The Impact of NFTs on the Gambling Industry
April 24, 2022
The online gambling industry has seen even more expansion in the last few years due to the global pandemic.
As more avid gamers explore the world of online gaming, the opportunities for the industry continue to increase. This includes the use of NFTs by some of the top software providers in the industry.
A Shift to NFTs
The industry is slowly but surely incorporating the use of NFTs, seeing the possibilities NFT powered casinos bring.
Just recently, the industry giant, Evolution Gaming, started using CryptoPunks, a famous NFT collection, as slot game prizes. In a recent press release, the company says that CryptoPunks will be used in their NFT Megaways game built by Evolution Group brand Red Tiger.
Then there’s the latest Flamingo Casino gaming project which gives a good idea of how NFTs are impacting the industry and the type of future that awaits those that incorporate the use of NFTs.
More About the Flamingo Club
The Flamingo Casino Club is an NFT virtual gaming project that got the green light in January 2022. The company will be building gaming facilities in partnership with one of the oldest industry ambassadors in Las Vegas.
There is so much gaming enthusiasts have to look forward to in the metaverse, including an entertainment centre, a sports arena with a hockey team, golf courses, and horse racing.
The project is led by leaders in the industry like lawyer and Vice-President of a large financial company, David Aaronson, and manager Waldo Lorenzo.
With the new Flamingo Gaming Club, every NFT holder part of the club will get a share of the profits the club generates.
Let’s talk data: Flamingo Club comprises 11,111 unique and hand-drawn NFTs generated from 300+ traits, thus increasing their rarity. An expert explains that rarity drives a large part of the economy around collectible NFTs while increasing excitement levels. It helps drive demand in an NFT project and diversifies it by offering different levels of utility and trait.
Currently, all cards for the Flamingo Club can be bought on OpenSea.
What to Expect From Flamingo Casino Club?
The new club will come with a spectacular range of games, and all Flamingo NFT holders will have the chance to take part in draws. Different prizes will be available, including $150,000 for 5 NFT holders, $10,000 for 20 NFT holders, and other exciting prizes such as Tesla’s Model 3 and Apple iPhones.
In terms of games, you can look forward to playing a wide range of table games, including roulette, blackjack, and more.
The Future of NFTs in iGaming
According to Eminence Holdings CEO Mark Robson, larger organisations have some difficulties adapting to blockchain technology. This is because there is a requirement for rigid policies, procedures, and top-level technology.
Robson continues by stating that with blockchain becoming more mainstream and the wide range of benefits it holds for operators and players, it’s better to incorporate it into casinos today.
Online casinos that wish to stay relevant and keep up with the times will be wise to learn more about NFTs and incorporate it. Blockchain is still in its early phase of adoption, so it’s expected that there are some kinks to work through.
The idea is to keep up with modern technology and innovation and use it to the company’s benefit. Blockchain technology is highly beneficial for online casinos as it helps reinforce elements of trust in the site, the games, and the gaming studios.
Robson believes it is inevitable that blockchain will be incorporated into more operations of every business with technical elements, including the online casino industry.