The global gambling industry is in the midst of being completely reinvented thanks to the recent adoption of cryptocurrencies, and the now flourishing DeFi (Decentralized Finance) sector. This growth has been further propelled by the explosion of NFTs (Non-fungible tokens) and the emergence of esports in the wake of the Coronavirus pandemic.

The development of decentralized smart contracts & oracles have empowered sportsbooks to aggregate real life events onto the blockchain for immutable verification and betting enablement, while NFTs have given blockchain-based games, giving fresh vigour to industry

These technological advancements have subsequently led to a tsunami of new gambling projects, many with their own utility-based cryptocurrency or token, claiming to bring some innovative new technology to the table. But how many of these projects are just jumping on the bandwagon, and how many actually offer something totally unique to their competitors?

Mychipz.io: Be The Bookmaker

One promising new project that stands out is mychipz.io, a privacy-orientated, DeFi-backed betting platform that lets its users become independent bookkeepers and take bets from other users on a broad range of various sports with the platform’s native ERC-20 CHPZ token.

To take advantage of this unique function users must register on the platform, create an account, choose a payment plan, and then link to a non-custodial wallet. Once an account is set up users can then create their own betting room via the Chipz interface, choose a sport, set the betting conditions, and then start taking bets

Chipz uses blockchain smart contracts to execute the dispersion of the prize pool to winning bets at the end of the event in a transparent manner. The functionality also allows those betting to rate the bookkeeper before the room closes, keeping bookkeepers accountable.

The platform launches in Q4, 2021, and will initially host betting for sports like NFL, NBA, and esports, and cover all sports, video games, casino games, and just about everything that people can bet on. mychipz.io also stands out from traditional alternatives as it has no limits on bets, no KYC, and a lending protocol to loan out CHPZ to users. The platform really does focus heavily on user privacy and control.

CHPZ DeFi Staking

Chipz will be the first to introduce DeFi-backed solutions for betting situations, allowing gamblers to stake the platform’s native CHPZ token and earn a yield over time based on the result of major events. Once the results of a sporting event is final, smart contracts automatically disperse the appropriate amount of the pool prize to bettors, bookmakers (based on rank), and CHPZ stakers.

CHPZ stakers will benefit from an initial 3% of the total revenue from all winning payouts and lose no profit from any fees from unresolved or canceled bets. Unlike traditional sportsbook staking, all staked CHPZ will be locked into a liquidity pool on Uniswap, and therefore entitle stakers to earn 3% of their staked CHPZ, in CHPZ!

Chipz NFT Marketplace

NFTs have been the catalyst for the 2021 cryptocurrency bull market and are becoming rapidly infused into the modern gaming ecosystem. Having helped change the shape of gaming, NFT assets now hold a tangible value outside the realms of gaming and betting platforms.

The Chipz NFT marketplace will go live on September 21st, tapping into a $3 Billion market with a series of exciting projects and major synergies. The first of which is Chipzdrive.io, an NFT-based racing experience that uses wrapped Chipz tokens on the Clean NFT network of Tezos for purchases, race entries, and prize pools. Drive will give players access to buy, use and sell a limited selection of NFT cars, including:

3 F1 Racers

4 Supercars

5 street racers

12 Single Edition Vehicle NFTs

All of which will be listed on September 21, exclusively on Chipzdrive.io. The NFT cars can be used by players in the game for race events on “out-of-this-world quality” virtual race tracks to enter into a prize pool with their CHPZ tokens and bet on their vehicles to take the top prize.

Nick Diaz Joins the Chipz Team

Chipz has already attracted some big names to its advisory board, including American businessman Jacob Busch, former NFL running back TJ Duckett, and Limp Bizkit member DJ Lethal. The DeFi betting innovator has now announced that renowned UFC legend Nick Diaz will be Chipz first major brand ambassador.

To celebrate this announcement Chipz is extending the CHPZ public sale & NFT giveaway until the press conference for his fight at UFC 266, where Nick Diaz will be wearing a Chipz cap, and promoting the project.

Make Your Market with Chipz

With the marketplace launch imminent, and a new ambassador to promote the project the Chipz team is not resting on its laurels, A selection of Chipz mini games will be released this month, along with other exciting market releases planned in the lead up to the launch of chipzdrive towards the back end of 2021

The innovative Chipz platform and NFT marketplace has the potential to create endless possibilities for all betting fans and potential entrepreneurs. Users can now be their own boss, and earn from running a sportsbook and selling limited edition NFT assets. Anyone interested in being a part of the future of betting can join the public sale, and start the journey to become their own bookmaker.

The post Chipz Betting Platform Announces NFT Marketplace and UFC Champion Nick Diaz as Ambassador first appeared on CryptoGazette - Cryptocurrency News.