Could NFT’s be the next form of currency for online gambling?

The world is rapidly changing, and the way that technology is shifting and evolving is disrupting the more traditional ways that we interact, share, and even spend money. With the rise and adaptation of cryptocurrencies, with many online Bitcoin Casinos birthed specifically to cater to crypto slots, it’s not a huge leap to consider that NFTS may very well be the next form of currency for online gambling. The industry has seen an NFT boom in the last year, with many casinos popping up, focusing specifically on NFTs. Others have adapted their current crypto offering to include an NFT focus. With this being the reality of the direction of online casinos, we’re likely to see a surge of NFT minimum deposit casinos in NZ and other areas across the globe. Let’s explore this theory further:

What are NFT’s? And how do I get some?

If you’re new to the realm of NFTs and aren’t sure what they are, you’re not alone. NFT is an acronym for non-fungible token, and if that didn’t clear things up for you, then you’re not alone – and we’ll gladly explain it more simply.

Non-fungible means that something is completely unique. It can’t be copied, it can’t be replaced – it’s totally one of a kind. Very much like you – you’re unique, irreplaceable, and there’s no one quite like you. But a New Zealand dollar bill, for example, is fungible – it can be replaced, and is certainly not one-of-a-kind.

Fungible derives from the Latin phrase that translates from “to serve in place of,” – it’s a commodity that can be replaced. Non-fungible would therefore be the opposite of that.

Explained another way, it’s a type of digital code that acts as a digital item, which is then stored on the blockchain. Famous examples of NFT’s include sports collectables (buy them, sell them, and trade them with other basketball fans), CryptoKitties (they can be likened to the digital version of Pokemon cards) and even digital sneakers. They’re not tangible, so you’ll never actually be able to physically hold or own any of these items, but once you purchase an NFT, it’s yours forever, even if only virtually.

So if NFTs are alternatives to everyday things, then surely they can be alternatives to payment methods too? We certainly think so, and we’re likely to see NFT’s utilized at many of the top online casinos sometime in the future.

If you’re excited about the possibilities of NFT’s, perhaps you’re wondering how to get your hands on them. If you’re not keen on creating one yourself, there is a relatively simple way of getting started. Here’s how:

• Visit a crypto exchange site
• Transfer your cryptocurrency into a crypto wallet
• Connect your crypto wallet to an NFT marketplace
• Start shopping!

There are a variety of NFT marketplaces to choose from, and you can buy anything from sports collectibles, digital art, assets for gaming (such as in-game characters or purchasing areas of land), music, and even memes!

Metaverse Casino allows betting only using NFT’s

With the rise of the Metaverse, it’s only natural that most industries would follow suit and expand their product offering to include this new and evolving avenue of connection.

The metaverse casino, Ice Poker, launched in October of 2021. In order to play, users need to buy NFT wearables (for example, clothing such as jackets, accessories, etc) in a bid to pimp up their casino avatar, which then increases (or appreciates) in value over time. The more wearables you have, the more chips you earn, and the greater your chances of financial gain. Additionally, players are given daily challenges to complete – the more they complete, the higher up the leaderboard they go, and the higher the reward. There is also incentive to collect more NFTs in a metaverse casino, as the collection of which works very much like a Loyalty or VIP programme: you can upgrade your tokens to increase their value and exclusivity, which triggers additional bonuses.

Metaverse casinos have even started creating their own NFT collectibles. We’ll most likely see this trend coming to full fruition in the next couple of years as a way to incentivise player loyalty and drive engagement.

If you’re looking for more benefits of NFT casinos, there are plenty. The great thing about NFTs is that they are super secure due to their unique nature. Casinos that adopt NFT technology will be able to offer players a completely unique experience where there are one-of-a-kind collectables available in games, and where instead of winning cash or bonus money, players win NFTs that could increase in value, and which is completely and solely owned by the player.

NFT’s compared to the traditional Crypto Casinos

You can think of NFTs as the next logical step forward from crypto casinos. The online casino industry has evolved from a more traditional offering, to one that has adapted to the world of cryptocurrency, and is now exploring the realm of NFTs. Unlike crypto casinos, which contain fungible assets (for example, cash or cryptocurrency), NFT casinos work using non-fungible assets. So, while Bitcoin Casinos may use cryptocurrencies such as Bitcoin cash, Ethereum, Tether, Litecoin and Dogecoin, NFT casinos will purely make use of NFTs. And while cryptocurrency and NFTs are built using the same programming, they are primarily marked by their differences, as NFTs cannot be exchanged for one another, unlike the cryptocurrencies mentioned above.

NFT Casinos could become the norm at online casinos

If Procter and Gamble can sell NFT toilet paper for thousands of dollars, anything is possible. King Billy casino, one of the Bitcoin Casinos available to players in New Zealand, was the first online casino to offer collectible NFTs. These NFTs are available for purchase, and increase in value, which is one of the major allures of NFTs. With King Billy casino taking that first step, it’s incredibly likely that many crypto casinos will follow suit. They have pioneered this new way of experiencing online casinos, and as is the nature of any industry, there will always be competition, and brands will be contending to be the best in this space. NFTs are already appearing in actual casino games, with software provider Red Tiger Gaming recently launching an NFT slot titled NFT Megaways.

King Billy isn’t the only casino to adopt the NFT approach, however, with casinos such as Slotie, Stake Casino, and BitDreams jumping on the NFT train.

Summary of how NFT’s could be the next crypto currency

Now that you have a (hopefully) better understanding of NFTS, what they are, how they work, and how they fit into the iGaming sphere, it’s easier to understand how they could become the next cryptocurrency. As they become more integrated in the casino industry, it’s likely that there will be a boom of NFT casinos, which will leverage on the immersive experience that the metaverse creates, and the solid security that NFTs offer. The adaptation of NFT casinos is already slowly on the rise, with the likes of King Billy casino creating an NFT-focused offering in the form of NFT collectibles, and with software providers developing NFT games, introducing an innovative way of exploring how NFTs can be used in the casino sphere. We’re excited to see where the future of online casino takes us, and we’re confident that New Zealand players will reap the many immersive, imaginative and interactive elements that NFT casinos are soon to create.