Why DraftKings Stock Was Up This Week

Week to date, shares of DraftKings (NASDAQ: DKNG) were up 5% as of 11:54 a.m. ET on Friday, according to data provided by S&P Global Market Intelligence. The gain outperforms the S&P 500 index, which was down nearly 5% on the week after another bad inflation report sent the broader market lower.

On Friday, DraftKings announced an extension to its partnership with UFC to launch a new iteration of gamified non-fungible tokens (NFTs) on the DraftKings marketplace. The game, Reignmakers UFC, allows fans to collect NFTs of their favorite UFC fighters to compete in games for prizes. The NFT-based game is scheduled to go live later this year.

The stock is down 51% year to date, along with the broader market sell-off this year.

Source Fool.com