A pioneer and leading stock for investors looking to invest in the online gambling space, DraftKings (NASDAQ:DKNG) has been on an impressive run as of late. This online gambling stock has seen a surge in retail investor interest over the past year. Through a series of fits and starts, DKNG stock has moved progressively higher.
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Today, DKNG stock is up more than 5% on higher-than-average volume. This move comes on a rather bleak day for many stocks, including those in the crypto space. Interestingly, some crypto-related news is what’s behind DraftKing’s rise today.
Today’s news builds on the previous announcement earlier last month that DraftKings was moving into the non-fungible token (NFT) space. The company’s various sports-related deals have been leveraged to provide for various NFTs to be sold from top athletes. These sports-related NFTs will continue to be made available exclusively on Autograph.io and the DraftKings Marketplace.
Today, an intriguing expansion of this NFT program has driven DKNG stock higher. Let’s dive into what was announced and why investors are getting behind DraftKings today.
DKNG Stock Higher on Derek Jeter NFT
Today, DraftKing announced that the first ever NFT of Derek Jeter will be released for sale on Sept. 7, with the autographed edition on sale Sept. 9.
Normally, a single NFT launch doesn’t generate a lot of buzz. However, Derek Jeter’s upcoming induction ceremony into the Baseball Hall of Fame has created outsized interest in this NFT. Accordingly, investors looking for companies with the ability to release timely NFTs may be considering DraftKings stock today.
It’s expected that the signed Derek Jeter NFTs will carry only 300 collectibles in the entire batch. Indeed, NFT enthusiasts will be sure to keep their eye on what sort of price tag these fetch.
Whether investors are on board or not with the NFT movement, DraftKings certainly appears to be an intriguing way to play this space. Unlike other pure-play NFT stocks, DraftKings has a vibrant and attractive core gambling business that’s thriving. Accordingly, investors looking to speculate may find good reason to do so with DKNG stock.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.