Sports NFT platform Stakes raises $5.3 million for 'digital bragging rights'

Users can gamble against others' sports picks on the site, with the winner earning NFTs.

Stakes, an irreplaceable token (NFT) business that transforms Web 3 into a traditional sportsbook, revealed Wednesday that it has raised a $5.3 million seed round led by Digital Currency Group (DCG), FBG Capital and CMS Holdings.

The free-to-play platform centers on "social betting," allowing users to make sports prediction bets that are publicly visible to friends and other users.

Winning picks are then minted as NFTs, effectively becoming "digital bragging rights" backed by a virtual currency unrelated to any real currency.