NFT. They are all anyone is talking about on the internet, and rightfully so. NFTs are the latest trend in the crypto-based investment market with lots and lots of thoughts of schools.
The question that you’re seeking an answer to is what are NFT casinos, right? It’s as valid as questions can get. If there can be Bitcoin casinos, Ethereum Casinos, or any other crypto casino for that matter, why not NFT casinos?
Well, get your shot of espresso and get comfy because things might get technical as we enter the world of NFT casinos.
What are NFT Casinos?
From the title of the topic, you already know that we’re about to discuss online casinos that has something to do with NFTs. Before we go into the collaboration of these two completely different industries, let’s understand what NFTs are.
NFT: Non-Fungible Token
For easier understanding of things, let’s replace the word “Fungible” with “replaceable”, no pun intended. So, we get Non-Replaceable Tokens. It essentially refers to the uniqueness of an entity.
Now, take your smartphone for example. The one you’re probably holding in your hands to read this post. It’s a standard-issue from one of the many manufacturers around the world. Same as yours, there are hundreds of thousands of the same smartphones circulating in the market.
However, the one you’re holding right now is unique in its own way. If it was right out of the box, it would have been replaceable. But now that it has developed a character based on your personality, there’s not a single device on earth that can replace yours.
And that takes care of the “non-fungible” part of the NFT equation. But, what about tokens then?
Well, tokens are essentially a means to prove your ownership on a public ledger. This is where Blockchain technology comes into play. But due to this phenomenon, many people mistake NFTs as cryptocurrencies when they’re not.
Here is an amazing informational video to explain to you what is NFT in under 5 mins.
The Relation Between NFT & Blockchain
An NFT is a unique entity on the blockchain (currency Ethereum) that proves the ownership of digital arts, photos of real objects, or practically anything else that comes to mind in the digital field. The idea is not in the object but in the uniqueness of the object.
Now, you might wonder, how is it possible to secure digital products? How do you know if someone’s not going to copy it? The answer to this question is, they will.
If you go to Google right now and search for Mona Lisa, you’ll find millions of pictures from all over the world. But does that mean they own them? No. The ownership still belongs to the late Mr Leonardo Da Vinci.
The same concept has been carried over to the NFT trend. As it’s one of the latest introductions to the world, not many people are aware of this. The same goes for the casino players like you, wondering how NFT plays a role in the iGaming industry.
How Do NFT Casinos Work?
As of now, NFT is more of a currency option at crypto casinos rather than a more integral part of the management process. There are iGaming brands that have completely merged the two worlds, but for it to become the norm is for the future to reveal.
So, in layman’s terms, you get to stake the NFTs you have in online casino games instead of fiat currencies and/or traditional cryptocurrencies. Since it’s a very new trend, therefore it’s quite early to determine what turn NFT casinos might take in near future.
Another important concept that comes into play at NFT casinos is Provably Fair technology. It’s been the buzz of the crypto casino industry where the players get to participate in the fairness algorithm.
In traditional online casinos, all games except for the live dealer ones are handled through the RNG (Random Number Generator). It’s a technology completely in the operator’s hand. Sometimes, they employ external audit agencies to verify the algorithm.
NFT casinos, on the other hand, may use the provably fair algorithm where you get to enter one of the two seeds for hashing your game results. The bottom line is, NFT casinos, or crypto casinos, in general, are safer and fairer alternatives.
When you play at these casino operators, you’ll be staking NFTs from your wallets to play the games. As of now, the game library is pretty much the same as traditional online casinos. There are a few exclusive titles like the Wolf Game which is completely based on NFTs. We may see more titles like this in the future.
Advantages of NFT Casinos
If you’re interested in playing at NFT casinos, it’s only normal that you’d want to know about the advantages of the operators. Let’s see how we can help you in that regard.
The Use of Blockchain
Blockchain is one of the safest types of network we have right now. It’s a decentralized network of nodes where every single transaction is recorded and validated. By whom you ask? The general public!
And that’s one of the many appeals of NFT casinos. As no central authority is responsible for keeping track of your transactions, no one can change or delete them once the blockchain executes them. Can you think of a better way to secure a transaction?
Being an early adopter has its merits and demerits. One of the merits would be the exclusive rewards for using your NFTs. You may receive larger bonuses with easier terms when compared to using traditional currencies.
Become a Shareholder
Although not many, there are operators that let you stake your NFTs to become a shareholder of the brand. You’ll be sharing the revenue of the operator along with the other shareholders in the same blockchain.
Such a level of community-building approach was unheard of before NFT casinos came about. Simply because other cryptos are not as easily minted as NFTs. Slotie is a great example of such a project where 10,000 NFTs were minted on December 7, 2021, and distributed across online casinos.
The project is still live and it’s gaining more traction as we speak.
Disadvantages of NFT Casinos
We can sugarcoat something all we want but there’s no denying that nothing in the world is perfect. The same goes for NFT casinos. They might pack a lot of power but there are some obvious holes on the mesh.
As you may already know, NFTs are currently minted and handled in the Ethereum Blockchain. It’s a smart-contract based network where you have to pay for gas with fiat money to execute hard-coded contracts. As a result, it sometimes gets expensive to buy and sell NFTs for gambling purposes.
Not Suitable for Beginners
Isn’t that kind of obvious? It’s already hard enough to wrap your heads around the concept of blockchain and cryptos in general. When you throw in NFTs and online casinos into the mix, it looks like Neo’s vision inside the Matrix to newbies.
How to Start Playing at NFT Casinos?
Thankfully, it’s no rocket science to get started at casinos that accept NFT. All you need is a crypto wallet in advance that supports NFT. Here’s what the sign-up process may look like.
- Pick an NFT casino that you like and find the registration option.
- Provide all of your information. If you thought that NFT casinos are free from KYC regulations, think again. Online casinos still have to comply with the legislation of the appropriate jurisdictions.
- Deposit funds with NFT, fiat currency, or other cryptocurrencies. Now, you’re ready to play the games.
Are NFT Casinos Legal?
That’s a fantastic question you’ve asked there. And we have an equally fantastic answer ready for you.
We don’t know. No one does!
What we do know is crypto casinos are operating fairly openly by complying with all other regulations. Although NFT is not traditional crypto, there’s no reason for the authority to bat an eye at NFT casinos.
The core idea of the crypto industry is having no central authorities, remember?
Where Do I Find Writers for NFT Casinos?
You’ve already found them. NFT casinos might be the new kid on the block, but we’re not. At least, when it comes to writing. As for NFTs, we’re still learning just like you are. And we’re proud of our learning capabilities, no matter the niche.