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The future of gambling NFTs & online casinos

For more than 10 years, cryptocurrencies have been closely interacting with online gambling, bringing innovations to the industry thanks to the development of blockchain technology. One significant innovation is non-fungible tokens, or NFT (non-fungible token). Their popularity in online casinos and other areas has grown significantly over the past decade, and it is predicted that NFTs will reach a market value of $230 billion by 2030. Gambling experts claim that integrating this technology into the day-to-day operations of online casinos will allow them to maximize their potential and reach a new level of appeal.

The exceptional impact of NFT tokens on online casinos can be seen in the increase in the number of customers through NFT-based loyalty programs and other player benefits. Let’s try to envision how the future will interact with online gambling and NFT technology.

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Briefly about NFT

Certainly, before diving into the current utilization of NFTs in the online casino realm and exploring their future possibilities, let’s establish a clear understanding of what these tokens represent. NFT stands for non-fungible token, indicating a unique and non-interchangeable digital asset on the blockchain. These tokens function as evidence of the authenticity and ownership of specific digital items, spanning from digital art and collectibles to in-game valuables and various other forms of digital property.

Indeed, each NFT carries a distinct identity, symbolizing irreplaceable digital assets. Anchored in the blockchain, every token is endowed with a distinctive identifier that showcases the owner in real-time, ensuring transparency and the seamless transferability of NFTs. The value assigned to a specific NFT is contingent on its scarcity, cultural significance, and additional elements like its functional utility.

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NFT and gambling — where and how is it applied?

NFTs are already having a profound impact on the gambling industry, and these changes will be visible for many years to come. Let’s take a look at how these tokens are currently being applied.
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NFTs as winning prizes

The advent of NFTs has significantly changed the structure of online casinos by introducing new approaches to gameplay. Developers started creating games that utilize unique NFTs instead of traditional cash prizes. Gamblers can now win NFTs in slots, as well as in table, card and other games, and then exchange them for real money. An example of this approach is the NFT MegawaysTM video slot from Red Tiger, which offers unique Crypto Punks characters as winnings.

Enter NFTs, offering players tangible ownership of in-game assets, such as characters, transcending the confines of a single game. This digital wealth can seamlessly migrate between various gaming realms or be sold, unlocking novel avenues for financial gain. The upshot? A more captivating and dynamic gaming journey for users.

NFT as a reward for loyalty

VIP programs at most online casinos offer rewards for active and big players. Instead of traditional bonuses such as free spins or extra money to the account, NFTs have revolutionized this approach. Players can now receive unique tokens that can later be exchanged or sold. Programs usually include several levels, and the higher the level, the more valuable NFTs a player will receive.

In addition, NFTs can act as tickets for special tournaments, contests and provide additional discounts. BC Game recently launched a unique NFT network called Degen Pass. Holders of this token get access to decentralized casino games, various prizes, VIP programs and a variety of in-game privileges. Among them are unique avatars and the opportunity to participate in jackpots.

NFT as a guarantee of anonymity and safety of players

With the use of cryptocurrencies and NFT, players have new means to secure their identity and data at online casinos. In particular, NFTs can be used as avatars, giving players the ability to keep their personal information private. Token transfers are also carried out without the need to disclose personal data, as all processes take place on the blockchain, keeping bank details and other sensitive information safe.

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NFT and online casinos in meta-universes

Metavillages, accessible using VR helmets, are digital worlds where reality can be reimagined. In these virtual spaces, users can not only buy virtual real estate and interact with each other, but also visit virtual casinos where digital assets such as NFTs are used to participate in games.

In the meta universe, you can place bets using NFTs or even purchase an entire casino to set up your own business. However, since NFTs are a method of monetizing digital assets in meta universes, this can cause some problems.

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Consider this: Flamingo Casino Club, an early entrant in metaventures, faced legal repercussions with cease-and-desist directives from five U.S. states. The casino falsely asserted its affiliation with Flamingo Las Vegas Hotel and Casino, enticing users with promises of passive income derived from casino profits through specific NFT purchases.

Despite the limitless possibilities of NFTs in the meta-universe of gambling, they face legal hurdles. How such casinos will be regulated and monitored remains an open question. The use of NFT for anonymous betting may lose its meaning if licensed establishments continue to require players to verify their identity.

Developing a legal framework for the use of NFTs in the online gambling industry could create the conditions for safe and legal interactions with digital assets. However, it is important to strike a balance between innovation and protecting the interests of players to ensure a fair and transparent gaming environment.

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Conclusion

The permanence of non-fungible tokens (NFTs) in the gambling landscape signifies a substantial shift, promising transformative changes that extend beyond our current imaginations. It’s an exciting time as NFTs continue to reshape the very foundations of how we approach and experience gambling.

The incredible potential of NFTs comes for the next reasons:

  • The uniqueness of NFTs adds a refreshing twist to the gambling scene, departing from the uniformity of traditional bets. With NFTs, each token carries its distinct identity, making every transaction a unique experience. It’s a game-changer, allowing you to seamlessly blend the thrill of betting with the individuality that NFTs bring to the table. The fusion of chips and cash in your betting arsenal — now that’s a winning combo!
  • Indeed, the trust embedded in NFTs is a game-changer. The transparent ownership tracking on the blockchain ensures that whoever claims ownership can be verified. In the realm of online casinos, this trust mechanism offers a unique advantage. Casinos can leverage this to create a more secure and regulated environment, excluding players who don’t meet specific criteria, such as age restrictions. It’s a breakthrough, combining the benefits of anonymity with a blockchain-backed layer of trust.
  • NFTs bring a personal touch to the gambling experience. As the younger generation, Gen Z, becomes a significant player in the gambling world, catering to their preferences is crucial. The trend of personalization in marketing and services is on the rise, and NFTs open up exciting possibilities. From customizable wearables to exclusive VIP membership cards, the personalization options with NFTs are diverse. This not only enhances the gaming experience but also aligns with the evolving expectations of players.
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Indeed, the rise of NFTs has coincided with the surge in popularity of play-to-earn (P2E) games like Axie Infinity and Crypto Kitties. The principles of GameFi, where players can earn real value through in-game activities, have captured the attention of the gaming community. It’s inevitable that iGaming providers will leverage these GameFi concepts to inject more thrill into the gambling experience. This shift could potentially reshape the landscape of the gambling industry, with players seeking platforms that not only provide entertainment but also offer better odds and tangible rewards. The convergence of NFTs and gambling opens up exciting possibilities for a more dynamic and rewarding gaming ecosystem.

The unique properties of NFTs, such as verifiable ownership and traceability on the blockchain, can contribute to a more trustworthy and secure gambling environment. As this shift unfolds, it’s evident that the impact of NFTs on the casino world is already underway, with the potential to redefine the way players engage with games, assets, and the entire gambling experience. The ongoing evolution promises a future where NFTs play a pivotal role in shaping a more dynamic, transparent, and rewarding gambling industry.

Dennis Stets

Dennis Stets

Gambling expert

Hello, I’m Dennis. With almost 10 years of experience in the online gambling industry (since 2014), I bring a wealth of expertise to the table. My specialization lies in casinos and crypto casinos, where I have honed my skills and knowledge. Throughout my career, I have written extensively on topics ranging from online poker to sports betting, contributing valuable insights to the field. Explore the dynamic world of the gambling industry through my expert materials and stay informed on the latest trends and developments of gambling world.

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