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cryptonews 2025-01-28 08:28:20

DraftKings Settles with NFL Players Association Over NFT Player Likeness Dispute

U.S.-based sports betting platform DraftKings has reached a settlement with the National Football League Players Association (NFLPA) over allegations of unpaid royalties for using NFL player likenesses in non-fungible tokens (NFTs). In a joint letter filed on January 27 , DraftKings and the NFLPA informed New York federal Judge Analisa Torres that they had mediated the dispute and arrived at a settlement in principle. The parties requested a 60-day stay of the lawsuit, giving them until March 28 to finalize the agreement. Settlement Awaits Judge Torres’ Approval Specific terms of the settlement remain undisclosed, pending Judge Torres’ approval. The legal conflict stems from DraftKings’ 2021 partnership with the NFLPA to create tradable NFTs for a fantasy sports game called Reignmakers. The partnership soured after DraftKings ceased payments to the NFLPA in 2023, citing a federal court ruling that classified the NFTs as securities under the Securities Act and the Exchange Act. Following the ruling, DraftKings shut down its NFT marketplace in July 2023. The NFLPA filed a lawsuit in August, reportedly seeking up to $65 million in damages, although the exact figure was redacted. The association also accused DraftKings of threatening to halt the NFT offerings altogether. Despite the tensions, the two parties agreed to restructure their contract before reaching the settlement. The timing of the proposed settlement is notable, coming just weeks before the NFL’s Super Bowl on February 9 in New Orleans, Louisiana. The NFL Players Association (NFLPA) recently settled their lawsuit against DraftKings regarding compensation for player-related NFTs. This comes shortly after DraftKings decided to shut down their NFT marketplace in July. 1 — Holden Harris (@holdenwithcare) January 28, 2025 Once a hotspot for crypto advertising, the Super Bowl has since shifted its focus, with no crypto-related ads appearing last year following the collapse of FTX in late 2022. NFT Sales Surge Past $8.8 Billion in 2024 NFTs wrapped up 2024 with annual sales reaching $8.83 billion, according to CryptoSlam data. The figure represents a 1.1% increase from 2023’s $8.7 billion, signaling a modest rebound for the digital collectibles market. Ethereum and Bitcoin led NFT sales in 2024, each generating $3.1 billion, while Solana followed with $1.4 billion in annual sales. In terms of all-time figures, Ethereum maintained its dominance with $44.9 billion in sales, trailed by Solana at $6.1 billion and Bitcoin-based NFTs at $4.9 billion. Although 2024 showed growth compared to 2023 , the market remains far below its peak years. NFTs achieved $15.7 billion in sales in 2021 and a record $23.7 billion in 2022. The 2024 total marks a decline of 43.9% and 62.8%, respectively, from these highs. The market began recovering late in 2024, following a seven-month slump that bottomed out in September with the lowest sales since 2021. October sales rebounded by 18% , hitting $353 million, and November saw a six-month high of $562 million. December closed the year with $877 million in sales, the fifth-highest monthly figure of 2024. Ethereum-based collections fueled December’s resurgence, accounting for $482 million of the month’s sales. Bitcoin-based NFTs contributed $172 million, while Solana collections added $100 million. Top-performing collections in December included Pudgy Penguins, which led with $115 million in sales. Other notable collections such as Azuki, LilPudgys, CryptoPunks, Doodles, and Bored Ape Yacht Club collectively brought in $141 million, solidifying the NFT market’s steady recovery. The post DraftKings Settles with NFL Players Association Over NFT Player Likeness Dispute appeared first on Cryptonews .

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