DraftKings recently announced the launch of DraftKings Reignmakers, a new way to play fantasy sports on their platform. Unlike using a salary cap or drafting against a field of opponents, however, DraftKings Reignmakers tournaments instead allows users to create a lineup based on DraftKings Reignmakers NFTs on the blockchain.<\/p>\n\n\n\n
Let’s walk through everything you need to know.<\/p>\n\n\n\n
A non-fungible token (NFT) is a unique digital asset, such as a piece of art, music, or other forms of media. Unlike other digital items that are purchased exclusively online, NFTs are not interchangeable with each other, as each NFT contains a distinct identifier \u2014 usually a serial number or unique feature \u2014 that sets it apart from other \u2018tokens\u2019 on the blockchain.<\/p>\n\n\n\n
Blockchain technology \u2014 a transparent digital network, akin to identifiable footprints in the sand \u2014 provides a permanent and immutable record of ownership, as well as a way to authenticate the originality and uniqueness of the digital asset; every <\/em>transaction on the blockchain is recorded, and researchable for complete clarity. This means that an NFT can be used to prove ownership of a digital asset, such as unique digital artwork as opposed to a piece of physical art, and can be traded on any digital marketplace like any other cryptocurrency (Bitcoin, Ethereum, etc).<\/p>\n\n\n\n In summary, NFTs provide a way to create and exchange unique, verifiable digital assets on a blockchain, allowing creators and collectors to monetize and trade their collectibles in a secure and transparent way. Some artists go as far as offering exclusive physical art or experiences for those who have supported them by purchasing their digital offerings.<\/p>\n\n\n\n People are interested in NFTs because they offer a new way to own, trade, and support unique digital assets, with rarity and authenticity being at the forefront of blockchain technology. <\/p>\n\n\n\nWhy NFT’s?<\/strong><\/h2>\n\n\n\n