GambleFi, the hottest trend of 2022?
We can all agree that 2021 was a watershed moment for blockchain technology in general. We’ve seen the trendiest crypto ideas develop left and right, from new intriguing protocols and tokens to world-changing innovations like the Metaverse, NFTs, DAOs and GameFi.
Millions of new users joined the crypto ecosystem, and the number of transactions involving digital assets increased dramatically. Enterprises and even countries began to recognize the benefits of using blockchain solutions to efficiently support their core activities. El Salvador, for example, became the first country to embrace bitcoin as a legal tender in June when it passed a new law.
Blockchain-based applications, such as DeFi (decentralized finance), DAOs (decentralized autonomous organizations) and dApps (decentralized applications) drew attention from both retail and institutional investors, propelling the growth of Web3, a decentralized iteration of the internet powered by blockchain technology that underpins NFTs and cryptocurrencies.
The NFT market nonetheless had its “best year yet” in 2021, with over $23 billion in trading volume, breaking out of its niche to become one of the year’s hottest tech trends (and buzzwords).
But what should we expect in 2022? What will be the next big thing?
Every year, a new set of trends captivates the crypto market, and this time may be the turn of Gambling Finance (GambleFi)
Because the two markets have a similar risk-taking user base, the online gambling market and the cryptocurrency market have begun to merge.
According to several reports, the gambling industry is expanding, with annual revenues expected to reach $800 billion by 2026.
Thus it’s no surprise that many protocols are rushing to capitalize on this new trend, such as Wonderland, which has already allocated a portion of its $1 billion treasury towards a seed investment in a betting dApp named BetswapGG. Given Wonderland’s notoriety it could be a great kickstart to this trend in 2022.
Another project that seems to fit directly into this new trend is GambleFi DAO.
WHAT IS GAMBLEFI DAO
GambleFi DAO is an innovative financial ecosystem, based on a rebase currency managed by a DAO. Each BETIFY token is collateralized by various assets and held in the GambleFi Treasury, offering the currency an innate value that cannot fall below a certain floor price.
Furthermore, GambleFi DAO introduces innovative gamification systems, including the first zero loss betting system allowing users to bet on sports events with no losses, and a Booster Box system which will reward users with special vesting reduction NFT Boosters for their bond purchases on the platform, making GambleFi DAO the first rebase token to feature NFT gamification features.
ZERO LOSS GAMBLING SYSTEM
GambleFi DAO features the first zero loss gambling system with initial investment return for a lost bet. Users will be able to bet on various sporting and esport events where the bet winners will receive prizes. Thankfully, in this system the losers never lose one dime of their initial capital! The users’ investment is accumulated and staked for a week in the most rewarding staking pools available on the market. At the end of the betting period the staking pool rewards will be distributed between the winning betters, while the losers receive their initial investment back, creating a zero loss betting system. The betting system is also directly connected to the DAO as 10% of the staking rewards go back to the protocol treasury, increasing the intrinsic value that BETIFY holds.
HOW DOES IT WORK
Users stake their asset in one of our betting events, and pick their chosen outcome for the event. GambleFi collects the assets for 7 days, and then stakes them for 7 days in the highest interest staking pool for the asset in question. Once the event occurs and the results are out the staked assets are retrieved with the additional yield. Winners receive their initial assets and the additional yield. Losers receive their initial assets.
While crypto betting sites already exist, the majority of them utilize native tokens for their betting system, causing instability in their token’s long term value. However, merging crypto gambling with a DAO can solve this problem. Through GambleFi’s asset collection and staking redistribution system their native token will be able to grow consistently without being affected by the betting system.
GambleFi DAO also features NFT Boosters, NFTs that users can receive by opening Booster Boxes. They are utility NFTs that offer investors discounts on the vesting period of bonds purchased through the GambleFi DAO protocol. The boosters are split into 6 tiers, with each successive tier having a higher vesting reduction than the previous, allowing users to optimize their bond purchases.
It seems like 2022 is building up towards another booming year for cryptocurrency, through increasing implementation of crypto in various business fields that have been in the traditional market up until 2021. Gambling will definitely take advantage of it, and we should see further growth in these two perfectly matching sectors.