EddieJayonCrypto

 31 Jul 24

tl;dr

DraftKings has abruptly ended its NFT experience Reignmakers, citing recent legal developments. Users can exchange their NFTs for cash or transfer them to a self-custodial wallet. The decision follows a class action lawsuit alleging that the NFTs were unregistered securities. DraftKings had been pro...

DraftKings' NFT experience Reignmakers, powered by Polygon, has ended abruptly due to legal developments. The Massachusetts federal court ruling led to the discontinuation of DraftKings' Reignmakers NFT marketplace.

Users can exchange their NFTs for cash or transfer them to a self-custodial wallet amidst the discontinuation. This decision follows a class action lawsuit alleging that the NFTs were unregistered securities.

DraftKings informed users that Reignmakers and its associated NFT marketplace have been discontinued, with users offered the opportunity to relinquish their game pieces in exchange for a cash payment or withdrawal to a self-custodial wallet.

The NFT project saw substantial sales, but a majority of transactions were for small amounts, with the last transaction selling for $0.33.

The decision to end Reignmakers and the NFT marketplace was motivated by a recent decision in Massachusetts federal court, which ruled that the lawsuit alleging unregistered securities could proceed to trial.

Users expressed backlash, with one Reddit user lamenting, "I will never spend another dollar at this dumpster fire," while another threatened legal action if the situation wasn't rectified.

DraftKings stated that NFTs and Reignmakers digital game pieces will remain accessible and transferable, and it will continue to update the community as it follows "the right course of action."

DraftKings' NFTs saw total sales of $280 million, with the majority going for small amounts, reflecting the project's abrupt end after the Massachusetts court ruling.

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