The ultimate guide to NFTs and online gambling
Published by Stelly | August 25, 2023
In recent years there have been a lot of developments within the online gambling industry. Some of the biggest game changers include the adoption of cryptocurrency and NFTs.
The latter has been reason for a lot of confusion, concern, speculation but also hope. In this guide, we do a deep dive into NFTs and online gameplay. Taking a closer look at what NFTs are and how they are connected to online gambling. We explore the difference between Collectible and Utility NFTs and point towards the most impressive crypto sites featuring NFTs.
If you're new to crypto gaming or the use of NFTs, then you're in the right place. Keep reading to find out more.
NFT stands for non-fungible token. They are created via the same programming used for cryptocurrencies, so basically, they are cryptographic assets based on blockchain technology. Unlike other cryptographic assets, they cannot be exchanged or traded equally.
It cannot be replaced or interchanged, thanks to the unique properties it holds. Whereas cryptocurrency and fiat currency are fungible, making them tradeable and exchangeable with one another.
NFTs are cryptographically unique, and the tokens are linked to digital and physical content, which creates proof of ownership. They are used in artworks, digital collectables, items in video games, music, and more.
Traditional NFTs are used for art or digital collectables. Whereas utility NFTs can be applied practically within a set platform or application. One such example is a utility NFT token which gets you access to a game or virtual world.
Collectables are a popular way to use NFTs, but utility NFTs add value to collectables through added benefits. Let's say you have an NFT representing a rare basketball card. With a utility NFT, you can get access to exclusive events or even meet and greets with the player on the card. With this added value, the NFT becomes more desirable and even increases in value.
So, in short, you get NFT projects that are art-focused and are quite popular. But creators are starting to add rewards and real experiences to the digital collectables making them utility NFTs and increasing their value. In the end, they become more than collectable.
There are a couple of interesting NFT projects that you need to look out for. This includes NBA Top Shot and Sorare.
This is a digital trading cards world with video NFTs of all the best game highlights and game-winning shots. There is a limited supply of every card. You can buy and sell these cards in the marketplace. You can also buy randomised packs.
These cards can be extremely valuable. In April 2021, one LeBron James dunk card was exchanged for a cool $390,000.
The cards are referred to as NBA moments, and if you choose to buy a couple, you could potentially get thousands in cash out. Top Shot feels similar to sports betting and has become quite popular since the pandemic. It is especially popular in the USA.
Sorare has become quite popular in Europe. It's a football player NFT based on the Ethereum blockchain. With Sorare, you can participate in fantasy tournaments with a team made out of the cards you own. There are no randomised packs to buy, but you can purchase predefined bundles or single cards.
A very popular NFT project is CryptoPunks. This profile picture (PFP) series started in 2017. It is developed by Larva Labs. Basically,
CryptoPunks is a series of 10,000 24x24 pixel art images. They depict 'punks' with randomised attributes, including headgear, eyewear and gender.
While they were released for free at first, their popularity led to monetisation. The rarest CryptoPunks can be sold for millions of dollars. It's so popular that VISA decided to get involved and got their hands-on CryptoPunk #7610 and added it to their collection of historic commerce artefacts. A collection which they've been building over the past 60 years.
Axie Infinity is an NFT video game. It quickly became the most traded NFT collection in 2021. Trading volumes were over $2.5 billion. The game has a Pokémon style design where you can collect monsters known as Axies. You then get them to compete in battles and even breed new Axies. The play-to-earn mechanic has captured the attention of many countries, including the Philippines.
Rari is the first governance token to enter the NFT space. It is used to reward creators and collectors. You can only earn it by actively participating on the Rarible platform.
There are various uses for NFTs in online casinos. For one, they can be used as a game token which you can use to make deposits. Or they can be handed out as a reward. Popular sites like BC.Game allows you to make deposits using NFTs.
One of the many benefits of NFTs is that they are decentralised and independent. This enables you to use it from anywhere. Unlike traditional payment methods, there are no limitations on access, making it easy to access.
The ownership information is stored on blockchains, ensuring higher levels of transparency. This is also present in provably fair games enabling you to verify the results of previous games. It cannot be influenced or manipulated by anyone.
