Non-fungible tokens (NFTs) and cryptocurrencies are based on the same blockchain technology and exclude deep technicalities; That's where the similarities end. If you are looking to upgrade with bitcoin-gambling-sites”>crypto gaming techniques trendsYou won't find them here, as the approaches that NFTs and cryptocurrencies take towards gambling are largely divergent.
The divergence is obvious in the nature of NFTs and cryptocurrencies, with the former being non-fungible and the latter fungible. The simplest way to describe fungibility is to explain it with the dollar or any other fiat currency. Each dollar bill in good condition is worth as much as any other bill; It has the same value and, in that sense, no dollar is unique. This means that each unit of the same cryptocurrency has the same value and can be exchanged with each other, but the same is not true for NFTs, as each nft is personal and unique, and this dictates how they are used in games of chance.
This backstory is important because it allows you to think beyond what you are used to when it comes to fungible currency gambling. Prepare your mind for the fact that while nft games may be gambling, they take a new approach. Read on to learn about this new approach and other ways NFTs can be implemented.
nft betting/gambling
If you are already familiar with the world of gambling, all you need to do is replace any coin you are currently staking with NFTs and you will find yourself in the new world of nft gambling. At first, it may seem like habit, but when you bet your first nft against someone else's, that's when you start to see the vision behind nft gambling.
The customization of these items and the chance to win something equally rare, if not rarer, than what you are betting on continues to attract players to nft gambling. Depending on your platform, although not many allow nft staking at the moment, you have the opportunity to stake any nft you choose and profit equally randomly. Since literally anything can be turned into nft, you could end your session having won items ranging from nft smurfs to the strange Starbucks Odyssey NFTs.
nft gambling is like regular gambling, with unparalleled unpredictability and excitement that would make players already bored of the usual hype and excited about their next bet.
Why is it permeating the gaming industry?
Originally advertised as get-rich-quick schemes by influencers around the world, many people are skeptical about the use of NFTs and the role they have come to play. With popular nft projects like the Bored Ape Yacht Club loses almost 90% of its value, people are still cautious about setting up their stores with NFTs. It is this reason that makes the resurgence of NFTs in the gaming industry even more impressive. It has been able to convince several people without a doubt thanks to the following properties it has:
• NFTs are programmable:
They are also known as smart NFTs and can be automated. They can be designed to carry the identity of the betting platforms and can automatically transfer ownership between players. This guarantees the continuity of the platform's brand and facilitates the transfer process for the winner.
• Add levels of unpredictability:
Adding NFTs to the mix allows for greater unpredictability in gameplay, different from what has become the norm when playing with fungible currencies. With valuable personal and customizable items at stake, people are more likely to sit through games or crack under pressure. It certainly creates a better gaming experience for people who like to bet at the limit.
• True property:
While the copyright and licenses still belong to the author or creator of the nft, you have purchased some stake with evidence of full or partial ownership of the token. If you read between the lines, you may realize that you don't own everything nft-related outright, but you are much closer to ownership than what was available or presented before the advent of NFTs. Previously, if you lost your login information or were unable to access the platform containing the tokens you earned in-game, there was no way to access or claim them.
• Cross-platform compatibility:
How else can you prove that you actually own an item besides being able to use it on any platform you choose? Previously, players found it difficult to move their game items to another platform because they were afraid of losing their progress and starting over. Now, with the use of NFTs and their increasing acceptability by many platforms, players can access their tokens across these platforms, allowing for interoperability like never before. With the growing adoption of the Metaverse across industries, it's easy to use, move, and interact with your NFTs.
• Paves the way for collaborations
The introduction of NFTs to the gaming industry has allowed for more interesting and unexpected collaborations. It brings more exposure to key industry stakeholders and adds excitement to players. You can roll custom dice with insignia or designs from your favorite movie or video game.
• Anonymity and security
The fact that NFTs are based on blockchain technology imprints the same security features that people love using cryptocurrencies. Since you can gamble with NFTs, players no longer need to attach their bank or card information to their preferred gaming platforms. Not requiring this information generates a relaxed need for Know Your Customer (KYC) requirement, meaning players may not need to provide personal information.
Other ways NFts can be used
This is how NFTs can be used in gambling and why they are becoming preferred by both players and operators. But beyond gambling, NFTs have other functions in the gaming industry. The following are some of these roles:
Tokenized luck
Have you ever felt like you have lucky days playing at traditional casinos? Or do you have personal rituals that can guarantee you a large percentage of profits? You'll have to say goodbye to all that when playing online, unless there's a way to design or program your luck.
Turns out there is that way and it can be done with unique NFTs. Just like a power-up in your favorite console game, having some NFTs can serve as symbolic luck that helps your game or charms your opponent, depending on the type of nft you have in your stack.
access token
Another clever way operators are implementing NFTs is by using them as an access pass to online casinos. It is an effective way to keep minors away without requesting their information. It can also be used as a prerequisite to access VIP sections of casinos or offer exclusive games to players who own the nft.
Reward loyal customers
Beyond staking with NFTs, players can stake with any currency they choose and be rewarded in NFTs. These NFTs can be branded by the online casino operator and provide benefits to players to be appreciated for their loyalty to the operator or their experience in playing their preferred games. If you want to collect NFTs, this is one of the best ways to get free NFTs.
Game collectibles
After investing a lot of time and other resources into their preferred platform, these platforms can use NFTs to commemorate their victories and achievements. This can be in the form of badges to show that you belong to an elite class of players or virtual avatars to show all other players on the platform your rank and experience. If you collect really rare badges and virtual avatars, you can make money from them by selling them on any nft marketplace of your choice, with Open sea being one of the most popular.
What does the law say?
The law surrounding NFTs, cryptocurrencies, and blockchain is largely speculative. Furthermore, there is no uniformity between different regions, making it difficult to determine whether nft gambling falls into the same category as crypto and fiat gambling.
However, France appears to be leading the way in defining NFTs as it relates to gambling, and lawmakers around the world are expected to follow in the same footsteps or adopt something similar. The French do so in the name of a digital law voted by the National Assembly on October 18, 2023, called loi (visant à) sécuriser et réguler l'espace numérique (SREN), which translates as the 'law (with the aim a) secure and regulate the digital space.'
The SREN law has created a distinction between gambling and cryptocurrency/nft gambling. It introduces regulation for monetizable digital games, i.e. nft and blockchain-based games called JONUM. games with monetizable digital objects. nft-Games-10-27-2023″>Jonum's regime, as it is called, or Sorare law, distinguishes Jonu from games that are currently regulated by the National Gaming Authority (ANJ), France's gaming regulator, as long as the revenue from these games remains digital and is not exchange for fiat currencies. This framework is being implemented to encourage user protection without unduly restricting innovation.
All financial/investment opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
