BREAKING: Knights of Degen to Acquire LeagueDAO
Knights of Degen (KoD) is acquiring LeagueDAO, an on-chain fantasy sports product, according to a KoD fundraising slide deck that Lucky Trader recently obtained.
LeagueDAO is an NFT-powered fantasy sports product that blends together DeFi protocols, play-to-earn gaming and NFTs to create a web3 fantasy gaming environment. LeagueDAO enables collectors to own and trade the players on their team as NFTs and fantasy scoring is on-chain and based on real-world stats (think Yahoo Fantasy of web3).
For KoD, this merger represents a major step into the fantasy sports space, an area of focus as part of the project’s roadmap. The team has hinted the platform will incorporate both traditional sports and “future sports NFT games,” likely including Fan Controlled Football (an interactive football league which KoD is already a part of).
KoD further plans to “incorporate the LeagueDAO infrastructure into a platform” that can support the following capabilities:
- Tracking contest performance across all leagues, sports and events
- Ability to spin up new fantasy leagues for any sport at any time
- Integration of $DGEN (the upcoming native token of the KoD ecosystem, set to launch later this year) into the fantasy sports experience. Using $DGEN, the partners plan to take advantage of LeagueDAO’s ability to enable and incentivize league commissioners to be compensated for their efforts.
Members of the LeagueDAO team will be joining KoD staff, including the project’s founders– Jake Craven, Tyler Ward and Matt Hunter as part of the deal.
For KoD, the deal comes in the midst of a venture capital raise (reportedly around $8 million), as the project hopes to leverage these funds towards its stated goal of building a “decentralized Disney for degens.”
One key element of the KoD ecosystem will be the aforementioned $DGEN token. KoD is currently working with Wilder World’s Zero Tech and Horizen Labs (who also helped bring Yuga Labs’ $APE coin to market) on the token launch.
KoD launched in September of 2021 with its “Knights” PFP (profile picture) drop, and the project has since expanded into multiple different verticals, including:
- A food delivery business with KoD’s upcoming “Degen Sauce” restaurant, which will feature a “vodka sauce inspired menu” (in partnership with PopChew)
- An IPA beer called “KoD Degen Haze”, which was released earlier this month in a limited batch
- Ownership of a football team in the Fan Controlled Football league and co-ownership of a soccer team in EFL League Two (WAGMI United’s Crawley Town F.C.)
- A companion “Steedz” drop designed by featured artist Blake Jamieson
- The establishment of the “KoD Gaming Guild” as the team leans into the play-to-earn (P2E) space
- A KoD Tournament App for NFT-powered sporting competitions (for example, a 2022 March Madness bracket challenge) and other token-gated sports speculation contests
- The creation of KoD Media, the project’s decentralized media network
- Key partnerships with brands like Action Network, DraftKings, Dapper Labs, ZED Run that grant KoD holders perks like free memberships, private contests and more.
Through these initiatives, KoD’s ultimate goal is to create a 360-degen experience. In a glimpse of the future that KoD envisions, the deck posits: “Imagine being able to watch a live game and cheer on your own KoD team, order your own KoD food from egen Sauce, drink your own KoD Degen Haze IPA beer, all while hanging out and live betting the games with a community of like-minded degens.”
Neither side could be reached for comment on the matter.