With the recent hype of crypto, we are in a new phase of not only the internet but most entertainment as we know it. Only the best online casino will likely use NFTs in some way or another to make the games more enjoyable. Here are some ways that NFTs will change the future of gambling.
Introduction Gambling NFTs?
The gaming industry is a multi-billion dollar industry, but it’s also incredibly competitive. To stay ahead of the competition, casinos need to find new and innovative ways to attract and retain customers. That’s when NFTs (Non-Fungible Tokens) come into the picture.
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. In fact, reports show that over $174 million has been invested in NFTs in recent years. These days, NFTs are as new as online casinos used to be about a decade ago. So it makes sense that these two innovative concepts could create a powerful combo.
Using NFTs in online casinos
The most obvious way to combine these two is to use NFTs to play in online casinos, such as BC Game. NFTs can be used in many different ways, including as a means of play. They can serve as game chips and be paid as rewards. Since NFTs can be traded on exchanges, providing players with an additional layer of excitement.
On BC Game, for example, you are able to deposit your NFTs from several collections (such as BAYC, Degenpass, CryptoPunks, Doodles, and others) and use them for trading in the platform.
How are NFTs Applied?
These days, some of the most common NFTs that people purchase come in the form of digital art like custom illustrations, avatars, or even GIFs. But there are already various companies that are capitalizing on the popularity of NFTs by offering up their own digital assets for sale.
For example, the popular basketball league NBA has an NFT platform called NBA Top Shot. Within the platform, users are given a chance to purchase and own player highlight videos via the blockchain.
Another popular product that’s being sold as a digital asset online is digital property. This is especially popular in metaverse platforms like Decentraland.
Essentially, owners are selling plots of land within these platforms that function as virtual real estate. And like real estate in real life, the better the location of these properties, the higher their market value.
How Will NFTs Impact the Gambling Industry?
Given that blockchain technology has already disrupted the music, sports, arts, finance, and real estate industries, only time will tell just how far its sphere of influence is going to reach. Currently, there are moves being made toward the potential disruption of the gambling market as well.
In late 2021, the Slotie NFT that was developed by Elia Software, was released onto the market. This game could potentially serve as the first NFT to generate actual money from gambling activities.
Essentially, the Slotie game is composed of a set of 10,000 unique NFTs. These NFTs cost approximately 0.08 Ethereum at first launch for the first 2,500 buyers. After that, the price increases to 0.16 Ethereum for 7,000 mints, which amounts to roughly around $5.7 million. The benefits of acquiring such NFTs will afford the users various benefits in 150 partner casinos around the world through its Exclusive Holders Rewards programs.
Aside from that, Slotie games will appear in crypto casinos and will pay out 12% commission to the partners. 80% of these commissions are entitled to Slotie holders.
So far, this is just one of the major applications of NFTs in the gambling industry, but there are a bunch of other developments in the works.
The Perspective of Online Casinos Moving to 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 their chips in hand.
You can tune in as if you were in the crowd of a sporting event, see the horses, hear the atmosphere surrounding you, place real bets at real bookmakers with real money and receive 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 games. Indeed, you can even play slot games, blackjack, video poker, and similar games as if you were in Las Vegas.
Very shortly, imagine playing online games using cryptocurrency, in which you can not only play against the casino but you also play against other players along with them.
Online casinos and sports betting sites can operate in the Metaverse only if they can develop a product that meets legal and imaginative requirements. For customers, that is a very exciting prospect.
Launching NFT Online Casinos
NFTs can be used to launch online casinos where players can use cryptocurrencies for gambling. These casinos would be a much safer gaming environment and would attract more players. Allowing customers to place an NFT as a bet instead of $10 is legal. It would undoubtedly appeal to a younger audience not particularly interested in traditional gaming.
The long-term impact of NFTs on the online gambling industry is still too early to tell. NFTs are divided among players, so it’s difficult to predict if they’ll have a bright future in the online casino industry.
The potential of these tokens is almost limitless, and that much is certain. Our heads can spin with countless examples of using these cards on sports betting sites, as loyalty rewards for high rollers, as game assets, and more! Even though some of these may seem too far away to be considered, we wouldn’t be surprised to see some already in development, considering how rapidly the NFT craze is developing.