The gambling industry is constantly evolving and it successfully keeps up with the latest tech trends. Not only are there new games in online casinos, there are new payment methods and whole new ways you can gamble.
Of course, the majority of players still prefer the classic concept of gambling for real money. There are many high rollers out there who simply want to win big and get quick access to their winnings. If that’s something you like then all you need to do is find the best payout casino list and pick an operator for yourself. All of these sites accept players from New Zealand and they have also handled big payouts in the past. You’ll also find that some of the operators on the list also accept cryptocurrency. So, if you wish to play using Bitcoin or Ethereum instead of fiat currencies these are ideal options.
Blockchain payments have improved the online gambling experience a lot. They allow users to play and transact more privately. What’s more, blockchain can handle higher payment volumes at lower cost and greater speed. But that’s not all, it also opened up possibilities to gamble with something other than money, namely NFTs. Here we will explain how this new system works and discuss the unique advantages of NFT casino gaming.
Digital Assets and Their Value
Believe it or not, a form of NFT gambling existed even before the first NFT was created. In essence, non-fungible tokens are digital art or assets that you own. This ownership means it’s in your wallet or your account of some sort. Many gamers who have Steam accounts own digital assets in the form of cosmetics or skins for their weapons in CS: GO or for their champions in DOTA.
To acquire these cosmetics players have to purchase loot boxes that give out random rewards. This is one way for monetizing free-to-play games and the monetization strategy does resemble gambling. You are paying money and you don’t know whether you’ll get the prize you want, so you have to keep spending until you get something valuable.
Skin betting sites were really helpful in this situation. Steam users who had assets they weren’t using could not bet them and potentially win a different skin they could use. Additionally, since these digital goodies are tradable they could simply win a highly coveted skin and sell it to another player. The modern casino NFT sites work on the identical principle. You bet your NFTs and you stand the chance to win other NFTs.
How Gambling NFT Games Work
All of the top NFT gambling games are just regular casino games.
- Slots
- Blackjack
- Poker
- Baccarat
- Roulette
The only real difference is the currency you are using for wagering. Operators that allow this form of gambling usually award NFTs as a part of their loyalty program. So even if you are a regular player you’ll still get the chance to try gambling NFT content. Anything you win is credited to your account and it can be transferred to your wallet where you store non-fungible tokens.
As far as rewards go you can get common, uncommon, or rare digital art. Scarcity is another element that adds value to it. So if you win big you can count on having a piece of art that is rarely found.
Advantages of NFT Gambling
There are several reasons to use non-fungible tokens for betting over fiat or cryptocurrencies.
- If you are a digital art collector you can use some of your duplicates or similar tokens as a stake. In return, you can win other rare assets you don’t own.
- If don’t collect these then you can just use them for gambling and possibly win a token with higher rarity. Then, you sell rare NFTs to other traders on secondary markets and turn them into real money.
- You can amass a big collection that can become more relevant as time goes on. Once meta casinos become a big mainstream trend you will have more goodies, or your tokens might increase in value.
- These are highly versatile assets and aren’t confined to a single platform or game. Meaning there are other digital environments where you can use NFTs to customize your experience. New games will also come out and you’ll be able to use your assets there as well.
Bear in mind that this digital art can be random and acquired through different means. Here is a table of examples of the most expensive NFTs.
| Name | Description | Price |
| Mystic Axie | From the game Axie Infinity where you collect monsters | 300 ETH |
| Dragon | From Cryptokitties game where you breed different cats to get unique assets | 600ETH |
| Hyperion | From the NFT card game Gods Unchained | Sold for 137ETH |
| Clip of Ja Morant Dunking | From NBA Top Shot | Sold for over $100k |
Conclusion
It’s easy to see why many people find this concept appealing, but it’s also understandable why many prefer classic real-money gambling. If you aren’t a fan of digital arts then this concept doesn’t have much to offer. At the end of the day, the greatest value an NFT has depends on personal preference and taste. Those who aren’t collectors or enthusiasts don’t feel like they are winning anything of value, and can’t accurately tell the worth of something they got.
They also need a relevant and big environment where these things matter and symbolize prestige. Games like Counter-Strike and DOTA have a massive player base, and having rare skins will impress other players. We don’t have a massive online multiplayer game with NFTs that is a global phenomenon, yet.
