Can Nevada (NEVADA) make money from Casino Games?
The Nevada (NEVADA) token or Nevada Lottery Casino NFT is a Binance Smart Chain (BSC) for casino games and a lottery.
The Nevada White Paper claims Nevada will allow investors to participate in a lottery. The Nevada Ecosystem will comprise a Nevada Casino, a marketplace for nonfungible tokens (NFTs), and lotteries and contests.*
The Nevada (NEVADA) cryptocurrency is a Binance Smart Chain (BSC) cryptocurrency that functions as the Ecosystem’s utility token. The Nevada website claims the token will let users stake tokens while playing casino games.
To achieve that, they are building a staking platform that will benefit long-term investors. Holders of Nevada (NEVADA) tokens can play casino games through the platform. They have not built the gambling platform yet or announced what casino games Nevada will offer.
To achieve that, they are building a staking platform that will benefit long-term investors. Holders of Nevada (NEVADA) tokens can play casino games through the platform. They have not built the gambling platform yet or announced what casino games Nevada will offer.
They will use 2% of the tokens to ensure auto-liquidity, 2% for casino development, and 2% for marketing. Nevada (NEVADA) plans to charge 9% total tax on users.
Is Nevada for Real?
They will invest 3% of the tokens in a lottery pool that will reward one person a week. The Nevada Website claims they will launch a demo platform in November 2021. However, I saw no sign of the platform on 9 November 2021. They claim to have completed proof-of-concept, audit, marketing strategies, and the white paper in October 2021.
Ironically, they plan a Las Vegas Billboard Booking for November 2021. They also claim to plan a casino and poker competition in November. Nevada has plans for celebrity onboarding in November. However, they do not identify the celebrities. They claim the Dextools Ads will go live in November and they could introduce the NFT platform in October and November. There will be a partnership announcement in November.
I could find no examples of the casino games on the Nevada website. They do not say what games they will offer or how those games will pay. However, the website mentions poker.
Note: I do not think Nevada has any relationship with the US state of Nevada, where Las Vegas is located. In addition, I see no evidence Nevada is working with any major Las Vegas casinos or gaming companies.
What Value Does Nevada Have?
Strangely, Mr. Market has some faith in Nevada (NEVADA). CoinMarketCap estimates Nevada was the most trending cryptocurrency on 8 November 2021.
In contrast, Nevada was CoinMarketCap’s 2,977th largest cryptocurrency on 10 November 2021. CoinMarketCap gave Nevada (NEVADA) a Coin Price of $0.005611, a Market Capitalization of $5.555 million, a Fully Diluted Market Cap of $5.611 million, and a 24-Hour Market Volume of $2.855 million. They based those numbers on a Self-Reported Circulating Supply of 990.085 million NEVADA, a Maximum Supply of one billion Nevada, and a Total Supply of One Billion Nevada.
Meanwhile CoinGecko gave Nevada (NEVADA) a Coin Price of $0.00591856, a $624,596 24-Hour Trading Volume, and a Fully Diluted Valuation of $5.918 million on 10 November 2021. They base those numbers on a Total Supply of one billion Nevada tokens.
I think Mr. Market is wrong about Nevada. I think this token will not offer any value until they demonstrate a working casino game people can play. I see evidence Nevada has any working casino games. Therefore, I advise speculators to stay far away from the Nevada Token until they offer a working casino game.
*https://nevada.casino/whitepaper.pdf