You may not know what NFTs are but almost will have certainly heard of them in recent months. But don’t worry, before we get to the core of our content, we’ll give you a quick idea about what they are and how they work.
What are NFTs?
NFTs or Non-fungible tokens, to give them their full title, are unique digital assets that contain a specific identification marker recorded in blockchain ledgers.
In simple terms, they are a set of unique digital assets that you can trade for cryptocurrency and traditional fiat currencies like Pounds and US dollars. The digital asset can be anything from paintings to music, pictures, books or screenshots of tweets. Anything and everything can be turned into an NFT, but you cannot have physical ownership of it because the physical asset does not exist.
Many NFTs are traded mostly for Ether because most of them are made using the Ethereum blockchain software. Ether is mainly used on platforms like Opensea, which are NFT market places where one can trade NFTs for cryptocurrency or exchange NFTs.
Each NFT has its only value because NFTs are unique, and no two will be the same. Collecting NFTs can be likened to collecting rare art. The value of these will depend on how valuable the buyer deems the NFT to be.
Advancements in technology and increased access to the internet are major contributing factors to the growth of iGaming in online casinos. These platforms are also adapting to the changes in the market and adopting a variety of payment methods.
This includes using NFTs as a payment option, with some software game providers like Evolution Gaming opting to use CryptoPunks for slot machine prizes.
The iGaming industry
The iGaming industry has grown substantially over the last five years, particularly in the gambling industry. This massive growth has also brought massive challenges for the stalwarts of the industry.
Cryptocurrencies are now being accepted as a payment method in some online casinos, with the most popular ones being Bitcoin and Ether. Cryptocurrencies use blockchain technology which is how all transactions are verified, and it only makes sense that online casinos adopt blockchain technology within their operations.
Many casinos have an online presence now. Their popularity continues to grow with more players taking to the ease of playing casino games and placing bets online through the online casino platforms. One such platform where players can gamble from the comforts of their homes is the online casino NetBet.
NFTs in the iGaming industry
If the non-fungible token gains value based on what the buyer is willing to pay for it, how valuable can it be?
Well, the best way to make them more valuable is by making them scarce, playing on the economic theory of supply and demand. Take, for instance, Flamingo club, a virtual gaming project which aims to build a gaming arena in conjunction with a Los Vegas casino.
The virtual arena will offer casino games and a variety of betting opportunities. Patrons of the club will be issued with Flamingo Club tokens, which are 11111 unique hand-drawn NFTs. These are taken from over 300 traits and thus increase the rarity of the tokens.
They, in essence, can be likened to tokens one uses in a land-based casino and have a different value to them. Therefore casinos can have collectable tokens that can be used to access VIP packages or be entered into certain draws, and these are issued to players on a loyalty basis or can be sold to them.
That also helps retain the value of the tokens as they are sought after.
For even more gambling-related content, click right HERE.