Place/Date: - November 23rd, 2021 at 7:27 pm UTC · 5 min read
Blockchain innovation has developed considerably over the last few years, beginning with the introduction of bitcoin and progressing to Decentralized Finance (DeFi) and Non-Fungible tokens (NFT). Several applications of blockchain fundamentals have impacted several industries, the most recent being the gambling industry. The adoption of NFTs and DeFi in the gambling industry enables the automation of betting activities on smart contracts without intermediary/Third-party involvement. The flaws of the gambling industry have always been tampering and collusion in the traditional betting system due to Middlemen, also known as Bookies, but Decentralized protocols aid in bringing transparency and a seamless user experience to the betting industry as a whole. Furthermore, decentralized oracles are used instead of a bookmaker to provide and update the necessary information in real-time.
The emergence of NFTs has aided in the development of a highly profitable value system. NFTs are non-interchangeable digital assets that can be used as valid proof of ownership on the blockchain. NFTs are currently in high demand in the cryptocurrency world as their value and worth rise. This article will look at Slotie, an innovative ecosystem using NFTs and DeFi to reshape the casino industry.
Sloties NFTs are 10000 NFTs that serve as tickets into the most significant and fastest-growing online casino network on the Ethereum Blockchain. Slotie NFT holders now have access to a new world of DeFi gambling. Sloties, based on the ERC-721 standard, provide proof of ownership and allow users to be a part of a growing Slotie community. Sloties, like any other NFTs, are non-fungible and cannot be exchanged for other assets. The rarity of these NFTs influences the revenue split received by a user from casino partners; the rarer the slotie, the higher the passive income.
Slotie enables its community to collect rewards and become the “house” in 150 casinos by adding NFTs to slot machines. The users get to make a lot of money by investing any NFT they own; it’s the chance to earn a return on any NFT. In addition, the invested NFTs allow casinos to gain liquidity through the use of slot machines. This helps drive traffic to the casinos and, ultimately benefits the liquidity providers. The Slotie community can supply liquidity in the form of slotie NFTs or any other NFT. With a fair distribution of 1:1, each Slotie NFT holder can stake one NFT at a time This proportion is intended to ensure that rewards are distributed fairly to the community.
Notably, a pricing algorithm aids in calculating the value of a Slotie NFT added to the slot game. The calculated amount is then “suggested” to the user, who can accept or decline it. This is the amount returned to the user if the staked NFT is lost in a slot game. This calculation is done for the Slotie platform to maintain its “user-centric” platform that empowers its community. Users are given the ability to make informed decisions about their NFT ownership. Players can select from various options based on how much they are willing to bet per spin. The “house share” is determined by the value of the NFT rather than the rarity of the Slotie NFT, allowing all Slotie NFT holders to stake equally in the Slot machines. It is critical to understand that the higher the value of the NFT, the higher the return.
Slotie appears to be committed to its plan to empower its community with a decentralized and equitable profit distribution plan by introducing a Casino business model that is transparent and equitable to gamblers. The users who stake their NFTs will receive 65 percent of the guaranteed profits generated by Slot games at the partner casinos. Slotie’s new Casino business model improves on the traditional Casino business model.
Slotie NFT holders will enter into a partnership agreement with Casinos and Elias Software without filling out excessive unnecessary paperwork. According to the current agreement, casinos pay Elia Software 12 percent of the NFT slot-generated revenue as gaming solutions commission. Elia Software will share 80 percent of that monthly revenue with Slotie owners.
It’s also worth noting that Slotie NFT holders will be upgraded to VIP status at each of the 150 casinos with which the Slotie platform has a partnership. Every Slotie NFT holder is also eligible for a 20% Rakeback. In addition, every Slotie NFT owner receives up to 10 WATTs tokens daily.
Slotie, an “innovative” decentralized betting platform, intends to bring innovation to DeFi by uniquely utilizing blockchain and NFTs. The slotie platform transforms the betting ecosystem by allowing users to stake their NFTs to earn passive revenue while simultaneously enjoying the perks of gambling.
The Slotie platform was created by Elia Software, a well-known and established brand in the iGaming industry that offers a full range of iGaming and omnichannel solutions.
Slotie appears to be well-positioned in the betting sector as an innovative platform that empowers its community by providing the same benefits as the “house” at over 150 casinos by presenting a fresh and unique approach. In addition, Slotie, through its transparency and innovation, has enabled its users to earn more and receive “house” benefits by staking their Slotie NFTs.
You can learn more about this “innovative” project by visiting their website.