Close Menu
StreamLineCrypto.comStreamLineCrypto.com
  • Home
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT
  • Defi
  • Blockchain
  • Metaverse
  • Regulations
  • Trading
What's Hot

Dutch crypto firm Amdax raises $35m to buy Bitcoin

October 7, 2025

Why did BTC reach a new all-time high?

October 7, 2025

Solana ETF vs. Ether: Can SOL Outperform ETH?

October 7, 2025
Facebook X (Twitter) Instagram
Tuesday, October 7 2025
  • Contact Us
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms of Use
  • DMCA
Facebook X (Twitter) Instagram
StreamLineCrypto.comStreamLineCrypto.com
  • Home
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT
  • Defi
  • Blockchain
  • Metaverse
  • Regulations
  • Trading
StreamLineCrypto.comStreamLineCrypto.com

NFL Players Association sues DraftKings for $65M over Reignmakers NFT dispute

August 29, 2024Updated:August 29, 2024No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
NFL Players Association sues DraftKings for M over Reignmakers NFT dispute
Share
Facebook Twitter LinkedIn Pinterest Email
ad



NFL Players Association sues DraftKings for $65M over Reignmakers NFT dispute

The Nationwide Soccer League Gamers Affiliation (NFLPA) has filed a lawsuit in opposition to DraftKings Inc., looking for roughly $65 million in damages after the sports activities betting firm abruptly shut down its NFT-based fantasy sports activities platform, Reignmakers.

The lawsuit, filed within the US District Courtroom for the Southern District of New York, alleges that DraftKings breached its licensing settlement with the NFLPA by terminating funds owed underneath the contract.

The settlement allowed DraftKings to make use of the likenesses of NFL gamers in Reignmakers, which enabled customers to buy, commerce, and use non-fungible tokens (NFTs) linked to skilled athletes in fantasy sports activities contests.

DraftKings closed Reignmakers in July, citing “latest authorized developments” as the explanation for its determination. This motion adopted a ruling in Massachusetts federal courtroom that denied DraftKings’ movement to dismiss a class-action lawsuit alleging that the NFTs offered on the platform constituted unregistered securities.

The NFLPA argues that the $65 million owed relies on minimal ensures specified within the contract, which DraftKings allegedly failed to fulfill.

Based on the grievance, the corporate has not made any funds since August 1, 2024, regardless of earlier obligations. The NFLPA claims that DraftKings’ determination to halt funds is pushed by the downturn within the NFT market, which has considerably cooled because the heights of its recognition.

DraftKings justified its determination by referencing a clause within the contract that permits termination if a “authorities, regulatory, or adjudicatory physique” determines that the NFTs are securities. Nevertheless, the NFLPA contends that the courtroom ruling in Massachusetts didn’t definitively categorize the NFTs as securities, and subsequently, the contract stays legitimate.

The lawsuit additionally highlights the substantial compensation acquired by DraftKings executives — over $261 million collectively since 2021 — arguing that this determine is roughly 4x what the corporate owes the NFLPA underneath the licensing settlement.

The case has been assigned to US District Choose Analisa Torres, who has expertise with circumstances involving digital property. Her rulings may have broader implications for the authorized remedy of NFTs and different digital collectibles, an space nonetheless fraught with authorized ambiguity.

Newest Alpha Market Report



Source link

ad
65M Association dispute DraftKings NFL NFT Players Reignmakers sues
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Related Posts

Dutch crypto firm Amdax raises $35m to buy Bitcoin

October 7, 2025

Why did BTC reach a new all-time high?

October 7, 2025

Solana ETF vs. Ether: Can SOL Outperform ETH?

October 7, 2025

Grayscale’s Ethereum ETFs And Solana Fund Introduce Staking Features Today – Key Details

October 7, 2025
Add A Comment
Leave A Reply Cancel Reply

ad
What's New Here!
Dutch crypto firm Amdax raises $35m to buy Bitcoin
October 7, 2025
Why did BTC reach a new all-time high?
October 7, 2025
Solana ETF vs. Ether: Can SOL Outperform ETH?
October 7, 2025
Grayscale’s Ethereum ETFs And Solana Fund Introduce Staking Features Today – Key Details
October 7, 2025
Ethereum Fusaka Upgrade Set To Redefine ETH Performance — Here’s What to Expect
October 7, 2025
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms of Use
  • DMCA
© 2025 StreamlineCrypto.com - All Rights Reserved!

Type above and press Enter to search. Press Esc to cancel.