Knights of Degen, the fastest growing sports gaming community in Web3, has entered into a binding agreement to acquire the leader in blockchain based fantasy sports, LeagueDAO. The transaction accelerates the Knights of Degen competitive entertainment roadmap, enabling on-chain fantasy sports for its community of sports betting enthusiasts, while positioning LeagueDAO's ground-breaking product suite for mass adoption.
By way of the deal, LeagueDAO's apps and fantasy leagues - including Mega League, Nomo League and Non Fungible Brackets - will continue to operate without interruption. The LeagueDAO team will join Knights of Degen, including co-founders, Jake Craven, Tyler Ward, and Matt Hunter. Financial deal terms are not disclosed.
"We have always seen fantasy sports as a pillar of the KOD ecosystem, and to that end, we're thrilled to onboard the LeagueDAO products, team, and community", said Knights of Degen Co-Founder, Drew Austin.
Fantasy sports users experience material benefits by competing on-chain, such as ownership and control over their teams and picks, easy sign ups and stress fee collection, sustainable prize pools that use decentralized finance ("DeFi") to generate yield from entry fees, instant and verifiable payouts, and game models that let users earn money for acting as the commissioner aka host of different tournaments and leagues.
"The Knights of Degen community and ecosystem offers exactly the right engine to pursue our passion for building on-chain fantasy sports products. We are so excited about this next chapter for LeagueDAO," said LeagueDAO Co-Founder Jake Craven.
Launched in September of 2021, by way of its genesis NFT drop, Knights of Degen has positioned its brand, community, and applications as the Web3 destination for sports fans who always have action on the game. Focused on delivering best-in-class competitive entertainment, Knights enjoy a social gaming experience, with always-on contests and competitions such as the KFFL and Degen Bracket Challenge, while experiencing community ownership of a growing list of Web3 sports and entertainment properties, such as a Fan Controlled Football team, a variety of community-managed play-to-earn games and KOD Media Network.
Launched in August of 2021, LeagueDAO was formed by a community of Web3 founders, developers, athletes and fans that wanted to kickstart the development of fantasy sports in Wweb3. In under 12 months, LeagueDAO has developed a suite of decentralized fantasy sports applications. Each app leverages LeagueDAO's core web3 infrastructure that utilizes, nfts, defi and smart contracts to create a unique skill based game experience.
Knights of Degen intends to launch an erc-20 token in the coming months, by way of the Degen DAO, which will act as the currency for its game ecosystem, including LeagueDAO's fantasy products.