Stakes
The business, the turning points, and the decisions behind them.
Some sections are still being researched2 / 4
Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Stakes was a New York-based social sports wagering startup founded in 2019 by CEO Kevin Wang. Its free-to-play platform let sports fans make friendly wagers against each other's picks - with no real-money exchange - and winners minted their takes as NFTs, what the company called 'proof of flex' and 'digital bragging rights', recorded on the blockchain. A graduate of IAC's Newco incubator, Stakes raised a $5.3 million seed round in May 2022 led by Digital Currency Group, FBG Capital, and CMS Holdings. At launch it reported about 2,500 users and 8,000 minted NFTs, with most growth during the NFL season. No shutdown or closure announcement was found.
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Stakes was founded in New York by CEO Kevin Wang as a free-to-play social sports wagering platform.
- $5.3M seed round
In May 2022 Stakes raised a $5.3 million seed round led by Digital Currency Group, FBG Capital, and CMS Holdings, reporting 2,500 users and 8,000 minted NFTs; it graduated from IAC's Newco incubator.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
Material for this section is being gathered and checked. It will appear here once ready.