For a long time, the hot niche within the digital business world has been cryptocurrencies. Bitcoin for example has entered the mainstream consciousness now and is starting to be seen as a viable payment method across many sectors. This includes the art scene in the US, with some artwork now being purchased in popular coins like Bitcoin, Monero, and Ethereum.
It is not just the art world which has been impacted positively by how digital cash has started to transform the way we pay for things. Online casinos which accept cryptocurrencies are a case in point and very popular now for the safety, low fees, and speed that this way of depositing/withdrawing money offers.
The buzz around crypto is palpable and not just related to the most well-known coins on the market. NFTs are an offshoot of crypto and the way it has made digital payments a reality. Although NFTs are seen in the art world and gaming in general, it is the iGaming sector which could make the most use of them. But what are NFTs, and will we see more online casinos launching their own in the future?
What are NFTs?
Standing for non-fungible token, an NFT is a unique, digital token that is stored on a blockchain ledger. While they have no intrinsic value, NFTs can be sold or traded via the internet. Due to their unique design, some tokens can be extremely valuable and sell for big money online.
As you might guess, NFTs can be seen in art. This involves artists creating digital-only NFT artwork to sell online. It is also big in gaming, where tokens can be created by developers to sell to players as in-game purchases. There are even some games/platforms which exist solely so that people can create and then sell their own NFTs.
As noted above, many see the online casino industry as an emerging market for these tokens, with many internet casinos expected to launch their own. But is this likely to happen?
Will more online casinos launch NFTs in the future?
Just as selling music online via digital platforms has transformed that sector, advances like NFTs could be about to revolutionize iGaming. To get a handle on this, you have to first look at the increasing adoption of cryptocurrencies within iGaming. More and more online casinos are starting to carry this as a payment method, which makes it easy to imagine that they would launch NFTs of their own in the future.
This will not only keep online casino platforms on the cutting edge of digital business but also enable them to offer players a modern way of funding their accounts. If the experience around crypto and blockchain tech is there already at an online casino, they should be more than happy to dive into the world of NFTs.
This has already started to some extent when you look at platforms like Slotie NFT, Sherbert and Gambling Apes. If the demand for NFT gaming sites picks up and big brands in iGaming take note, you could well see more platforms launching their own tokens in future.
Why else might more online casinos launch their own NFTs?
In essence, NFTs could be something that online casinos see as a way to attract more customers and grow their market share.
By creating and launching their own NFTs for people to buy, platforms are able to not only generate more revenue but also firmly connect gamers to their brand. This not only makes it more likely that customers will continue to come back for more but also helps the casino make more money while positioning it as a truly modern casino brand which is always moving forward.
New casino NFTs could be great news for players
For anything to be successful, it has to offer a decent reward to the target audience. This is true in the art for example, where a piece must offer beauty or a deep emotional connection to any buyer. NFTs at online casinos could work well because they offer a way for gamers to get more from playing.
Some casinos for example might give players a share in their revenue for buying their NFTs, or provide access to a range of cool extras. All this is of course great news for those who like to play casino games online. It not only means they have more ways to get involved with iGaming but more ways to engage with the digital world.