Are NFT Casinos the Next Big Thing?
Published January 7, 2022 by Sol FH
NFTs have made their way to SouthPark, so you know it’s now inevitable that they’ll be everywhere else too.
First, try to understand this… A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that guarantees that a digital asset is unique and therefore not interchangeable. NFTs can be used to represent physical items or virtual items. Access to the original file is allowed solely by the owner of the NFT. Digital copies are not restricted to the owner, but it is like any great piece of art, anyone can own the copies, only one can own the original.
NFTs can be traded online on various NFT marketplaces, the most popular being OpenSea. The biggest NFT projects to date on OpenSea are the CryptoPunks with a volume of over 774,721.14 ETH (Worth USD $2,919,149,255 at the time of this article), the Bored Ape Yacht Club with a volume of 297,966.01 ETH (USD $1,122,735,925 at the time of this article), and Decentraland, a play-to-earn NFT-based Metaverse game with a volume of 236,567.37 ETH (USD $891,384,456 at the time of this article).
Crypto Casinos have been around for a while now and they give players the opportunity to gamble using various cryptocurrency tokens and coins. NFT Casinos are in their very first days and only early adopters are using them at this time, albeit many of them are still operating without licenses so do your own research prior to playing. As the entire crypto revolution continues towards mass adoption, more and more metaverse casino players will become inherently anonymous NFT Casino players seeking to gamble at the most innovative sites.
Why Play at a Crypto Casino?
These sites boast superior privacy so no casino company will end up on your bank statement or credit card bill. Even more meaningful is that all Crypto gambling sites are inherently provably fair due to the blockchain ledger on which they operate wherein every single transaction is confirmed and cannot be changed. NFT Casinos will take casino innovation even further as this new concept continues to drive change in the industry.
Deposits and withdrawals are executed instantly and with minimal “gas fees” that come with using the blockchain (far less than banks or credit card providers), and each transaction is transparently displayed on the blockchain.
A recent NFT project that we heard about even enables the NFT holder to get a share of the casinos’ revenue…truly amazing.
NFT Casino Games
NFT gambling games may become more prevalent with the NFT Case Opening game leading the pack. Players make a bet using a cryptocurrency and inside the box will be an NFT, some worth much more than others. You must remember that all NFTs can be traded or sold on the secondary and even tertiary market which can make the investment a whole lot more valuable later in its lifetime.
Disclaimer – NFT Casinos are new, and many are operating without a license and are not audited! This may change in the future but before you play be sure to do your own research.
The most popular games available at NFT casinos are currently NFT Case Opening, NFT Dice games, NFT Roulette games, NFT Blackjack, NFT Slots, NFT Poker, and more.
