Finding a good gambling site that offers a secure payment option can be challenging. According to Casinocrawlers, however, online casinos use third-party suppliers to allow quick and safe deposits and withdrawals from one bank to another.
With this being said, a new player has emerged in the market, threatening to take over the entire online casino payments industry– the Non Fungible Tokens or NFTs. Many gamblers are starting to collect crypto-arts, making NFT a popular casino bonus.
According to an NFT market research, NFTs assets have grown from $40.9 million in 2018 to over $338 million in two years. Moreover, NFTs are foreseen to get to online gambling since the industry uses blockchain technology.
With all the evolution the gambling industry is enjoying, thanks to constantly innovating technology, let’s see if the NFT will soon dominate the online casinos, so keep on reading.
NFTS: What Are They?
NFTs are digital assets that link the license of an object to an individual. Hence, you can’t transfer ownership of a digital object like images, music, and videos since the owner’s information are kept in an immutable data ledger called a blockchain.
That is the same concept that underlies cryptocurrencies such as Bitcoin. However, NFTs are not currency. They, like cryptos, are only available as digital assets—several NFTs, such as artworks, games, memes, and more.
How Did NFT Reach the Gambling Industry?
NFTs started in 2015. Its market grew substantially throughout its initial years before plummeting in June 2021 and bouncing back in August.
While the art world is enjoying the NFT, the gaming world has started to show interest. One of the gaming industry giants is now using NFTs as bonuses on one of their games.
On September 9, 2021, Evolution became the first casino gaming business to incorporate the multiple NFTs in the world’s first NFT-based slot. Does this mean the industry’s finally using NFT?
What Is the Future of NFT in Gambling?
According to JP Morgan Chase, the NFT market is worth over $7 billion. After CryptoPunk #9998 made a sale of about $532 million, the NFTs became appealing to the gambling industry.
The NFT’s future in gaming, according to EA’s CEO, is play-to-earn, something most gaming companies are figuring out how to apply. The corporation even hired a senior director for NFT and blockchain strategic expansion.
Meanwhile, Axie Infinity pioneered the path for NFT games, which let users make money by minting and selling NFTs to other players.
Meanwhile, the development of the metaverse seemed so inevitable that Facebook changed its name to Meta. More importantly, many other high-end manufacturers are following suit. The metaverse is a virtual environment similar to the real world. Hence, it is not surprising to see tons of casinos in this digital world.
On the other hand, using NFT will eliminate using a third-party payment provider, offering unique payment options for gamblers. Moreover, the appreciating value of NFT makes it a good reward. For instance, several NBA Top Shot digital graphics have earned $780 million since March 2021.
One of the best aspects of NFT awards is that they may appreciate value over time. For example, a few purchases of digital graphics for NBA Top Shot have earned $780 million since March 2021.
Benefits of NFT in Gambling
While only the biggest operators might use NFTs to improve their service, for now, the following are some of the benefits that NFTs will bring to gaming.
All NFTs are one-of-a-kind, and there’s no way to duplicate them. This factor allows them to appreciate. Conversely, NFT producers benefit from assigning it a particular number, creating supply scarcity. NFTs are impossible to replace, modify, or remove.
Because NFTs run on a blockchain network, they help by linking ownership to a person. The customer is protected against competing claims because of the ownership advantages.
Because specific platforms provide many trading options, trading NFTs is straightforward. Game creators may develop NFTs for in-game products that players keep in their crypto wallets. Even outside of the game, players may sell or use in-game assets. Moreover, since NFTs depend on smart contracts, ownership transfer is straightforward.
NFTs bring a broad group of content creators together. Creators will be able to assess the genuine value of their work and communicate with their customers directly.
NFTs are growing more common, and casinos don’t want to be left out. The future adaptation of NFTs seems to be pay-to-win, with a possibility of making it to the metaverse.
Furthermore, gamblers expect to add other NFTs, like domain names and memes, to their wallets since they promise significant value increases.