The NFL Players Association recently lost a multimillion-dollar arbitration claim over a trading-card deal gone bad. Now, the NFLPA is suing.
The lawsuit, via ESPN.com, argues that DraftKings intends to terminate a deal that gave it the ability to use player names, images, and likenesses for a token business.
The union accuses DraftKings of devising phony reasons for getting out of a deal that went bad. Given legal questions, DraftKings decided the NFT business no longer appeared to be a way to make money.
In an Announcement on July 30, 2024, DraftKings said that it had decided to discontinue its NFT Marketplace. DraftKings explained that its decision was not made lightly but was due to “recent legal considerations.” Although DraftKings did not elaborate any further on those considerations, previously, a judge in the federal district court in Massachusetts refused to dismiss a proposed class action suit against DraftKings claiming that the NFTs that DraftKings sold on its Marketplace were unregistered securities.
The global NFT market cap today is $68.71 Billion.
