The new uprising blockchain technology that utilizes images and videos in a form of digital collectibles is on the rise in the past couple of years. These so-called non-fungible tokens (NFTs) cause one of the biggest market disruptions attracting investors to drop millions of dollars on images, which is why other industries like the online gambling industry are looking for a way to enter the market.
We’ve already seen casinos use blockchain technology in a way that allows players to gamble and bet crypto, but will we see the introduction of NFTs to the online casino world soon?
Well, since NFTs come with many ways that a person or a business can use them, they could definitely be a part of the online gambling market in many different ways.
Let’s surf the wave of blockchain technology and whether or not online casinos will use NFTs in the future.
What Are Actually NFTs?
NFTs or non-fungible tokens are digital collectibles that represent true ownership of an image, video, or audio files. NFTs provide public certificates of ownership and authenticity issued by a digital ledger.
NFTs are used in a form of digital collectibles or in-game reward items where you can get certain unique digital items like cosmetics or utilities that you’ll own.
This provides many different possible options where the casino industry can utilize NFTs. NFTs that can be distributed by the casino will be owned by the people that receive them and can later be sold on an NFT marketplace.
The whole idea of NFTs is to provide a certificate of authenticity recorded on a decentralized network. In other words, you will be the owner of a such image, video, or audio file and nobody can change that.
How Casinos can Use NFTs?
NFTs open many different possibilities for the online casino industry, and since they are already adopting cryptocurrencies, the next step will be to introduce NFTs. Non-fungible tokens can be utilized in many different ways, such as:
Distribution of Reward Programs
One of the biggest marketing strategies that casinos use to attract new customers is the distribution of bonuses and rewards. Now online casinos are offering welcome and deposit bonuses, as well as free spin, features just to provide a jump start for your gambling session.
NFTs will definitely be a part of the casino reward programs, which is a great gesture from the casino since each of these NFTs has its own value that can later be sold or used in the gambling process.
Can you imagine a casino reward process where players get a chance to earn rare NFTs that can later be sold for thousands of dollars? – It will be epic.
In-game items
As the online industry advances, online casinos and software developing companies are brainstorming with their ideas about new games that are drifting from traditional casino games. With the introduction of new games in the casino space, the NFT industry opens up new possibilities where casinos can create digital collectibles used in the game.
It is no secret that software developers in the casino industry are starting to create games that are more focused on the user experience, rather than creating a simple game of chance, and NFTs will be the ultimate addition to making the games even more exciting since players can own the items in the game.
NFTs provide a ticket to the Metaverse
We all talk about the Metaverse and how gaming will change forever, but we don’t know how this is actually going to work. Well, if casinos would want to enter the Metaverse, and createa digital gambling space, NFTs are inevitable.
In order to enter the Metaverse casino should be backed up by blockchain technology, and NFTs are also included.
If the gaming industry advances to such a point, which is very possible, we’ll see casinos utilizing NFTs as a reward program for players as well as an in-game utility that players use.
One example would be a luxurious casino in the Metaverse that has a strict dress code (in-game cosmetic in form of NFT), that players must get in order to play such games.
When Will Online Casinos Start to Use NFTs?
Given the ability of the casino industry to adapt to certain technological innovations very fast, there is a good chance that we’ll see NFTs in online casinos very soon. If we go back just a couple of years, casinos were barely operating on the internet without getting too much attention, but nowadays we have live gaming, VR casinos, and the use of cryptocurrencies.
This shows that casinos are adopting certain changes very fast and given that the NFT industry grew to be a billion-dollar market, they will make sure to get a piece of the cake and introduce such technology in their most popular games.
