New blockchain technologies are revolutionizing our world in many ways, and one such way is through the intersection of online casinos with NFTs.
The industry is fully prepared to step into the incredible potential of cryptocurrencies and their blockchain uses in online casinos.
Notice I said fully prepared to step into? Well, the reality is that modern online cryptocurrency casinos are not rampant, but they are on the rise, and one of the many ways is through the introduction of NFT gaming to the safest online casino.
Gaming & NFTs
Non-fungible tokens or NFTs are digital tokens tied to assets – in mainstream media, you see them talked about as attached to pieces of artwork. But they can also be attached to casino winnings for effective ways to verify ownership and earnings.
Unlike cryptocurrencies, non-fungible tokens are not interchangeable because each token is unique and irreplaceable. NFTs can represent both tangible and intangible items like photos, videos, music, GIFS, collectibles, audio clips, virtual avatars, game skins, and anything you can imagine. Urban Dictionary says “owning an NFT is owning a piece of the internet” and that is pretty much the point.
NFT in the gambling industry will offer casino gamers the ability to own their goods authentically. Most of these games are still in the developmental stage, while some of them exist.
One form of gaming that looks to welcome NFTs is iGaming. King Billy Casino is the first online casino to create its non-fungible token. The token features five items with five unique designs to celebrate the casino’s hero himself, King Billy.
Also, Evolution Gaming announced the purchase of four CryptoPunks – which will be used as prizes for their slot machine games. At the heart of the game are CryptoPunks 914, 3008, 4701 and 8143 – four particularly diverse, distinctive and exotic looking characters that Evolution Gaming bought for a total of 86 ETH.
This is the latest merging between the two fields and could be a catalyst for a new wave of NFT interest.
It is important to note, by using NFTs as prizes, gambling firms can diversify games, and have them appeal to a whole new demographic. It allows companies to market their games in more specific and even sophisticated ways, as they are offering something more distinct than mere cash rewards.
The online casino industry took the idea of NFTs and cryptocurrencies and integrated them into a valuable platform for poker, roulette, and slot machines – which are also another core part of this digital crypto gaming process.
NFT and cryptocurrency markets are booming, so connecting gameplay to these markets with digital assets means players get the value they can use in many different ways outside of a casino platform.
This could mark the start of a new relationship between these industries. With the gambling industry set to grow to $516 Billion by the end of the year, this could be an extremely effective and lucrative way for the NFT market to continue growing.
While gambling with digital assets has been around for some time, it is only recently we are seeing NFT integration.
It wouldn’t be an overstatement to imagine that at some point we may even see Bitcoin casinos offering NFTs as prizes. It would just make things more interesting if, instead of playing blackjack for digital coins, players win limited edition NFTs. In a future that is likely a little further down the line, players might even get the chance to bet with their NFTs. DeFi developers are already working on a deal of putting NFT up for collateral.
NFT is not only going to affect only casino games but also all gaming-related activities. As the esports industry is currently trending, there’s likely to be a future of NFTs in esports very soon.
The NFT has automatically launched itself to different types of gaming groups, and re-customized all of its gaming assets to have a new value. It will bring a new gaming experience to online casinos, as players will be eager to win rare items during gameplay. NFT has a lot of things to offer to the gaming industry to maximize the playing experience of gamers.