Could NFTs Disrupt the Gambling Business? – Motley Fool

December 12, 2021 by No Comments

There’s an NFT on the Ethereum ( ETH 1.30% ) blockchain that is hoping to upend the online gambling market. On Tuesday the Slotie NFT from Elia Software hit the market, and it could be the first NFT to generate real money from gambling. 

As NFTs become more popular and cryptocurrencies and the blockchain grow, NFT projects are becoming more and more innovative. We aren’t just talking about a cool piece of art here — this project is intended to be a long-term investment. 

Image source: Getty Images.

What’s a Slotie? 

Slotie is the name for a set of 10,000 unique NFTs minted on Tuesday. Sloties cost 0.08 Ethereum for the first 2,500 pre-sale mints, and 0.16 Ethereum for 7,000 public sale mints, or about $5.7 million.

These NFTs are said to provide real-world benefits at 150 casinos around the world and “Exclusive Holders Rewards”. The first reward is a Slotie-themed game for crypto casinos, which will pay out a 12% commission to each partner. 80% of that payment goes to Slotie holders. Slotie NFT holders will also get a 20% rakeback at participating casinos, which means they’ll get 20% of the casino’s take back as a benefit. 

The key to the economics of this system is a token that can be transferred to NFT owners on the blockchain. 

The WATT token

Slotie is using a token called WATT, which is kind of like a gem you earn in a game depending on how you play and what you own. In this case, WATTs are earned on a daily basis depending on the qualities of a Slotie. Here’s how the token is described by Slotie: 

WATTs is a token which acts like the energy in the Sloties’ world. WATTs are generated on a daily basis. Every Slotie owner gets 10 WATTs tokens daily. You will have enough WATTs to breed your Sloties in 3 months. For those who can’t wait to get their Junior Sloties, there’s the opportunity to buy tokens from other owners on the secondary market.

What Slotie’s developers would like to do is make WATTs valuable by creating uses for them. Breeding, slot events, and potentially other benefits will be available. But the real hope is that WATTs have a monetary value. 

WATTs will be paid to Slotie holders, but they will need to then be exchanged into Ethereum or another coin. This will allow Slotie owners to cash out benefits, but a market needs to be created for the token — and it appears right now that WATT tokens won’t be generated by Slotie NFT holders until …….

Source: https://www.fool.com/investing/2021/12/10/could-nfts-disrupt-the-gambling-business/

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