With the recent hype of crypto, we are in a new phase of the internet and most of the entertainment as we know it. Only the best online casino will use NFT to make the games more enjoyable. Here are a few ways NFTs are changing the future of gambling.
Introduction for gambling NFTs
The gaming industry is a multi-billion dollar industry, but at the same time, it is extremely competitive. To stay ahead of the competition, casinos must find new and innovative ways to attract and retain customers. This is when NFTs (non-fungible tokens) come into play. These data units are stored on a blockchain and represent digital assets that can be held or traded. Some tokens sell for millions of dollars. Reports indicate that more than $174 million has been invested in NFTs in recent years. NFTs are as new as online casinos were a decade ago. It makes sense that these two innovative concepts can make a powerful combination.
Use of NFT in online casinos
The most obvious way to combine the two is to use NFT to play in online casinos, such as BC Gaming. NFTs can be used in a variety of ways, including as a means of gaming. They can serve as game chips and be paid as bonuses. Since NFTs can be traded on exchanges, it provides players extra excitement. For example, in BC. Game, you can deposit your NFTs from multiple pools (such as BAYC, Degenpass, CryptoPunks, Doodles, and others) and use them for trading on the platform.
How are NFTs applied?
Nowadays, some of the most common NFTs people buy are digital art, such as custom images, avatars, or GIFs. But now, various companies are capitalizing on the popularity of NFTs by offering their digital assets for sale. For example, the popular NBA basketball league has an NFT platform called NBA Top Shot. Within the platform, users can purchase and own the player’s featured videos via blockchain. Another popular product sold online as digital assets is digital assets. This is especially popular in metaverse platforms such as Decentraland. Owners sell plots of land on these platforms, which act as virtual real estate. And like real estate in real life, the better the location, the higher the market value.
How will NFTs affect the gambling industry?
With blockchain technology already disrupting the music, sports, arts, finance, and real estate industries, only time will tell how far its sphere of influence will reach. Currently, moves are also underway to potentially disrupt the gambling market. In late 2021, Slotie NFT, developed by Elia Software, was launched. This game could be the first NFT to generate real money from gambling activities. The Slotie game consists of a collection of 10,000 unique NFTs. These NFTs cost approximately 2,500 ETH at initial launch for the first 0.08 buyers. After that, the price will increase to 0.16 ETH for 7,000 mints, roughly $5.7 million. Earning such NFTs through its exclusive shareholder reward programs provides users with various benefits at 150 partner casinos worldwide. Apart from that, slot games appear in crypto casinos and pay a 12% commission to partners. 80% of these commissions go to slot holders. So far, this is only one of the main uses of NFTs in the gambling industry, but several other developments are underway.
The prospect of online casinos moving into the Metaverse
Consider playing an online poker event where you can see your opponents’ facial expressions and body language, even down to the chips they have and the chips in their hands. You can set up as if you were in the crowd at a sporting event, see the horses, hear the atmosphere around you, place real bets with real money at real bookies, and get real money back when you win. Imagine yourself in an online casino where you can see the neon lights, hear the machines, and even see other players playing. You can even play slots, blackjack, video poker, and similar games as if you were in Las Vegas. In short, imagine playing online games using digital currency, where you can not only play against the casino and other players. Online casinos and sports betting sites can only operate in the Metaverse if they can produce a product that meets the legal and imaginative requirements. For customers, this is a very exciting prospect.
Launch of NFT Online Casinos
NFTs can be used to run online casinos where players can use cryptocurrencies to gamble. These casinos will be a much safer gaming environment. It is legal to allow customers to place NFT as a bet instead of $10.
The long-term impact of NFTs on the online gambling industry is still early. NFTs are divided among players, so it is difficult to predict whether they will have a bright future in the online casino industry. The potential of these tokens is almost limitless and is largely known. Our heads can spin with countless examples of these cards being used on sports betting sites, as loyalty rewards for high rollers, as game assets, and more. While some may seem far-fetched, we wouldn’t be surprised to see some of them develop, given how quickly the NFT hype is developing. Trustable and reliable online gambling websites like PinUp provide players with the latest services and updates to offer the best gambling experiences.