Betting NFT as Collateral

Using an NFT as collateral for a bet on DegenHouse is an exciting way to engage in the platform's unique betting environment. Here's how you can set up an NFT bet:

Step 1: Select the Bet Type

• Choose Bet Type: Similar to creating an ERC-20 token price bet, start by selecting the NFT bet option.

Step 2: Enter NFT Details

• Your NFT Link: Visit OpenSea and navigate to the page of the NFT you wish to bet. Copy the URL of the individual token page and paste it into the designated field on DegenHouse.

• Friend's NFT Link: Similarly, obtain the URL of the NFT your friend is betting and enter it.

• Format Requirement: Ensure the URLs are in the format "valid_contract_address/tokenID".

• Token Standards: Only ERC1155 and ERC721 tokens are valid for these bets.

Step 3: Bet Fee and Confirmation

• Bet Fee: A fee of 1 USDC is required for NFT bets.

• Token Transfer: You will need to approve the token transfer, allowing the tokens to be utilized by the contract for the bet.

Step 4: Challenge a Friend

• Share the Game Link: Once your bet is set up, send the game link to the friend you wish to bet against.

Important Considerations:

• Review and Confirm: Double-check the NFT links and bet details before confirming.

• Token Standards Compliance: Ensure your NFTs comply with the ERC1155 or ERC721 standards.

• Accepting Token Transfer: Be prepared to accept the token transfer as part of the betting process.

By following these steps, you can successfully use an NFT as collateral for a bet on DegenHouse. This process adds an exciting dimension to the betting experience, allowing you to leverage digital assets in a competitive and fun environment.