NFT Gambling – The Future Of Casinos Or Just A Passing Fad?

Casino Gaming With NFTs

Because the online gambling industry is so competitive, online casinos are constantly looking for new and innovative means of staying ahead of the competition. To that end, they’re looking for new ways to both attract and keep their customers. Over the last year or so, there is been a lot of talk about Non-Fungible Tokens or NFTs. There’s been a lot of talk about how the gambling industry could embrace this new technology in order to better its market position. Today, let’s have a deeper dive into the world of NFTs. We’ll examine both the pros and cons to see if they are suitable for use within the gambling industry.

What Is An NFT?

Essentially an NFT is a tiny line of code that is stored on the Ethereum blockchain. It’s nothing more than a link to an external server. Many people assume that the NFT is, for example, an artwork. And they assume that the complete artwork is on the blockchain. But this would be impossibly expensive. It’s important to realise that the NFT you are buying is not the artwork itself. It’s just a link to the artwork that is somewhere else on the World Wide Web.

Recently there has been a huge amount of money changing hands when it comes to NFTs. In particular NFT artworks. The idea here is that the NFTs code will contain what’s known as a “smart contract.” This will ensure that when the artwork is sold, every previous owner, as well as the original artist, will take a share of the profits. If you head over to artwork marketplaces like Opensea, you’ll find some of these art pieces are selling for over $100 million!

Online  Casinos And NFTs

One of the major selling points of NFTs is the fact that each one is totally unique. As such, they could be used in a number of ways, including rewards for players and as game tokens. Because they can be traded on decentralised exchanges, this can add an extra layer of excitement to any casino game.

Create Specialized NFT Casino Games

Some suggest that you could use NFTs to create a unique casino gaming experience that would be unavailable anywhere else. For example, it may be possible for a casino to create a game that allows players to gamble on the outcome of NFT matches. In itself, this could add an extra layer to any casino game. And give you the possibility to increase your jackpot winning chances.

Presently, there are a number of online casinos that happily accept cryptocurrencies. These include the excellent Bodog Casino. Here you can pay using Bitcoin, Litecoin, Tether, Ethereum and Bitcoin Cash.

Reward Loyalty

Many casinos offer loyalty bonuses to players who return to play again and again. NFTs could serve as these rewards. For example, if the player scores high enough. Or plays for long enough periods. The NFT in itself could act as an incentive to keep players playing. As well as ensuring the casinos make the players feel appreciated.

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Let Players Have Share Of House Edge

The concept of giving a casino player a share of the house edge has actually been tested. The user offers an NFT as the main prize on table jackpot games or jackpot slots. As a result of this, they receive a small percentage of the house edge. This allows them to profit from their asset. Before any gambling would commence, first a buyout price is determined for the NFT. Thanks to smart contracts, this means that if a player wins a big prize, then the owner of the NFT will also receive a portion of the winnings.

Building Your Own Online Casinos With NFTs

Many casinos have been looking into developing online casinos utilising NFTs that will allow players to gamble using various cryptocurrencies and tokens. They claim that this would allow a safer environment and a more reliable way of gambling online. In so doing, it would also increase the popularity of online gambling. For example, this would add a cool factor to the game and attract new tech-savvy consumers. Those who may not be interested in the old-fashioned traditional forms of gambling.

Sell Merch To Casino Fans

Some casinos have already started selling online digital artworks and collections as NFTs to their players. This means that anyone can purchase digital products such as music, art, and painting, which would also promote the casino brand through the Opensea marketplace. Of course, there’s nothing to stop individual casinos from opening their own marketplaces to sell their own NFTs. A contemporary example of this would be Draftkings. They created College Hoops Tournament NFT Collections by utilising their own marketplace in order to engage customers. They offer special reward drops for anyone who participates in buying and selling their NFTs.

Betting With NFTs

Presently some online casinos have been looking at the possibility of using NFTs as betting tokens. This will allow you to bet on the outcome of any number of events. By utilising tokens, the thinking is that gambling would be more fun. It would add an extra layer of excitement. As well as giving the player a chance to win the jackpot online. We still feel that for the best online casino betting experience, you should head over to Bodog Casino. They have a huge number of games, including many with live dealers.

The New Metaverse and NFTs

With Facebook recently rebranding itself as Meta, we can see that other large companies such as Apple are beginning to take the idea of the metaverse more seriously. Just as in Steven Spielberg’s movie, Ready Player One, the digital world will exist beyond the laws of physics. Essentially, these are virtual spaces that are accessible via 3D goggles. There’s no reason why they cannot be virtual 3D casinos, which instead of using regular cash or Fiat money, make use of cryptocurrency tokens or NFTs.

When entering a virtual online casino in the metaverse, you would be able to interact with the games as well as other players who would appear as digital avatars. Players would be able to enjoy licenced virtual casinos. They would be able to purchase casino tables, slot machines, and other gambling activities, by utilising revenue-generating NFTs.

Remember That NFTs Are Unregulated

It’s worth mentioning that the NFT marketplace has fallen by over 90% over the last few months. Unfortunately, because many of these markets are deregulated, it means they’re full of criminals and scammers. Even a well-respected marketplace like Opensea was scamming its customers by buying NFTs before they featured them as a means of bumping up their price. On a personal level, we think that the idea behind NFTs is foolish. Many of the buyers are unaware that they are simply purchasing a link to a server somewhere on the internet. If someone fails to pay the monthly subscription to store their NFT artworks on a server, then the link between the NFT on the Ethereum blockchain and the actual NFT itself will break. And you would have ended up paying for nothing.

Jack Dorsey, the inventor of Twitter, recently sold his first tweet as an NFT for over $2.9 million. The new owner, trying to ride the NFT craze, put it for sale for $49 million. The highest offer he has received for it it is less than $10,000! 

A Ponzi  Scheme For Suckers

There has been a lot of talk throughout the casino industry about how NFTs could be a game-changer for them. But we’ve yet to see any serious investment in the format. In truth, we believe that NFTs will never see any practical use. Not only just for gambling. But another purpose as well. In many ways, you can view this as an elaborate Ponzi scheme. Where the value goes up without being based on any form of utility. Essentially, people are buying and hoping that they can sell for more. But in the end, as they say, someone will be left “holding the bag.” Which will be empty.

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