NFTs, or Non-Fungible Tokens, are modern collectibles based on blockchain technology. Only a single copy of each NFT is available and may contain, for example, an in-game object, image, video, document, or work of art. Some see NFTs themselves as contemporary art. How does all this relate to gambling then?
There are many views on this. Some see them as the next form of gambling where people could trade NFTs in a stock-like environment. However, for online casinos, the issue is more multidimensional.
Utilization of blockchain technology in casinos
The blockchain technology used in NFT may be a handy feature in casinos in the future. However, it works in much the same way as depositing money at a casino, meaning you use your funds to buy an NFT, which, however, remains digital.
The money transferred to the casinos will remain in your account and you can only withdraw it by playing with it. In addition, you can also add value to it through profits, which is a feature similar to NFT. This in turn increases its value over time and allows you to sell your digital token to others and thus win money.
However, when playing in casinos, attention is also paid to speed and security, which are described, for example, at https://uudet-pikakasinot-fi.com/. Thus, the security of the money transferred to the casino can be managed excellently thanks to blockchain technology, which is more secure than many other money storage technologies, especially in the face of hackers and fraudulent attempts.
NFTs as gambling prizes
Another option for the link between gambling and the NFT is to set them as the grand prize for certain games. Hundreds of jackpot games can already be seen at online casinos, with grand prizes of up to millions of euros. So why not exchange them for valuable NFTs? This would at least be sure to pique the interest of the players.
It is known that winning jackpots is very difficult and the chances are almost the same as in the lottery. Despite this, more and more people want to play them and game manufacturers have also brought them to market to an increasing extent.
Evolution as a road sign
The Swedish gaming industry left Evolution as the first game manufacturer to take first steps in this direction. It bought itself four CryptoPunk NFTs, which it included as prizes in its NFT Megaways slot game.
CryptoPunk’s four digital works of art consist of four collectible characters with numbers 914, 3008, 4701 and 8143. They are created by LarvaLab. At the same time, it is a historic act that combines NFT and entertainment gaming for the first time in the world.
However, similar transfers from other game manufacturers are expected. However, it is determined by how well the NFT Megaways game released in September 2021 will be successful and how it will be received by players. It may be that this trend may have to wait for an even more opportune time.
Great potential for change in the industry
The impact of the NFT on gambling is still difficult to predict completely, as it may involve many different branches. However, it has great potential that can be exploited in gambling, as they are both based on almost the same things.
Source: Plato Data Intelligence: PlatoData.io
