DraftKings Largest Shareholder Drops $12 Million On Crypto Artwork

DraftKings Largest Shareholder Drops $12 Million On Crypto Artwork

The largest shareholder of DraftKings dropped nearly $12 million on a non-fungible token (NFT), a piece of digital artwork called a “CryptoPunk” on Thursday, according to auction house Sotheby’s.

Shalom Meckenzie, an Israeli entrepreneur and the largest shareholder of digital sports betting company DraftKings won the bidding war for “CryptoPunk #7523” and purchased the crypto artwork for the hefty sum of $11,754,000, Reuters reported.

“CryptoPunks” are 10,000 pixel-art characters that were created by Larva Labs in 2017. The artwork was sold as a non-fungible token (NFT), which is a unique digital file stored on a blockchain, meaning it is nearly impossible to forge a fake because changes in ownership are recorded permanently in the file.

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NFTs have become extremely sought-after assets over the last four months, but they technically still have no real-world value. Purchasing an NFT has been compared to purchasing a piece of artwork that must remain in a museum, which may or may not lose or damage it. Visitors to the metaphorical museum are allowed

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