If you have heard the term NFT over the last few months and don’t understand what that really means, let’s take a quick look at the NFT world and touch on some of the functional NFTs that are now being developed for blockchain-based online casinos and VR Casinos.
From Crypto to NFT...
Online casinos started accepting cryptocurrencies like Bitcoin, Ethereum, Litecoin, and even XRP (Ripple token), a few years ago. More and more operators have zeroed in on this fast-evolving opportunity and have seen gains like never before. Now, the next craze is NFTs, and NFTs for online casinos is something that you’ll begin to see more and more.
There are a few casinos in the industry that you’ll be able to register with that have developed digital art that is based on the Ethereum blockchain. The owners of these pieces of art are given instant VIP membership and provide many other exclusive benefits.
In most cases nowadays, you’ll see an NFT project spring up and they will have a whitepaper, a roadmap, a Discord community, and a group of dedicated newbies that will do anything to get their hands on an NFT. Most of these projects only begin to build out their product after the initial sale of their NFTs, if the project succeeds that is.
Where to buy an NFT
NFTs can be purchased on an NFT Marketplace like OpenSea and used to gain entry into the casino. Holders are able to instantly transfer their NFT into their casino account and use it to play slot games, table games, and crypto casino games. In the case of an NFT casino, players will win back other NFTs that are all valued differently and can be sold after the fact, with many netting thousands and in some cases hundreds of thousands of dollars.
Not only that, NFT holders will be able to stake their NFTs and earn passive income from any and all NFT sales on a marketplace. This may not be the most APY you’re able to find, but, it is basically free passive income.
You’ll be able to find NFT Casinos pop up more and more in the coming months and it is important that you do some of your own research to learn if you are interested in this new vertical.
We will take a look at some of the NFT Casinos out there in some of our next articles so be sure to subscribe and get our notifications so you don’t miss a beat.