Divvy.Bet, a crypto sports betting platform, has announced the release of its highly anticipated NFT collection on the Solana blockchain. Known as the Genesis NFT collection, it consists of 5,000 passes and aims to provide value to both platform users and passive NFT holders.
Distinguishing itself from traditional sportsbooks, Divvy.Bet operates entirely on-chain, eliminating the need for deposits or withdrawals. The company received $2 million in seed funding last year, led by Shima Capital, to strengthen its development and operational efforts.
The decision to introduce NFTs to the Divvy.Bet ecosystem stems from the company’s goal of fostering a strong and engaged community. By rewarding early adopters of the platform, Divvy.Bet aims to successfully integrate the Solana community into its long-term vision.
The Divvy NFT collection offers several benefits, including revenue sharing, $DVY token emissions for staked NFTs, loot boxes, and more. This unique approach ensures that NFT holders not only enjoy platform perks but also receive ongoing value from their investments.
Carlos Liang, founder and CEO of Divvy.Bet, expressed his enthusiasm for the launch, stating, “Our mission is to provide fair and transparent access to online sports betting. Our team has the expertise to address current challenges and revolutionize the betting landscape for gaming and sports.“
Divvy.Bet offers a comprehensive betting experience for the Solana community. Users can seamlessly connect their crypto wallets to the web3 dApp and place wagers with ease. The blockchain technology guarantees immediate and secure recording of bets, with payouts swiftly transferred directly into users’ wallets once a contest concludes.
NTF Holding and Trading
By allowing users to trade their NFTs, Divvy.Bet enables bettors to exit positions before a wager’s conclusion, creating new opportunities for value bettors.
Additionally, the Divvy.Bet platform operates on smart contracts, ensuring that bets are only accepted if the house can cover them. Through automated bookmaking processes, wagers are settled directly into the bettor’s wallet, eliminating the need for withdrawal requests, regardless of the winnings’ size.
In 2022, Divvy.Bet raised $2 million in seed funding led by Shima Capital. The funding aimed to support the launch of Divvy’s Mainnet and enhance its infrastructure, along with expanding the core team responsible for the platform’s successful operation.
According to Yida Gao of Shima Capital, Divvy.Bet was chosen due to its innovative solution, positioning the company as a leading force in shaping the future of sportsbooks.
Implications for the iGaming Industry
- Increased Adoption: Divvy.Bet’s introduction of the Genesis NFT collection highlights the growing significance of NFTs in the iGaming sector. This move is expected to attract more users and foster engagement within the community.
- Value Creation: The inclusion of revenue sharing, token emissions, and loot boxes in Divvy.Bet’s NFT collection emphasizes the potential for generating additional value for NFT holders. This innovative approach may inspire other iGaming platforms to explore similar strategies and enhance their value propositions.
- Technological Advancements: Divvy.Bet’s operation entirely on the Solana blockchain showcases the ongoing technological advancements in the iGaming industry. By leveraging blockchain technology and smart contracts, the platform ensures transparency, security, and efficiency in the betting process.