There is an NFT in Ethereum (ETH 1.50% ). A blockchain that wants to disrupt the online gambling market. On Tuesday, Elia Software’s Slotie NFT will hit the market and could be the first NFT to generate real money from gambling.
As NFTs grow in popularity and cryptocurrencies and blockchains grow, NFT projects are becoming more and more innovative. We’re not just talking about cool works of art here. This project is aimed at long-term investment.
What is Slotie?
Slotie is the name of a set of 10,000 unique NFTs created on Tuesday. Sloties are priced at 0.08 Ethereum for the first 2,500 pre-sale mint and 0.16 Ethereum for 7,000 public sale mint, or about $ 5.7 million.
These NFTs are said to provide real profits and “exclusive holder compensation” at 150 casinos around the world. The first reward is a Slotie-themed game for crypto casinos, with a 12% commission paid to each partner. 80% of the payment will be paid to the Slotie holder. Slotie NFT holders will also receive a 20% rakeback at participating casinos. In other words, 20% of the casino takeback will be profitable.
The key to the economics of this system is the tokens that can be transferred to NFT owners on the blockchain.
Slotie uses a token called WATT. It’s like a jewel you’ll earn in a game, depending on how you play and what you own. In this case, WATT is earned daily depending on the quality of Slotie. Here’s how to write a token with Slotie:
WATT is a token that acts like the energy of the Sloties world. Watts are generated daily. All Slotie owners get 10 WATT tokens every day. You will have enough watts to breed your Sloties in 3 months. For those who can’t wait to get a junior slot, there is an opportunity to buy tokens from other owners in the secondary market.
What Slotie developers want to do is make WATT worthwhile by creating uses for WATT. Breeding, slot events, and potentially other benefits will be available. But the real hope is that WATT has monetary value.
WATT is paid to Slotie holders, but then needs to be redeemed for Ethereum or another coin. This allows Slotie owners to monetize their profits, but they need to create a market for tokens. Currently, WATT tokens do not appear to be generated by Slotie NFT owners until the first or second quarter of 2022.
One of the secrets of NFTs is that development teams are often paid for token assignments. Slotie doesn’t reveal how many watts the team gets, but this is often quite a lot.
The main use of WATT is what is called breeding. Breeding takes 1,800 watts and 2 slots to create a junior slot. However, until at least the third quarter of 2022, the junior slotty doesn’t seem to be really useful.
Future games and partnerships can be beneficial to Slotie holders, but it’s a way down the roadmap.
Trust is the name of the game
This is one of the first real projects I’ve seen with the support of legitimate companies based around the world. However, Slotie NFTs continue to involve these developers and still rely on building value in the long run. If the casino doesn’t register or WATT has no value, the value of this NFT is not out of the art.
Slotie also ran into a big problem during that mint. Fraudsters overwhelmed the developers and many people completely missed mint. In the secondary market, it is still unclear which Sloties are genuine and which are fraudulent. This is a big problem with early NFTs.
It will be interesting to see how utility NFTs like Slotie work as they hit the market. This can be a great way to generate indirect and passive income from industries like online gambling. However, if buyers lose confidence in the project, it can be catastrophic. And since this is a corporate NFT, it can be difficult to organically build passionate followers.
Time will tell you where this NFT is going, but if you’re looking for NFT innovation, this is worth noting.
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