Sports Wagering Company Stakes Raises $5.3 M for NFT’s.
Sports wagering is getting more social via the Web3 treatment which will introduce NFT’s as rewards for successful wagers and predictors. The idea sounds great and is being pursued successfully by New York-based Stakes.
The capital raised is $5.3 million and several investors took part in the funding round. The capital flowed from Digital Currency Group, FBG Capital, LD Capital, CMS Holdings, Cadenza Ventures, Matrixport Ventures, and Sterling Select Group.
The idea of rewarding betters and speculators with NFTs rewards is a creative idea in line with trends of the 21st century. Stakes will combine social media, gaming, crypto, and sports to provide a platform for sports fans to flex sports knowledge and earn bragging rights via NFT’s.
When asked about the idea being already in the industry, Wang said that Stakes do have elements from real-world sports betting, but it is ultimately creating a new category of sports wagering platform revolving around Web 3 technology.