.playwithstakes raised $5.3 million to turn your winning sports takes into NFTs. elitanjourno reports
, a non-fungible token startup that puts a Web 3 spin on the traditional sports betting format, has raised a $5.3 million seed round led by Digital Currency Group , FBG Capital and CMS Holdings, the company announced Wednesday.
Winning picks are then minted as NFTs, functionally becoming what the platform calls “digital bragging rights,” backed by virtual coins not tied to any real currency. “Our whole thesis is that most sports fans are not going to become like degenerate, hardcore gamblers,” Wang told CoinDesk in an interview. “And so we wanted to create a more social experience.”Wang also believes the platform will also allow sports fans to “empirically show off their fandom,” with users who consistently make the most accurate predictions being able to rise up the fan leaderboards of their respective franchises.
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