Gambling with NFTs is here to stay

Gambling with NFTs is here to stay
Gambling with NFTs is here to stay

Non Fungible Tokens (NFTs) have taken the crypto world by storm, and one area in particular is art, where NFT tokens sell for up to tens of millions of dollars. Besides art, NFT refers to distinct digital assets such as music, real estate, and collectibles that exist on a blockchain. Using token standards, such as ERC721, each NFT has a unique code for identification. Being powered by the Ethereum network, ETH has seen an increase in value, making the coin one of the most valuable digital currencies.

Image showing a hand drawn monkey illustration in nft style (source)

With the use of NFTs, interacting with blockchain can be done in more new ways than ever before. One of these is currently being witnessed in the gaming industry. In addition to playing free-to-earn NFT games, it is now possible to own and gamble with your non-fungible tokens. There are modern crypto gambling sites that accept NFT deposits and also pay out your winnings in NFTs.

The best platform to gamble with NFTs

The originality caused by NFTs has made them quickly acceptable. Today, there are NFT online casinos that allow you to gamble in the form of status tokens. NFT casino sites are just like regular online casinos where you register, deposit and play to win rewards. Some provide tokens as their sole currency, or alongside other crypto and fiat payment options, while others allow you to wager NFTs on games or win them as rewards.

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BC.Game is probably the best NFT casino at the moment with around 10 billion bets made by up to 3 million punters worldwide. It offers the most complete offerings, with NFT rewards and a constantly updated library of games, including in-house developed ones. Some popular BC.Game originals include Classic Dice, Tower Legend, and Ring of Fortune.

The platform recently released the Degenverse network which hosts the Degen Pass NFT. It includes up to 1777 genesis passes on the ETH blockchain. These include advanced access to the DeFi gaming application, a mysterious airdrop and a number of bundled benefits. The benefits also include easy entry into the Metaverse and an even more interactive way to win crypto rewards.

Other trusted and regulated NFT casinos include Stake.com, Cloudbet and Bets.io. They offer generous benefits such as welcome offers in BTC, and several digital currencies to use such as Bitcoin, Ethereum and Litecoin. They also allow you to bet and earn using tokens.

Pros and cons of gambling with NFTs

Gambling with NFTs is quite similar to cryptocurrency, although there are certain differences. Both rely on blockchain transactions, but differences arise in terms of economic value and uniqueness. The value of crypto is based on its utility and demand as a currency. While the value of NFTs is determined by market sentiment and the amount buyers are willing to part with.

Although gambling with these tokens can be very profitable, players must watch out for volatility. Non-fungible tokens also have non-economic purposes. Apart from profit, players can showcase their authentic, unique and one-of-a-kind assets.

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The most notable similarity between the two is that the games are provably fair. You have the opportunity to verify the fairness of your bets, and the result of the game is provable, transparent and verifiable. All this is made possible thanks to blockchain technology.

Similarly, the speed of your payments and withdrawals is definitely a plus. Since these tokens are not subject to banks or financial authorities, transactions are processed without third parties and strictly between players and the casino, which means that payments are processed quickly.

Conclusion

With the integration of NFTs into the online gambling industry, the entire online casino experience has greatly improved. From the inclusion of games that reward players with generous NFT bonuses, to the fast payment options, this blockchain-based technology is definitely here to stay.

Games are provably fair due to the ability to verify the fairness of your bets. Making NFT casinos one of the safest platforms you can play on. In addition, fast payouts and withdrawals are now a thing of the past. However, there is still room for improvement.

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