NFT Casinos – The Future of Gambling or a Major Flop?
NFT casinos have become a trend over the last few years, popping up to provide new ways to bet and play. While they exist and are available to players around the world, not many are aware of what they have to offer or if they’re worth the effort.
We’ve decided to take a closer look at what NFT casinos are all about, how they work, and what makes them stand out from the crowd – or not.
I’m New Here! What are NFTs?
NFTs are also known as “non-fungible tokens”, and it simply means that they are digital assets that are stored on the blockchain. You may have seen them mentioned in the news – some sing their praises while others call them a scam.
Essentially, NFTs are a part of almost every industry. Music, gaming, movies, art – you name it, and there’s an NFT available that you can purchase or trade for to acquire.
Each NFT is unique, giving you something special to own while also giving it the ability to grow in value based on its popularity.
Unfortunately, the NFT market is not as popular as it once was. While the market boomed in 2021, with peak daily sales reaching $881 million on the 15th of September 2021, it has plummeted to only $7.6 million in October 2023.
The market may not be growing as steadily as it once was, with fluctuating values playing a large role, but it is still estimated to reach $3.162 billion by 2027.
Okay… So, How Do NFT Casinos Work?
Because NFTs are so versatile, online casinos took notice of this and created new ways for players to be involved. Crypto casinos, in particular, were quick to open their doors to non-fungible tokens, while new NFT casinos popped up shortly after the boom took place.
These casinos work by allowing you to bet using the value of your NFT instead of other currencies. You can deposit the NFTs you own and use them to play the games you enjoy.
These digital assets are easy to transfer and can be programmed to hold information. This gives casinos the ability to provide extra security as these NFTs can be programmed to provide access to provably fair games and total transparency.
NFTs can also be used as a way to get access to unique loyalty programs or virtual playing locations. There are also special NFT slots and casino games. Plus, they can be used as rewards for VIPs or during tournaments.
The most important factor is that the NFTs you deposit should have a set value in place. This helps determine how “much” you have to play with and what you stand to lose.
Are NFT Casinos a Good Idea?
While NFT casinos may sound like a good idea, it’s important to note that there are a few bumps in the road. There are a number of regulators that are targeting the NFT market and stopping casinos from offering them as prizes. In the US, a number of casinos, such as Slotie, have already been barred from selling NFTs in certain states.
As governments and regulators aim to get more control over the NFT and crypto market, things may change on a whim. This means that you could end up losing more than you put into this new fairly new way of wagering.
Is it worth it? That’s entirely up to you and whether or not you want to take the chance of investing in a market that is highly volatile. While cryptocurrencies are also volatile, they tend to be more stable than NFTs and offer more ways to use them. There are also far more crypto casinos available, which gives you the benefit of having many choices, bonuses, promotions, and gaming options at your fingertips.
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NFT Casinos FAQs
🔎 What are NFT casinos?
NFT casinos are crypto casinos that also accept non-fungible tokens as a form of currency. This means you can deposit your NFTs and use them to wager on your favourite games or participate in tournaments.
🎰 Do I need to have Bitcoin to gamble at NFT casinos?
No, but you do need to own NFTs which is often done using cryptocurrencies like Bitcoin, Litecoin, and other digital currencies.
🔒 Are NFT casinos licenced?
Most NFT casinos do not require a license as the crypto/blockchain market is not yet regulated in many parts of the world. However, there are those who have a license from regulators like Curacao.
🔑 Are NFT casinos safe?
No matter which casino you visit, it’s important that you have access to site security like SSL technology and that you can verify the site’s owners and license (if available). These sites also run on the blockchain which means your transactions should be safe and secure.