president, said that participating in validation will help future-proof aspects of the company’s business in the Web 3 era.
DraftKings is currently using Polygon to sell non-fungible tokens. The company partnered with Tom Brady’s Autograph platform in August to do this.
Polygon is a place where people can buy and sell sports collectibles. This includes things like autographs and tickets. Polygon also has a blockchain, which is a type of technology that makes it easy to buy and sell things. OneOf is a company that partnered with Sports Illustrated to create a sports marketplace.
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Since its inception, DraftKings’ marketplace has offered 116 NFT collections for purchase, resulting in $44 million in sales revenue. The platform’s most expensive sale was a unique Tiger Woods collectible purchased for $70,000 in October.
Dapper Labs’ NBA Top Shot saw a decline in sales volume in February. This was down 20% from the previous month and 80% from its all-time monthly volume high.
The investment firm Argus has downgraded the stock of DraftKings from a “buy” to a “hold”. The reason for this is that they believe that there will be a decline in sports betting revenue during the coming year.
Zero Hash is a company that helps businesses integrate crypto and non-fungible tokens into their platforms. In January 2019, the company raised $105 million in a Series D funding round.