Gambling is big business in the United States. In fact, it accounts for more than $265 billion of the annual gross domestic product (GDP). That’s huge. So, what does this have to do with non-fungible tokens (NFTs)?
Well, there’s a new NFT project in town and it looks to disrupt the multi-billion dollar gambling industry.
That NFT project is known as Slotie, named for some of the most popular offerings at a casino, the slot machines, and these Sloties aren’t just digital art, they come with some serious utility those who enjoy gambling would likely enjoy tapping into. Here’s the scoop:
The Slottie Hits the Blockchain
As mentioned above, the Slotie project is now live. The collection features a set of 10,000 unique NFTs. If you want to get your hands on one, you might want to act fast. The first 2,500 pre-sale mints will only cost 0.08 Ethereum while any mints after that will cost 0.16 Ethereum. All together, the company will raise about $5.7 million through the minting of the NFTs.
So, what’s the big deal about a Slotie?
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These NFTs come with real-world perks. According to the developers of the project, about 150 casinos around the world will participate in its programs. Holders will also receive what’s being called “Exclusive Holders Rewards.”
These perks are actually cold-hard cash. According to the release, a Slotie-themed game is being launched for crypto casinos and will pay a 12% commission to each partner. 80% of that payment will go to Slotie holders. Moreover, Slotie holders will get a 20% rakeback at participating casinos. That means they’ll get 20% of the casino’s take back as a benefit.
Sloties & WATT Tokens
A major part of the Slotie project is known as the WATT token. The token is a gem that you earn in the game based on how you play and what you own. They’re earned on a daily basis with qualities largely depending on the quantities of Sloties you own.
According to the Slotie website, WATTS are tokens that act like energy in the Sloties’ world. They are generated on a daily basis with every slotie owner getting 10 WATT tokens on a daily basis. After three months of game play, you’ll have enough WATTs to breed your own Sloties.
If you’re not interested in waiting to breed your Sloties to generate Junior Sloties, you’ll be able to buy tokens from other owners on the secondary market.
This makes sense from a business perspective. Ultimately, Sloties is trying to add value to WATTs by creating utilization behind them. For example, owners will be able to breed, take part in slot events, and there will potentially be other benefits down the road. However, the real goal is to give WATTs monetary value.
More About WATTs
The WATTs in the game will be paid to Slotie holders. However, once you receive them, you’ll need to exchange them for Ethereum or another coin to pull the value out of them. Ultimately, this gives Slotie owners cash out benefits, but for the value to really be there, the Slotie company needs to create value for the token, which is what’s happening through its breeding program and slot events.
In fact, it’s expected that the value will be unlocked in these WATTs by the first or second quarter of 2022.
Talking About Breeding
So far, the primary use for WATT tokens is the breeding process. In order to breed in the game, you’ll need to have two Sloties and 1,800 WATTS. From there, you can breed your Sloties to generate a Junior Slotie.
It is expected that by the third quarter of 2022, utility will be added in for Junior Sloties, creating value in these collectibles.
This Is a Big Deal
At first glance, everyone sees NFTs as digital art, and many question the real value of that art. However, this is the first project that I’ve come across that has brought real-world businesses from around the world into the fray.
Ownership of Sloties isn’t just ownership of art, it gives the holder exclusive perks at casinos around the world, and will likely generate assets with real-world value that can be sold in the future.
The Bottom Line
The bottom line here is that Sloties have the potential to become the next excessively high-value project in the metaverse. It’s got everything, art, gaming, and real-world utility. These pieces of the puzzle combine to create what has real potential to become the next hit!