Most of us have barely gotten used to the idea of cryptocurrencies, and then they start filling our heads with NFTs (Non-fungible tokens). It’s definitely information overload. This article is intended to explain what NFTs are and how they’ll technologically change everything we know about the internet.
NFTs are the new kids on the block, and they’re considered the birth of the ‘new internet.’ With the rise of a metaverse, NFTs are promising to give the online gambling industry a facelift, but what are NFTs, and what do they mean for online gamblers?
An NFT is a non-fungible token or digital asset that lives in a blockchain network. Each NFT represents collectible and unique items that can’t be replicated. NFTs aren’t to be confused with cryptocurrencies. Non-fungible (or non-exchangeable) tokens can’t be interchanged as each token is irreplaceable and unique.
An NFT can be both intangible and tangible, like photos, videos, gif files, audio clips, or music, to name a few. Basically, an NFT can be anything you can imagine. The Urban Dictionary states that “owning an NFT is like owning a piece of the internet,” and that’s technically what it is. It happened that the first tweet ever made was sold for $2.9 million. It sounds ridiculous, but that is what’s happening at the moment. NFTs are selling to buyers for ridiculous sums of money.
Online casinos are using NFTs as VIP tickets, and at some online casinos, you may even qualify for more exclusive perks. Depending on how rare your NFT is, it can be used in many creative ways. If you own an NFT token, you may even qualify for additional free spins or cashbacks. NFTs are released directly by casinos into their more extensive network of other online casinos.
Players who own NFT tokens can take advantage by owning some of the online casino’s house edge. Slotie is an NFT that allows players to stake their tokens and earn rewards. There are also slot games that allow players to win rewards. There is a multitude of ways that NFTs can benefit players. There are actual NFT slot games and NFT loot boxes. Players may even get to play a classic table game where the prize is an NFT.
The metaverse isn’t as far in the future as you may think. There are many developments currently underway to make the metaverse a reality. Imagine you’re playing a live poker game where you’re able to see all your opponents’ body language and expressions but in the comfort of your own home. This isn’t like you’re experiencing live casinos as they’re now. It’s something far better.
The metaverse will be able to allow you to attend sporting events like you’re actually there, not just seeing the event through live streaming. You’ll even be able to play thousands of online slots at Casumo, where you can hear the ringing of the machines and see the neon lights.
Online gambling sites will only be able to operate in the metaverse if they can develop a product that meets imaginative and legal requirements. This is where NFTs come into play as it opens up exciting prospects for the online gambling industry.
There’s no telling what the long-term effects would be on online gambling with the introduction of NFTs. Currently, NFTs are dispensed among online gamblers, so it’s impossible to predict if NFTs will significantly impact the online gambling industry.
One aspect is clear, the potential of NFT tokens can be limitless. With a never-ending supply of using them for loyalty rewards, games assets, rewards for high rollers, and bonuses, to name just a few. It may seem far in the future, but at the rate at which the NFT craze is rapidly spreading, some may already be in the stages of development.
