DraftKings abandons its NFT business citing legal developments.

on July 30, according to CoinDesk, that sports betting company DraftKings announced in an email to customers that it will immediately shut down its NFT business, ending its popular venture between digital collectibles and sports culture. “After careful consideration and based on recent legal developments, DraftKings has decided to discontinue Reignmakers and our NFT marketplace effective immediately. This decision was not taken lightly, and we believe it is the right thing to do,” the email stated.

A few weeks ago, a federal judge allowed a class action lawsuit against DraftKings after it was found that the plaintiffs “reasonably argued that DraftKings' NFTs are unregistered securities.”

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