Slotie is committed to enhancing the Casino industry using decentralized finance (DeFi) and nonfungible tokens (NFTs). Blockchain innovation has developed massively in the past few years, starting with the introduction of Bitcoin (BTC) and then progressing to the DeFi and NFT sectors.
Many applications of blockchain fundamentals have come and revolutionized many industries, with the most recent one being the gambling sector. The adoption of DeFi and NFTs in the gambling industry supports the automation of betting activities on smart contracts without having to rely on the involvement of intermediaries and third parties.
The issues of the gambling space have been collusion and tampering in the traditional betting ecosystem as a result of the involvement of Middlemen (Bookies). However, decentralized protocols help in introducing transparency and a seamless user experience to the betting world in general.
Moreover, decentralized oracles are used as opposed to the bookmakers to offer and update the needed information in real-time. The emergence of NFTs has helped in the development of a majorly profitable value system. Nonfungible tokens are non-interchangeable digital assets that can be used as authentic proof of ownership on the blockchain.
Currently, the NFTs are in high demand in the crypto space and their value and worth are surging rapidly. Slotie is described as an innovative ecosystem using DeFi and NFTs to reshape the entire casino sector.
What Are Slotie NFTs?
Sloties NFTs are 10000 NFTs that serve primarily as tickets into the most considerable and fastest-growing online casino network on the Ethereum Blockchain. The Slotie NFT holders now can access a new world of decentralized finance gambling.
Slotie is based on the ERC-721 standard and they offer proof of ownership and enable users to be a part of a thriving Slotie community. Sloties, just like any other NFTs are non-fungible and cannot be exchanged for any other assets. Notably, the rarity of these NFTs majorly influences the revenue split acquired by a user from the casino partners.
The rarer the slotie, the higher the amount of passive income it attracts.
How To Stake
Slotie lets the community collect rewards and become the ‘house’ in 150 casinos by adding nonfungible tokens to the slot machines. Users can then make lots of money by investing any NFT that they own which allows them to earn a return on any NFT. Moreover, the invested tokens enable casinos to gain liquidity by using slot machines.
This strategy helps in driving traffic to the casinos and eventually benefits the liquidity providers. The community can supply liquidity in the form of slotie NFTs or any other NFT that they want. Using a fair distribution of 1:1, every holder gets to stake a single NFT at a time. That proportion is intended to guarantee that the rewards are distributed fairly to the community.
A pricing algorithm assists in the calculation of the value of a Slotie NFT added to the slot game at any given time. That calculated amount is then ‘suggested’ to the user, who may then accept or decline it. That is the total amount that is returned to the user in case the staked NFT is lost in a slot game.
The calculation is done keenly for the Slotie platform to ensure that it maintains its ‘user-centric’ platform that empowers the community. Users can therefore make informed decisions about their NFT ownership. Gamers can choose from different options available based on how much they want to bet per spin.
Interestingly, the ‘house share’ is determined by the total value of the nonfungible token instead of the rarity of the Slotie NFT. This method enables all NFT holders to stake equally in the Slot machines. It is now important to understand that the higher the value of the NFT, the higher the return.
Slotie seems committed to its plan of empowering its community with an equitable and decentralized profit distribution strategy through the introduction of a casino business model which is fully transparent and equitable to all participating gamblers. Users who stake their NFTs will get 65% of the assured profits generated by these slot games at the partner casinos.
The Slotie NFT holders will agree with Elias Software and casinos without having to fill out loads of unnecessary paperwork. Currently, casinos pay Elia Software 12% of the NFT slot-generated revenue as per the agreement. This percentage is considered to be the gaming solutions commission.
Elia Software is then expected to share 80% of the monthly revenue with the Slotie investors. Notably, the NFT holders are upgraded to VIP status at every of the participating 150 casinos. Moreover, each Slotie NFT holder qualifies for a 20% Rakeback. In that context, each NFT owner gets up to ten WATTs tokens every day.