Golden State Warriors Co-Owner Launches NFT-Based DFS Site
Posted on: September 7, 2022, 12:14h.
Last updated on: September 7, 2022, 01:15h.
Zappos founder and Golden State Warriors co-owner Nick Swinmun has developed a fantasy sports platform that uses non-fungible tokens (NFT) as currency. The Play Hellebore NFT mint is expected to launch on Thursday, September. 8.
Play Hellebore requires players to purchase a “Siber” NFT for 0.03 ETH (approx $50), which enables them to bet on the outcomes of professional sports games, such as the NFL, NCAA football, MLB, and international soccer. The hope is to win blockchain-based prizes.
Once players have purchased the platform’s Siber NFT, they can start creating leagues and play matches to win prizes. Play Hellebore claims to be an attempt to bridge the gap between Web 3.0 and traditional fantasy sports leagues.
NFTs are particularly popular in the sports and sports betting arenas, as they can be used like digital trading cards or mementos of sporting events.
NBA Top Shot, the National Basketball Association’s NFT marketplace produced by Dapper Labs, has more than 1.1 million registered users who traded some $800 million in NFTs last year.
How it Works
Play Hellebore users can increase the value of their NFTs, unlock physical and digital prizes, and compete against friends, family, and strangers in traditional “Pick’Em” style fantasy sports leagues. And like traditional player and statistics-based fantasy sports leagues, players can become league managers.
Everybody knows what fantasy sports are, and chances are that at some point, most individuals have also taken part in some kind of ‘Pick’Em’ league with friends in their neighborhood or at their office,” said Swinmurn.
Individual Siber ratings increase with each correct pick, giving them the power to tilt the odds in a player’s favor by allowing them to alter the game’s point spread.
Web 3.0 and Sports Converge
Hellebore COO Roshni Cox believes the platform will bring sports fans together and provide a new way to engage in one of the most popular global pastimes.
“With the Web3 and NFT spaces continuing to proliferate at a rapid pace, it is only natural that these worlds would collide to provide both hardcore and casual sports fans alike with a fun new way to be a part of the game and compete for rewards and bragging rights,” Swinmurn said.
The merging of Web.3.0 and more traditional online gaming and gambling products has been picking up in the last year. In June, Lucky Crypto launched a metaverse NFT slot machine, while in February, a metaverse-based casino reported revenue of $7.5 million in just three months.
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