As part of its latest financing round, a blockchain-based gaming, non-fungible token (NFT) marketplace, and DeFi platform called SportFi has raised $1.5 million. The company plans to use the cash injection to improve its product and market it so that more people get familiar with the features of blockchain-based NFTs.
Moon Carl and Exnetwork Capital, as well as other important strategic investors and partners, assisted the private fundraising round. SportFi was also backed by other investors including Millionaire Mentor, RedHat Capital, Golden Shoval Capital, Mars Academy, YouClout, Money King, Evan Singh Luthra, AnyPad, Yellow Road, LPI DAO, OIG Capital DCT, among other investors.
Gamers on SportFi Gaming & NFTs ecosystems will have the option to invest their tokens into a variety of crypto spaces that are all part of the same ecosystem. Gaming on the blockchain has become very popular in recent years. It is now easy to invest in games with cryptocurrencies, as there are now many platforms that offer gamers the opportunity to participate in different projects.
The new SportFi project basically aims at providing a decentralized platform where gamers can trade in-game assets, crypto collectible cards, and smart contracts between players.
SportFi Gaming is a dApp that offers gamers the chance to win real money without the need for third-party gaming operators. It combines Decentralized Finance (DeFi) with NFT gaming to create a fantastic gaming experience for players. The NFT ecosystem on Sportfi follows a DeFi model, which isn’t seen very often in platforms like this. The ecosystem consists of SportFi games (both simple and complex), the NFT Marketplace, Farming, and decentralized land.
Combining gaming NFTs and DeFi experience
NFTs are characterized by being indivisible, unique, and non-fungible. They are also recorded on the blockchain so they can’t be forged or counterfeited. SportFi aims to appeal to gamers who don’t have the money to invest in traditional games but still enjoy gaming. It also targets gamers who already own tokens and don’t know what to do with them other than trade.
DeFi on the other hand is the decentralized financial system that uses smart contracts to deliver low-cost loans without third parties. It also aims at providing interest rates for investors and prevents them from getting duped by intermediaries.
When you combine these two different fields, the end result is a unique blockchain-based experience that lets players earn real money in exchange for their in-game assets. Gamers who already own tokens will be able to use them to participate in decentralized games or place bets on other platforms.
Tokenizing the gaming economy through NFTs
SportFi aims to tokenize the gaming economy with blockchain-based assets (non-fungible tokens). This means that players can use these cards, which are unique and cannot be duplicated, to place bets on other platforms. The company also provides a decentralized marketplace where gamers can buy and sell their NFTs.
Despite all of the good news in the financial sector, both NFTs-focused firms and Defi have experienced a lot of growth in recent years, with several beneficial changes taking place.
In a DeFi ecosystem, gamers can take out loans backed by their crypto assets to buy items, weapons, and skins. This way, they can earn real money without the need for intermediaries or middlemen. Since all transactions carried out on the platform are recorded, gamers can also earn interest in their investments. All of these benefits made the project very popular among investors, who supported it with a $1.5 million capital injection.
NFTs allow players to create value for their assets by engaging in the larger gaming economy. The platform basically enables gamers to play their favorite games and earn tokens, which they can then use to invest in DeFi services such as lending.