Monetary units of this type are actively used in the gambling niche. With their help, not only colourful slots are created but also full-fledged iGaming projects with fast payments, user authentication, and a convenient interface.
Non-fungible tokens are an important part of Blockchain technology. They are located in a global peer-to-peer network, which consists of billions of connected links that store information about already completed and only planned operations.
NFTs are interconnected with such popular digital assets as:
Unlike other cryptocurrencies, as well as network and utility tokens, NFT elements are tied to a specific object. This can be a work of art, a photograph, a music track, fiat money defined by a smart contract, domains, tweets, and other unique elements.
The described tokens can be freely copied and distributed but their ownership belongs to a specific user or company (legal entity). NFTs are represented as digital recordings in the Blockchain register and contain information on the date of creation of the assets and their current owners.
The tokens are used in various sectors of the economy:
In gambling, non-fungible tokens are used to present:
Moreover, NFTs are used as means of payment along with fiat currency, gold coins, and game tokens. You can often find NFT elements in the form of shares of ready-made iGambling projects (for example, an online casino or a poker room).
In 2021, the Swedish company purchased 4 NFT cards from the CryptoPunks premium collection. The tokens were used as branded bonuses (alternatives to 4 progressive jackpots) in the author's line of NFT Megaways video slots.
Over time, similar solutions appeared in the catalogues of other top providers, and it indicates the high popularity of NFTs in the gambling industry.
NFT projects work based on the same principle as traditional gaming sites:
The key difference between a standard casino and an NFT resource is the use of non-fungible tokens. Also, such projects are characterised by an increased level of security, faster operation, and good performance.
Key features of NFT casinos:
Implementation of non-fungible tokens
On a gaming site, NFTs can be used as anything — from unique interface elements (icons, avatars) to cumulative bonus programs.
Most often, tokens are presented in the form of such NFT entertainment as:
This technology is also considered a basis for P2E (Play-to-Earn) content
Making NFT transfers
NFTs are used as a payment unit: instead of fiat currency (US dollars, euros, and Norwegian kroner), cryptocurrencies (Bitcoins, Ethereums), or together with them.
Often, bets and winnings in the casino are calculated in fiat money, and cashback is credited in NFT assets. Some projects only work with non-fungible tokens.
Gamblers can invest the earned prizes in the promotion of an online casino, thus becoming one of the shareholders of the iGaming project
Installation of a modern payment system
To manage NFT assets, operators will need a reliable Blockchain wallet. Virtual storage is linked to the virtual casino. It is advisable to use it to collect tokens and well-known cryptocurrencies.
Among the most popular NFT wallets, we can name:
Entrepreneurs can connect several traditional payment methods: Visa, Mastercard, Google Pay, Apple Pay, and others. Financial modules provide convenient currency conversion at a loyal rate
Integration of the KYC module
Know-Your-Customer protocols are used in all licensed gambling establishments, regardless of what currency they work with.
NFT projects are no exception: the program asks for personal data (name, age, and e-mail address of the user) during the initial registration.
The information is consolidated for automatic checking of players each time they visit the gambling platform
The main advantages of projects with non-fungible tokens:
NFT slots are a type of content created using Blockchain technology. Such products are presented in the form of a decentralised application (DApp environment) with an equal distribution of modules on several servers.
Key benefits of this type of entertainment:
Guaranteed honesty of the results
The operation of a slot machine is completely independent, which increases the confidence of the audience in the gaming site.
A software vendor or a manager cannot make changes to the functionality of the emulator in order to reduce the RTP percentage and other parameters (volatility and the frequency of bonus offers)
DApp technology involves the replacement of the data of each gambler with an abstract sequence of bytes. The transformed information, even theoretically, cannot be decrypted, forged, or deleted
Slot machines contain several original elements: soundtracks, gifs, photos, and videos.
Based on tokens, truly unique content is created, and it has no analogues in the modern iGaming market
You can exchange valuable assets both within the framework of an online casino and on special platforms.
Operators have the right to organise additional tournaments, achievement races, and mini-quests with the drawing of non-fungible tokens
The transfer of prize money takes place through smart contracts.
All transactions are made by the Blockchain platform in stand-alone mode. It minimises the involvement in the gameplay and makes transfers transparent and safe
Let us consider the operation of a modern slot machine:
Table games, video poker, and other content based on the RNG work on the same principle.
For products that are launched in the Play-to-Earn format, the functionality is a little more complicated.
Users not only rely on the combinations of symbols determined by a certified RNG but also create a gaming strategy. It includes the purchase of bonus features, participation in team competitions, the exchange of non-fungible assets, and other tactical actions.
The Metaverse is an independent virtual world of the future, access to which will be available to people from different countries and continents.
Uninterrupted play in this environment is one of the key trends of the next decade. Experts predict that in order to visit the famous casino in Macau, gamblers will only need to put on a special headset — technology will develop so much in the next 10–15 years.
Non-fungible tokens are an important element in building the gambling universe of the future. Along with VR and AR, artificial intelligence, and other cutting-edge technologies, they help to create a 3D reality with the effect of presence inside the system.
Key tasks of the NFT:
Metaverse participants can buy and sell NFT assets, copy them, or invest in independent iGambling products. All actions take place in a virtual environment in the form of a multiplayer game.
Moreover, 2WinPower provides such gambling services as:
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