NFT Betting Platform Stakes Raises $5.3M For ‘Digital Bragging Rights’

KEY POINTS

Stakes to make sports wagering more social
The platform is free to users as of now
The funding will allow Stakes to grow its user base

Stakes, a non-fungible token (NFT) betting platform, has raised a $5.3 million seed round led by Digital Currency Group (DCG), FBG Capital and CMS Holdings, the company announced Tuesday.

The free-to-play platform is based around sports wagering, where users can make predictions that are publicly available for users to wager against. Winning bets are then minted as NFTs, becoming what the platform calls “digital bragging rights,” backed by digital coins.

The funding will be used to help expand Stakes' team as the company continues to rapidly grow its user base, the statement read.

The company also announced the appointment of Sam Li, former Vice President at the National Basketball Association (NBA) as a strategic investor and advisor.

Kevin Wang, CEO and Founder 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."

"Stakes re-imagines sports betting for the 21st century by using NFTs as rewards. We combine social media, gaming and crypto to tap into what sports fans are truly after the friendly competition, showing off knowledge and earning bragging rights. NFTs are a unique way to achieve this," Wang added.

Stakes is available in the App Store in open beta, with over 8,000 NFTs minted among 2,500 users, with the majority of its growth coming during the last National Football League (NFL) season, according to the statement.