FanDuel co-founders launch user-friendly NFT platform
Solana blockchain-powered ‘Vault’ strives to make digital collectables more widely accessible
Nigel Eccles and Rob Jones, co-founders of FanDuel, have established Vault, a new NFT platform aimed at making the technology more accessible to the public.
According to Insider.co.uk, the pair will introduce a simplistic purchase experience for users, while the platform, which will run on the Solana blockchain, supports the use of flat currency payment systems via PayPal.
The use of Solana is to keep the platform as environmentally friendly as possible. Solana is a carbon-neutral blockchain and the reason Vault has chosen this form of payment is that it also offers high speeds with low costs.
Eccles unveiled plans last October to build a decentralised betting exchange on the Solana blockchain after enlisting the help of a handful of ex-FanDuel engineers.
On this platform, NFT creators will produce exclusive content including music, videos and photos. These are unlocked via a specific key that fans will need to buy to gain access to the creator’s ‘vault’.
Users are also able to pay for the keys via in-app purchases with Apple Pay or with their credit card via an app on either Android or iOS devices. You will be able to use the Solana payment system once you have created a Phantom wallet and added the Solana currency.
Eccles commented: “NFTs are an incredible unlock for artists and professional athletes – but the experience sucks for fans. Artists and pro athletes shouldn’t be forced to choose between their mainstream fans and crypto enthusiasts, so our focus is simple: make NFTs easy to buy and use.
“On Vault, music and videos play natively on our platform, and we offer three ways to buy – via PayPal, in-app purchases and crypto purchases – so all fans can participate,” Eccles added.
FanDuel’s main rival during DFS boom, DraftKings, branched out into NFTs last year with the launch last August of DraftKings Marketplace, a digital collectables ecosystem with curated NFT ‘drops’ and supported secondary-market transactions.
Last month, Vault partnered with three Ukrainian media companies to support news reporting during the conflict.
Vault planned to sell 10,000 keys as part of the Keys for Kyiv initiative to help raise money as part of the deal with Ukrayinska Pravda, Novoye Vremya and Hromadske.
If all keys are sold, they will raise close to $1m(£761,245) to support the media outlets.