Sports NFT Platform Stakes raises $5.3 mln for 'digital bragging rights'
Sports NFT platform Stakes seeks to offer a more social sports wagering experience via NFTs as rewards for fans
By Shashank Bhardwaj
Stakes, a New York-based NFT platform for sports wagering fans, has raised $5.3 million in seed funding from DCG (Digital Currency Group), CMS Holdings, LD Capital, Cadenza Ventures, Matrixport Ventures, Sterling Select Group, and FBG Capital, the company announced on Wednesday. The funds will be used for team expansion in light of the platform witnessing rapid growth in its user base.
The platform said it has tapped into research that suggests that people who play fantasy sports value the social experience more than monetary opportunities. “Our whole thesis is that most sports fans are not going to become like degenerate, hardcore gamblers. And so we wanted to create a more social experience,” Kevin Wang, CEO of Stakes, said, “Digital sports betting increasingly feels like math homework–devoid of the emotion, energy and sense of community that motivates fans, especially this new generation of sports lovers.”
Wang continued to elaborate on the ultimate goal of the Stakes platform, “Our mission is to bring people together through sports and community with an engaging, digital experience that is so much more than a spreadsheet of numbers.”
Stakes is a web3-based free-to-play sports betting platform that seeks to build a social wagering experience for its fans via NFTs. It combines social media, crypto, and gaming, offering fans friendly competition and knowledge show-off as they earn digital bragging rights via NFTs. It is available in the Apple App store in its open beta version.
Users can make predictions on the outcomes of the matches. These predictions are publicly available for friends and other users to wager on. The winning pick is minted as an NFT. These NFTs become the platform’s ‘digital bragging rights’ that aren’t tied to any real currency but are backed by virtual coins.
Stakes started its journey with the InterActiveCopr (IAC)’s incubator and became an independent identity in January 2022. So far, over 8,000 NFTs have been minted among 2,500 users on the platform. The platform received maximum traction during the last NFL (National Football League). The platform falls in the category of companies that tokenise fan engagement in the sports, music, and entertainment sector via NFTs and social tokens.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..