Slotie NFTs and online gambling

Slotie is a modern example of the practical application of blockchain technology. Over the previous few years, blockchain innovation has progressed significantly. It started with the launch of bitcoin and has evolved through to Non-Fungible tokens (NFT) and Decentralized Finance (DeFi).  Several blockchain applications have had an impact on particular industries, the most recent of which is the online gambling sector. The use of NFTs and DeFi in this area allows for the automation of online gambling activities without the need for an intermediary or third party. The conventional betting system has always had weaknesses owing to manipulation by these Intermediaries. Decentralized protocols however help to bring transparency and a smooth customer experience to the betting sector.

As their value and utility rise, NFTs are in high demand in the cryptocurrency world.

This article will look at Slotie, a unique ecosystem that is reshaping the online gambling business with NFTs and DeFi.

There are 10000 Slotie NFTs that act as tickets into the Ethereum Blockchain’s most prominent and fastest-growing online gambling platform. Owners of Slotie NFTs now have access to a whole new world of DeFi gaming.

The ERC-721 standard used for Sloties provides proof of ownership and allow users to join a developing Slotie community. Sloties, like all non-fungible tokens, are non-transferable. The rarity of these NFTs has an impact on a user’s revenue share from casino partners; the scarcer the slotie, the larger the income.

What Is The Best Way To Stake Slotie NFTs?

By integrating NFTs to slot machines, Slotie allows its members to earn prizes and become the house in 150 casinos. Users have the opportunity to make a lot of money by investing in any NFT they own. 

Furthermore, through the usage of slot machines, the invested NFTs allow casinos to acquire liquidity. This encourages people to visit casinos, which benefits the liquidity suppliers. Liquidity can be provided by the Slotie community in the form of Slotie NFTs or, alternatively, another NFT. Each Slotie NFT holder can stake one NFT at a time, thanks to a fair allocation of 1:1. This ratio ensures the fair spread of incentives throughout the community

A pricing algorithm determines the worth of a Slotie NFT introduced to the online slot game. The user can either accept or decline the recommended determined price.

If the NFT being staked is lost during a slot game this is the amount returned to the user. This estimate is made so that the Slotie platform may continue to be focused on the user and support its members. The ability for users is there so they can make educated choices about their NFT ownership.  Players can choose from a variety of alternatives depending on how much they want to bet per spin. As the house share is decided by the value of the NFT rather than its scarcity, all Slotie NFT holders can make an equal stake in the Slot machines. It is important to keep in mind that the higher the NFT’s value, the bigger the return.

A token called WATT, which works similarly to a gem in a game.

You earn it based on how you play and what you own. WATTs are gained on a daily basis in this scenario based on a Slotie’s attributes. The WATTs are a type of token that works as energy in the Sloties’ environment. They are produced every day and every Slotie owner receives 10 WATTs tokens daily. In three months, you will have enough WATTs to breed your Sloties. For those that can’t wait to get their hands on their Sloties, there is a secondary market. Here you can buy tokens from other owners.

Breeding is the most common application for WATTs. Breeding 1,800 WATTs and two Sloties creates a Junior Slotie. The Junior Slotie, on the other hand, does not appear to have any significant utility until at least the third quarter of 2022.

The inventors want to make WATTs valuable by giving them a purpose. Breeding opportunities, slot events, and possibly other perks will be available. But the actual goal is that WATTs will be worth money.

WATTs will be paid to Slotie owners, but they will need to be converted to Ethereum or another cryptocurrency. This will allow Slotie owners to cash out their benefits although a market for the token will need to be established. It seems that holders will not be able to generate WATT tokens for a few months yet however. A good sign and one of the best-kept secrets of NFTs is that the development team is frequently rewarded in tokens.

Future online gambling partnerships may be beneficial to Slotie NFTs owners, but that is still a long way off.

The company has aimed towards building a business model that is transparent and mindful of the players. It appears committed to its objective to empower its community with a decentralized and equitable profit distribution scheme. Users who stake their NFTs will receive 65 percent of the guaranteed profits generated by the partner casinos’ Slot games. The new Casino business plan from Slotie is a definite improvement over traditional Casino business models.

Holders of Slotie NFTs will be able to enter into a partnership agreement with Casinos and Elias Software without having to fill out additional paperwork. As part of the present deal, casinos pay Elia Software a gaming solutions commission of 12 percent of NFT slot revenue. Owners of Slotie will receive 80% of Elia Software’s monthly revenue.

