5 January، 2022
NFT and its relevance has created a controversy in the real money online gambling industry. Different people perceive NFTs from various angles. While some consider NFT to be an entity that relies on the support system of cryptocurrency, others see it as new innovative technology and are striving to leverage it to increase their revenue, enhance the playing experience and boost revenue. This post discusses the impact NFTs can have on the real money gambling industry.
Before we discuss the impact of NFTs on real money gambling, you must understand what NFTs are. NFTs or Non-Fungible Tokens are unique cryptographic tokens that run on the blockchain and can’t be replicated. NFTs cut across different things, including gaming assets, arts, books, and music. Each NFT on the blockchain has a unique identifier, making it possible to track the owner of the original version.
Below are the widespread impacts that Non-Fungible Tokens have on the online real money gambling industry.
The adoption of NFTs leads to the development of several online casinos that allow players to wager for NFT rewards. Also, most gaming providers design casino games that reward players with NFT prizes. Bettors can participate in slot tournaments and game variants like poker, craps, and blackjack for a chance to win NFT, which they can convert to money at popular NFT marketplace like OpenSea. An excellent example of the games is the NFT Megaways slot released recently by Red Tiger Gaming – a 6×7 grid slot with 200,704 ways to win.
One factor that leads to the increase in online casino gambling is the introduction of no-registration online casinos. These type of casinos doesn’t require players to provide sensitive details. The use of NFTs further increases players’ anonymity when they play at online casinos.
In traditional online casino games, punters strive to claim assets such as symbols, bonuses, rare gems, and guns. With NFTs, players can own real assets, which makes online gambling more competitive. Additionally, players can transfer NFT assets across different casino games or sell them to other punters for profit.