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.
Stakes, in a recent funding round, raised $5.3 million for sports and sports wagering fans in a bid to integrate NFT's and Web3 in sports wagering.
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.
Stakes roped in NBA’s former VP SamLi as strategic investor and advisor.
Stakes was part of InterActiveCopr (IAC) incubator where it graduated in January. The company will use the raised capital to grow its team keeping in view its growing popularity.
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.
Kevin Wang, CEO of Stakes, said, “We are delighted to partner with an innovative group of investors who have a finger on the pulse of web3 and the future of culture.
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.”
Currently, the Stakes platform is accessible in an open beta app free for users to download and experience the fun of betting with friends without risking real money.
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.
As of now, Stakes has minted over 8.000 NFT's, which it calls “proof of flex”, to over 2.500 users as a reward for sports predictions.