NFTs have continued to gain attraction — thereby revolutionizing not only the movies, gaming, music, and sports industries but also the gambling industry.
Today, a wide range of crypto online casinos such as Rollbit, BC.GAME, etc., supports NFT gambling, giving its users the ability to deposit NFTs, wager it on their favorite sports events or casino games, and withdraw successfully.
In this article, we are going to discuss NFT gambling and how they are revolutionizing the gambling industry.
Let’s get it.
Table of Contents
What Is NFT Gambling?
Unlike cryptocurrencies with coins that are identical to each other, NFTs (non-fungible tokens) are digital assets that are unique and represent a wide of things ranging from in-game items to digital arts and many more.
The nature of NFTs makes them suitable for gambling, just like crypto gives gamble anonymously, NFTs are the same. Due to this, the NFT market is booming and has grown tremendously with an estimated global market cap of $34.36 Billion (at the time of writing this review) — according to Forbes.
Between 2020 and 2021 the market cap was estimated to be around $3 billion but today, the NFT market grew more!
The funny thing is back in the day, who could have thought that people could actually get rich off Crypto Punks, or Bored Apes, or jpg they sell to other people — but NFTs made this possible. And thanks to crypto traders and investors who showed interest in NFTs then and now, it all became possible!
Today, NFTs can be used in so many ways which include but are not limited to selling them as digital arts, using them as in-game characters for a play-to-earn game, etc.
Betting With NFTs
It’s possible to deposit NFTs in online crypto casinos and bet with them. While it’s not everyone that’s making use of NFTs to gamble at the moment, the number is growing rapidly every day — and online casinos like BC.GAME and Rollbit are taking NFT deposits.
It’s expected for NFTs to get more popular, as more and more casinos start to adopt them as a currency for their users to utilize in placing bets. NFTs adoption by online casinos will bring out impressive advantages similar to cryptocurrencies because NFTs are digital assets that can be easily transferred any in the world — and can hold information (which can be about a specific casino game) securely.
NFT Casino Games
The implementation of NFTs to casino games has made it possible to have few numbers of NFT-based games in Metaverse, as play-to-earn games have already taken the world by storm with projects such as Axie Infinity, CyptoBlades, and Splinterlands.
Axie Infinity has shown gamers that if they are willing to put their time and money into gaming, they can earn rare virtual assets such as collectible NFTs. Will we be able to see this type of experience in NFT casino games?
NFT gambling could make all of these possible — thereby being able to a little bit of excitement to the overall experience of casino games.
What Is The Best NFT Casino Of 2024?
BC.GAME and Rollbit are among the best NFT casinos of 2024 that embrace NFTs and have an impressive loyalty program that rewards its eligible users with NFTs, freebies, casino bonuses, and more. Both casinos allow deposits and withdrawals of NFT from their platform.
For instance, it hasn’t been long since BC.GAME launched an exclusive NFT network called Degen Pass (a collection of 1777 Genesis passes on the ETH blockchain) which gives its users access to the Degenverse ecosystem, a community of like-minded individuals, crypto enthusiasts, and NFT collectors.
What To Know About NFT Casinos?
Unlike betting with fiat and crypto, NFT casinos allow you to buy in-game items with NFTs, use your NFTs to engage in VIP memberships or other loyalty programs, and offer NFT games where you can win NFTs while playing — an example of this type of games is the Megaways slot (A volatile NFT-themed slot available at online casinos).
NFTs are here to stay – and the superb record it has created has proven it. No doubt, the change will continue, and the way we gamble in casinos will change in more ways than we can imagine as the adaptation of NFTs continues.
NFTs are unique and provide trust as people can track their ownership and trust the blockchain that whoever says they own them actually owns them — which can be a plus to why any gambler would be interested in NFT gambling.
While this article is about how NFTs can revolutionize the entire gambling industry, it’s important to keep in mind that crypto casino legality can be tricky and legislators are trying/monitoring the NFTs, crypto, and gambling. So, while the market is booming at the moment — there’s still a possibility of new laws and regulations to be implemented in the future.
NFTs have the potential to revolutionize online crypto gambling sites, but they are still in their early stages. The NFT technology may evolve in the next few years to the extent that all online casinos will start to accept NFT collectibles, NFT access passes, betting, and winning with NFTs, etc.