NFTs can also be used to access casinos, the metaverse, or even VIP and loyalty programs, where you can enjoy jackpots, tournaments, and special bonuses. Casinos also use them as a security tool that can block access for minors or assist with self-exclusion.
NFT casinos open the iGaming industry up to a wider audience. They appeal to younger (but legal) players as they offer the chance to collect digital assets and play your favourite games.
The use of NFT and crypto in online casinos should not be confused. While they share many similarities, they are still different. The obvious similarity is that you can use both to place bets at applicable sites.
With cryptocurrency, you can enjoy a more traditional style of gambling experience using crypto to fund your gameplay. Crypto betting is a real and tangible thing that can be experienced at a wide range of crypto-friendly betting sites.
NFT betting is still more conceptual, and the range of NFT-friendly sites is still growing. There are not many NFT-friendly platforms, but this is slowly changing. The ability to exchange NFTs or receive them as rewards is not as straightforward, as the values can differ a lot more than cryptocurrencies.
Having understood what NFTs are used for and their specific advantages over cryptocurrencies, you might want to venture into buying NFTs. If so, you will need to acquire some essential items before you do it:
Take Note: Many exchanges charge a small percentage fee on crypto purchase transactions.
As soon as you've got your wallet ready, the only thing left to do is to buy NFTs. Here is a quick list of the top NFT marketplaces:
NFTs can be used for gaming, web3 identification, art and collectables, event ticketing, supply chains, music, food, drinks, decentralised finance loans, virtual real estate and fashion.
There is a growing range of online casinos that enable NFT gambling and the use of crypto transactions. If you're not sure where to play, you can browse our list of recommended NFT and Crypto Casinos.
BC.Game is a crypto-friendly casino brand that launched in 2017. The casino is fully licensed and regulated by the Government of Curacao.
Wagmi Casino is a brand new online operator established in 2022 by the Wagmi Group N.V. The site is fully licensed and regulated in Curacao.
Metaspins Casino launched in September 2022. The casino is owned by Metaspins N.V. incorporated and carries licensing from Curacao.
One of the top recommendations is Rollbit Casino. The site has various NFT features which you can take advantage of. It has an exclusive VIP program that enables you to bet with NFTs, and the Rollbot Drops allow you to win some of the 10,000 unique Rollbots. For Rollbit Casino members, there are discounted offers and access to the RLB lottery, where you can earn tickets for weekly draws.
There is already a public sale of Rollbit's NFT program. If you want to get involved with the NFT market, this is the perfect time. The NFTs are produced using an algorithm, and there are over 10,000 available. The best part is that you don't even have to spend real money to get a chance to earn them. The site hides over 900 of the NFTs in loot boxes which go out to new and existing customers.
Other sites that feature NFTs include Wagmi Casino, BC.Game Casino, and Metaspins Casino.
BC.Game has its own exclusive NFTs available that players can win. There are also NFT giveaways you can partake in. They are committed to growing NFT betting and support exchanges, reloads, and cashouts. BC.Game is one of the best crypto and NFT betting sites online. It has already bagged numerous awards in 2022 for its offering. The site has a dedicated NFT section where you can access many things, including exclusive giveaways.
Wagmi Casino is another site where you can earn, buy or win NFTs. The site has a great NFT-based loyalty program that guarantees VIP status at Level 9. It's a crypto-only site launched in 2022 and licensed by Curacao eGaming. For Wagmi NFT holders, there is a wide range of bonuses and perks to look forward to. The offers depend on the tokens you have. If you are the owner of a Gold or Black NFT, then you will achieve VIP Status.
Metaspins is a crypto casino that plans to include Web3 functionalities in the future. This will allow you to play all your favourite casino games using NFTs you own. This consists of the NFTs designed by MetaSpins Casino. All you'll need to do is link your Web3 Ethereum wallet to your account. They also plan to add their own MetaSpins, Loot Boxes and Crypto Staking.
These are just a few of the most popular sites available online. Each has its own unique offers and ways to embrace NFTs. If you're new to NFT gambling, you can start with any of these top options.
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