Bets as NFTs.
Problem
Transparency in betting games should be improved. Also there is no possibility to trade / move ongoing betting positions and no souvenir.
Solution
Printing bets (e.g. the score of a sports game) into NFTs will add transparency and a secondary market for ongoing bets in betting games.
Total to date
This is the total amount allocated to Bets as NFTs..
About this idea
We will plan a website comprising a tool to create bets as NFTs of e.g. upcoming events e.g. sport events or price bets for stocks / currencies at a future date, racing events, ...
Users can then bet on the outcome of future events. Here the score of e.g. a sports game will be imprinted in the betting ticket NFT, adding more options on different betting rewards (simple "who wins / up or down ?" but also "what will the score / stockprice be?"). Which data to use for the bets remains open to the creator of a bet.
Using smart contracts, bets will be created and opened by team members. Here the users can then place their bet. The bets will then be sold and can be resold on our website to other users even during the sport event, thus we will create a completely new secondary market for ongoing bets.
As NFTs are unique, we can easily track the ownership at the date when the bet ends, allowing verification while also distributing the outcomes automatically via smart contracts to the NFT holders.
TIMEPLAN
3 Months
-> Build a website, explain the concept, gain attention and write smart contracts for creating bets and testing different scenarios internally. Milestone: Allow functionality on a testnet and a functioning website.
6 Months
-> Release the website with functional betting options and allow first Bettings to the place, either hosted / create by our team, or in close contact to the bet creators. Milestone: Perform bets and test multiple outcomes in a real world environment.
After six months LATEST the website will launch with full functionality for users and bet creators (under supervision by us)
12 Months
-> Open the website for creating bets for multiple collaborators and gain users. Milestone: Get the project automated and concentrate on enhancement and bug fixing.
After 12 Month the bet creators functionalities will be completely automated too.
BUDGET:
9000 for one smart contract & backend devs for 6 months.
7000 for a frontend (and backend) dev for 6 months.
5000 for marketing and growth management & community / social media presence
Team
We are a Plutus Pioneer Cohort 2 participant and website dev and a business dude. We successfully launched an NFT project in April.
