How can NFTs affect the iGaming scene? Can this token provoke any changes or differences whatsoever? Before we start answering these questions, let us explain what NFT is.
The Definition of NFT
Non-Fungible Tokens or NFT, are non-exchangeable, virtual assets, representations of ownership recorded on the blockchain. If you have any knowledge about digital currencies, Bitcoin specifically, NFTs may sound like something similar to it; and indeed, these Tokens are built using the same style of programming, but the similarity with BTC ends there. The Non-Fungible Tokens contradict crypto in value; each Token is uniquely detectable and differs from blockchain cryptocurrencies such as Bitcoin and Ethereum.
This may be confusing for players who are not so familiar with these modern ways of trading goods, so we will try to simplify even more.
So, NFTs can’t be replaced with an identical, since it’s a representation of a digital or physical asset such as music, legal documents, art, videos, GIFs…
On the other hand, Bitcoins can be exchanged: you can trade one BTC for another. This is the most significant difference.
Now, with the confusion about the nature of NFT’s out of the way, let’s look into the changes that NFTs have brought to the iGaming markets.
Non-Fungible Tokens and the iGaming Industry
While many people still try to understand what this new trend is bringing us, many have already earned millions of dollars using it. Undoubtedly, this controversial virtual asset is slowly, but surely starting to get implemented into many different spheres where something can be bought or sold, including the fast-developing iGaming industry.
The NFT revolution opened new doors for both software developers and their consumers. Content creators are offering players exciting chances to own, via Non-Fundable Tokens, in-game items such as characters, weapons, virtual lands, and everything else that can be traded, sold, or held. Simply, gamblers can become owners of some parts of the game, and finally, if they decide to sell it to other collectors, earn money.
Seems that this proposition is really starting to grow on players; NFT games are becoming more and more popular, day by day. Amongst others, Evolution Land, CryptoKitties, Sorare, Axie Infinity are the tiles that implemented Non-Fundable Token options.
There are more ways how players can get their hands on these tokens. Players are given the opportunity not only to buy but to receive benefits through rewards. One of the ideas is to participate in tournaments with larger prize pools; as the community participation grows and players win a higher number of sums, they will be able to trade it for NFT. Tournaments like these are intended to play around the world; this idea greatly affects the spread of the concept of Token usage.
The end of the iGaming scene, as we know it?
Since NFTs first appeared in the iGaming community in 2021, players around the globe have been trying to understand how they can actually benefit from using or owning this virtual asset. Nonetheless, understanding that owning part of the game can be a pretty exciting thing for gamblers, we see massive potential for Non-fungible tokens to change the gaming world.
No one knows what the future can bring us, but game developers are accepting this technology with arms wide open and the players seem equally enthusiastic about the possibilities of NFTs.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect those of Geek Vibes Nation. This article is for educational purposes only.
Caroline is doing her graduation in IT from the University of South California but keens to work as a freelance blogger. She loves to write on the latest information about IoT, technology, and business. She has innovative ideas and shares her experience with her readers.
