As the world grows digital, every aspect of a person’s day-to-day life can be found online. From online courses to shopping websites to booking tickets, it is all there at the tip of your fingers. Gambling is no exception to this change as online casinos reign everywhere in the world, especially after the outbreak of Covid in 2020. Gamblers have been using all sorts of methods for trading their money safely. Recent developments show that gambling NFT is the newest procedure to do that.
What are NFTs?
First and foremost, you need to know what NFT is and how it comes into play. NFT or non-fungible tokens use similar programming as a cryptocurrency like Bitcoin or Ethereum. However, the major difference lies in the fact that every unit of NFT is unique in its way. Money and digital currency can be traded for one another with a replica of the existing for example a dollar for a dollar bill. In the case of NFT however, you can exchange let’s say one-of-a-kind artifacts with a video by a famous singer where both hold the same value. There’s nothing more people love than to have the ownership of a unique tangible object. It is one of the biggest reasons for the success of this token. What might have started as simple as this has advanced in technology over the years. It has led to the beginning of usage of NFTs in several gaming projects.
NFT in online gambling
There has been a surge in online gambling after physical establishments were shut down during the Covid lockdown. Market research states that this industry will see a growth of 11.49% between the timeframe 2021 to 2026. If the latest trends are to be believed, the NFTs can be responsible for a significant portion of that growth. It was first made possible with the Evolution gaming platform introducing CryptoPunks as their major NFT giveaways. For those of you who are unaware, CryptoPunks are NFTs built on the Ethereumblockchain and consist of 10000 unique pixelated characters. Their exclusiveness and rarity make them out to be quite expensive with CryptoPunk #5822 selling at a price of 23.7 million USD. Many A-list celebrities such as Serena Williams, Jason Derulo, Snoop Dog, Jay Z, and a few others have invested in it as well, surging an increase in its popularity worldwide. So you can imagine the uproar at the possibility of gambling NFTof such distinction.
Physical casinos have all but died out but the digital ones are here to stay. NFTs might as well be one of the biggest boons to the gambling industry as everyone is looking forward to getting their hands on them. It doesn’t matter if you are a newbie or an expert in the industry, the possibility of making profit is endless.