Gambling is an extremely competitive market that has been estimated to be worth billions of dollars globally. Casinos are always looking for ways to beat their competitors out there and attract more people. In such a scenario, non-fungible tokens (NFTs) come in handy. These data blocks are a commodity that utilizes blockchain technology. Over the last few years, almost $200 million has been spent on NFTs, and they are now sold for millions of dollars. With their unique characteristics, NFTs and online casinos are compatible.
Nowadays, the gaming industry is experiencing a drastic change; more exciting and enhanced games are being released with high-quality graphics and technological advancement. Cryptocurrency technology and blockchain-based solutions have enabled gaming websites to add more features for their users, such as instant withdrawal casinos, the use of crypto casinos for Australians, and blockchain gaming and betting. Firstly, every game has been tracked on the blockchain and verified with a random number generator; therefore, their credibility is there. Also, since all deposits to the site and winnings withdrawals are done using completely anonymous crypto-wallets, privacy is at its highest level now.
The concept of non-fungible tokens
NFT is an interchangeable token that uniquely occurs once and is comprised of blockchain. It is important to note that it is an extensive global database that is linked to all internet devices at the same time. The system has no central nodes that comprise servers, storage facilities, and internet service providers. Users store all encrypted data on the blockchain. A token is an element of the blockchain register, one item of the chain. Most tokens operate under the fungibility principle, just like in the currency market.
NFT products in virtual casino games
Every day there are more and more gambling platforms such as Playamo casino that offer the use of cryptocurrency. They attract gamblers with reliability, promptness of money transfers, and other advantages. In a very short time, operators have discovered ways to use not only cryptocurrencies, but also NFT in diverse market segments, such as producing unique content, incorporating blockchain into their loyalty schemes, and establishing innovative bonus programs.
The use of NFT technology in the iGaming intersection
Authoring content
Producers can develop their industry items, like pokies, video streams, and VR content, using distributed technologies. A developer can get absolute copyright protection as a unique token is issued once and does not have any forgery.
Settlement system
Every single blockchain component holds intrinsic value. Electronic assets may serve as a means of settling transactions and can also be used in crypto casinos for placing bets and receiving winnings based on the exclusive possession of an NFT unit.
Visualization element
NFT supports encryption of virtually any type of information—an image pixel, a three-dimensional clip, or even a track. Technology in gaming enables the creation of uniquely designed pokies.
Brand promotion
NFT has the potential to serve as a copyright certificate for a gaming company’s logo, among other elements of website design. Selling unique tokens bearing the logo of the operator promotes the brand and makes it recognizable.
Merchandise sales
Digital exclusive assets are branded casino merchandise. These could be either an independent company promotion program or a part of a global customer retention strategy.
NFT as an element of the bonus program
NFTs in the casino bonus program can be used in these ways:
● offering exclusive NFT avatars to reward players;
● crediting the tokens to special bonus accounts for betting;
● swapping digital assets for extra gaming perks (free spins, multipliers, etc.);
● buying access to closed events;
● free tokens for participation in the institution’s referral program and payment.
NFT games and their principle of operation
Each element of the digital chain is different, but in the end, it is a unified blockchain. This system has several advantages as it is decentralized, which in turn implies that there is no single control node, making it a transparent and secure mechanism. The basis of all NFT games—pokies, poker, and live dealers—is decentralized technology.
The blockchain components do not tamper with the fundamentals of the casino products. Finally, the interface and functionality of the standard online pokies appear to the end-user. The main gap is associated with keeping track and registering the winning lines.
The principle of NFT operation in pokies
Formation of the game combination. The system runs through an exit procedure for all the factors constituted by the RNG (order of numbers, bonus frequency, size of multipliers, and so on). A blockchain block is generated immediately, which encrypts the pokies data that no operator, user, or third party can access.
Winning sequences means transmission and storage. The system automatically encrypts and sends all incoming data to global storage, which is a common database that can be simultaneously accessed from other user devices. In an encrypted block, the data appears in scrambled form and looks like a random sequence of characters that cannot be deciphered or altered.
Data Extraction. Only after the session is over can one identify the winning combination formed by the RNG. This is achieved by supplying a code or a secret key. On activation, a password unlocks the cell within the blockchain storage, thus starting the process of decrypting. Any independent service could be used to check the produced data against the session history.
