According to reports, the gambling industry is worth billions of dollars. The gambling industry was estimated to have a market cap of 53.7 billion USD in 2019 and to grow at an 11 percent annual rate from 2020 to 2027. Although gambling has been a popular social activity since the 9th century in China, to the 17th-century card game, poker, the internet has significantly impacted the gambling sector based on the Persian game As- Nas. Online casinos and online gambling have become very popular in today’s world, and they have played a significant role in increasing the gambling sector’s market capitalization and driving user growth. With the introduction of blockchain technology, the online gambling industry appears to be poised for another surge. The gambling industry is currently highly centralized, which has resulted in a lot of friction between users and online casinos, betting companies, and so on. The use of blockchain technology eliminates the need for an intermediary to place bets. This article will look at Slotie, a fast-paced blockchain-based online casino, and how it intends to redefine the gambling industry.
The Current State Of Online Gambling
Currently, the gambling industry is highly centralized, with bookmakers deciding the fate of users in the gambling world. Over the years, numerous reports have been filed against online gambling companies for questionable and unfair practices. There have been reports of slow payouts, users being cheated out of their winnings, and bookmakers abusing their power over the system by manipulating gambling events. These issues have become a source of concern, and if not addressed promptly, they will stifle user growth in the online gambling industry. Incorporating decentralized finance in the gambling industry could be the solution that the gambling industry sorely requires.
Sloties, An Utility-Based NFT Project
With the plethora of issues currently plaguing the gambling industry and the crux of the majority of these issues being linked to centralization, it is a no-brainer that the gambling industry requires decentralization. Additionally, many industries have been disrupted by decentralization and blockchain technology, which provides a trustless and permissionless system and eliminates the need for a third party.
Slotie seeks to disrupt the gambling industry by introducing blockchain technology and NFTs and providing unique betting features for players and the opportunity for the investors to co-own the casinos’ house edge.
Sloties are over ten thousand individually generated NFTs on the Ethereum blockchain with the primary goal of providing utility in the gambling industry. Sloties are built on the ERC-721 standard, which also powers digital collectibles and the majority of utility NFTs. The recent NFT craze has drawn users to NFT-based slot machines, where you can win NFTs rather than cash. Slotie’s slot machines allow slotie holders to become shareholders of the casino’s house edge and earn incredible rewards. As a slotie NFT holder, you can stake NFTs into slot games and earn rewards from casino players hoping to win the NFTs staked. By staking Slotie NFT’s, the NFT community has the opportunity to become the “house” in 150 casinos. In addition, the passive income made monthly from casino players is distributed to the NFT community every month. Being a Slotie NFT holder offers some benefits, including:
Staking Rewards: Slotie community members can provide Slotie NFTs as liquidity for slot games. When a slotie NFT is added to the slot games, the value is automatically calculated and suggested to the NFT holder. If the NFT is lost to a casino player, the holder receives the amount calculated by Slotie’s algorithm. Thus, NFTs can be staked in slot machines by all holders equally, and the value of the NFT itself determines the house share.
Passive Income: Aside from staking rewards, being an NFT holder allows you to enter lucrative partnership deals with other casinos and Elia software. NFT holders receive 80% of the monthly revenue generated by Slotie owners. Passive income is a critical component of Slotie’s ecosystem, providing Slotie NFTs with multi-utility use cases. Keep in mind that passive income rewards are permanent and come with no risk to NFT holders.
VIP MEMBERSHIP/RAKEBACK
Aside from passive income streams and staking rewards, another unique benefit of Slotie’s project is the opportunity for NFT owners to receive VIP membership at 150+ partner casinos. VIP members also receive a cashback guarantee, which can be as high as 20%. This is known as rakeback. Slotie owners will be reimbursed 20% of all lost bets with a Rakeback. Rakebacks are paid from affiliate commissions collected by all partner casinos.
This Slotie’s Development
Slotie has built a robust community in a short period, and it is constantly growing. In just five days after launching their Discord server, Slotie had over 10,000 members. Slotie is a very promising NFT project, and its utility NFT use cases play a significant role in this unprecedented growth. Slotie’s presale and public sale of its NFTs are scheduled for Q1 2022, and the project has been dubbed one of the fastest-growing NFT communities this year by some.
Final Thoughts
Slotie’s rapid growth and distinct vision for the online gambling industry exemplify the level of innovation and possibilities made possible by NFTs and blockchain technology. Slotie intends to use blockchain technology to alter the gambling industry’s narrative and usher in a new era of trustless, permissionless online gambling.