Feature image – Slotie NFT @ slotie.com

Bitcoin trading floor to open in New York Casino

Former casino analyst Jason Ader is planning to open a bitcoin trading floor in his new New York casino. It is projected to cost approximately $3 billion to build.

The casino submitted plans at the end of last year to include the construction of a multibillion-dollar casino. Ader claims he will have the world’s largest bitcoin trading floor alongside many other modern and unique elements.

Ader hasn’t confirmed the actual location but he has stated he would prefer a Manhattan address.

In addition to boasting the world’s largest bitcoin trading floor, the casino will also have a landing pad for flying cars.

It will have an esports arena as well as an events space. The space could host functions during New York Fashion Week amongst other events. Although the expected cost is around $3 billion the eventual location will be a significant determinant of the cost.

The idea is to create a distinct but holistic approach to entertainment. Its ultimate aim is to go beyond the concept of normal casino gambling. If it gets the go-ahead it will undoubtedly be an attraction for gamblers from all backgrounds.

On December 10, the New York State Gaming Commission received the plans for the casino’s construction. The commission is also currently collecting information for the purpose of giving three new casino licenses in areas in the south of New York.

The three new casino licenses are the final ones to be approved as part of the 2013 ballot. Lawmakers created the ballot to enable the development of seven nontribal casinos. Four of which would be located in upstate New York.

Many other companies are looking for licenses to expand casino operations in Manhattan. MGM Resorts International and Genting Group, which has slot-machine parlors in New York City, are among those companies. Bally’s Corp and Las Vegas Sands Corporation are also both interested in expanding into Manhattan. According to Bloomberg, the latter has held early discussions with New York Mets owner Steve Cohen about building a casino near Citi Field. Long Island and nearby counties are additional possible locations for the pitching brands, given the potential opposition of local legislators to a Manhattan casino. According to a recent analysis by the New York Gaming Commission, three casinos entering the downstate region could generate additional revenue of up to $630 million per year.

Hard Rock International chairman Jim Allen announced in October that he also intends to submit an expression of interest for a New York casino license.

Ader plans to submit his offer through a new firm he is forming with Universal Entertainment Corp. He believes that this company will benefit from Universal’s experience in the gaming industry. UE Resorts International is a subsidiary of Universal Entertainment Corporation, a gaming technology provider based in Japan. Ader wants to call it Mirai which means future in Japanese.

UE Resorts plans to list its common stock on the Nasdaq at some point. According to the organization, the proposed casino with Bitcoin trading floor in New York City would most likely be the company’s only US operation.

Given that New York is becoming one of the most crypto-friendly states, Ader’s bid to construct this casino could not have come at a better time. Eric Adams, the newly elected mayor of New York City, has been advocating for a strong crypto agenda for some time. The mayor has even stated publicly that he will accept Bitcoin for his first three paychecks. Adams also intends to include Bitcoin and blockchain classes in the school curriculum.

New York is also becoming one of the biggest Bitcoin mining hotspots in the US.

Bitcoin mining companies have set up shop in the state since it has a suitably cool climate. It also has good accessibility to renewable energy sources.

Ader’s aspirations to develop a casino with a cryptocurrency trading floor are also more feasible than ever now that New York is a major crypto hub. The United States itself is one of the world’s largest crypto mining and trading hubs. According to a recent survey 25% of US investors own Bitcoin whilst another 60% are looking to acquire crypto assets.

Many members of the online community were delighted with the news, while others were less so. One poster on Reddit claimed that “if you want to have cryptocurrency legislated into oblivion, putting it on a casino floor would be the best way to go.”

Cryptocurrency will undoubtedly become more of a feature within both brick and mortar and online bitcoin casinos. Recently another company announced a $1 million poker tournament, the largest of its kind ever. Organizers will accept Bitcoin and other cryptocurrencies as buy-ins.

Last summer, there was also a competition with celebrities like Tom Dwan that raised $100,000 in cryptocurrency for the charity.

It is likely however the use of cryptocurrency at a casino may be subject to more stringent regulations. The head of the Securities & Exchange Commission, Gary Gensler, has previously compared the cryptocurrency industry to Wild West casinos.