NFTs and Online Casinos: Will This New Technology Revolutionize the Way We Gamble?

NFTs are looking like they’re here to stay. These are basically unique and non-transferable tokens for which records are maintained on blockchains. An NFT could be anything from digital art to a photo, video or even an audio clip. You can make, buy and sell NFTs at marketplaces specifically created for such transactions. Some of the most popular NFT marketplaces at this time are OpenSea and Axie Marketplace.

The value of an NFT is driven more or less in the same way as it is for real world art pieces. Only one person can own the original and only the original will have substantial value.

Recently, the world of online gambling has taken to these tokens with many online casinos jumping on the NFT bandwagon. Considering that they have various applications in the developing Metaverse, online casinos in the metaverse will leverage NFTs in various ways, as they’ve already started to.

What are NFT Casinos?

There is no concrete definition as to exactly what constitutes an NFT casino. For instance, some of the best no deposit mobile casinos and casinos with no deposit bonuses offer their own collection of NFTs which players can purchase or win by playing games. Other casinos allow players to use their tokens to represent themselves through avatars.

So, if you want to own an NFT but aren’t keen on paying for it, you could try playing at a specialized casino that offers play-to-earn NFTs and win one or several of these tokens.

While there are a handful of NFT casinos available online, most providers will be based in Web3.0 in the near future. Playing at a Web3.0 NFT casino will entail the application of technologies like cryptocurrencies, blockchain, decentralization and smart contracts.

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Some Applications of NFTs at Online Gambling Sites

Casino Games

Dedicated online casinos where players may bet to earn NFT awards have emerged. Online casinos have taken advantage of this trailblazing technology by designing games using limited-edition NFTs as rewards to leverage this gaming concept. Playing slots and other classic online casino games gives players the possibility to win tokens, which they can instantly exchange for real money or choose to retain possession of. 

Fundraisers

Operators can also use NFTs and their appeal to raise funds for future projects. Players will buy the NFT collection from them in exchange for a cut of the casino’s earnings and house advantage.

There are a couple of ways NFTs could be used. Firstly, they could  be utilized to raise money. Operators can first develop NFTs and use the funds earned to finance further initiatives. Holders get infrequent lottery drawings, access to the casino when it opens, and a portion of the casino’s earnings in exchange.

Alternatively, if the casino project has already begun but has to develop a new source of income, it can develop an NFT, which provides players ownership of a portion of the house edge and other special benefits.

Player Anonymity

One of the reasons online gamblers love new-era crypto casinos is because they can gamble with crypto coins and don’t need to use their bank cards or bank account directly. This way, their gambling records don’t show up on their credit card statements. In fact, some crypto casinos don’t even ask players to provide personal details.

It’s the easiest way to play for real money online and still maintain privacy. NFTs can further enhance this privacy factor. Players can represent themselves with NFTs instead of having to share their real-life photos or details.

Players can actually own in-game elements

NFTs can be any indivisible digital property and this includes items within a game such as special symbols, skins, precious gems, the list is endless.

Typically, all elements of the game have been the property of the game developer. But with the introduction of NFTs, players can actually buy certain items within the game and own it. The value of these in-game NFTs will rise with the popularity of the game itself. What’s more, game providers can create various such in-game tokens and auction them off for profits. Players may even have the ability to use certain in-game NFTs across several games or even sell them to other players for a better price than they got it.

VIP programs

NFTs are advantageous for online casinos’ loyalty rewards schemes. At present, joining the VIP club and receiving loyalty awards at casinos is driven by how much and how often a player wagers. While this strategy is effective, it puts certain players at risk of developing crippling gambling addictions. The introduction of NFTs can revolutionize how rewards are distributed in real money online casinos, where players can earn rewards and VIP points without being pushed to increasingly wager more and more money at the site.

By producing limited edition NFTs that can be purchased in a single transaction, casinos may establish a connection with devoted patrons. As an alternative, venues for real money online gambling might give out free VIP membership tokens to encourage early adopters.

These are just a few fundamental ways NFT casinos have started to use this cutting edge, blockchain technology to provide a better gaming experience. No doubt this is only the beginning and the potential for an even more augmented online gambling is at our doorstep.

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Published on: 2022/07/28

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