As of January 2024, the gaming industry had surpassed $250 billion. Despite the growth, it has also been very competitive. Most gaming platforms are looking for ways to improve the gaming experience and retain their customers. One of the ways they have done this is by introducing NFTs.
NFTs (non-fungible tokens) are digital identifiers that cannot be substituted, subdivided, or copied in a blockchain. This enables you to certify ownership and authenticity. The NFT is recorded on the blockchain and transferred by the owner. This means that NFTs can be traded and sold. Anyone can create NFTs with little or no coding skills.
These digital assets have references to videos, photos and audio. The difference between NFTs and cryptocurrencies is that they are fungible. In essence, they provide a public certificate of authenticity or proof of ownership. It does not grant any copyright, intellectual property, or legal rights to the file.
Online Casino Stake and other platforms are already accepting cryptocurrency as a form of payment from players. Soon, they will be offering NFTs on their platforms. We explain some of the common ways we expect NFTs to be used in casinos in the years to come.
Unique Uses of NFTs in Gaming
Casinos can use NFTs to create an added layer of excitement for their customers and encourage them to play more on the platform. Here are some ways it can achieve that:
Create Games that Use Specific NFTs
NFTs give casinos a chance to create games that are exclusive to their sites. These games may have the ultimate price as an NFT, with the possibility of anyone downloading them for use on other platforms. For example, the NFT could be used in a video game like Dota 2. Once you win, you can transfer the value to your game for gaming or sales. Given the value of NFT, this can be a great way to make money.
NFTs are also a great way to reward loyal players in a casino. It could be added to the list of rewards for specific levels of the game. The higher the player moves up the letter, the higher the value of the NFT that they could get. As in the case above, the rewards can be transferred and retain a cash value.
Enhance the House Edge of the Game
Casinos can use NFTs to reduce the house edge of a game. Players get to know the buyout price of an NFT at the start of the game. If they opt in, they get a share of the house edge and profit from the sale of the asset.
Therefore, if they win the NFT, they will profit from the casino buying back the NFT plus the other perks listed above. To maintain its profits, the casino can set a minimum that the players should stake in order to play such an enhanced game.
Sell Merchandise to Users
NFTs have enabled gaming platforms to create digital assets that users can use and transfer for a fee. Casinos can take advantage of this to sell their merchandise to their players. Such assets could include art, music and GIFs. The public can be allowed to sell the same in the popular marketplace.
Taking Advantage of the Metaverse
The metaverse is a digital world with realistic items and objects but is not bound by the laws of physics. The objects are non-physical entities that only exist in virtual space and can interact with NFTs. Casinos can enable players to buy some of the objects with the NFTs. They can pay for a game, buy items and exchange the NFTs alongside cryptocurrency.
Some NFTs can allow customers to create their own games and add them to the unique collection. The same can be played for free, or the player can get a share of the profits for a given period. Players can create anything from casino tables to video games, virtual slots and non-gaming graphics.
Things You Will Need to Know About NFT Gaming
Given that NFT will be a part of gaming’s future, it’s a good idea to learn what to expect once they’re commonplace on gaming platforms. Here are a few things that will happen to non-fungible tokens:
There will be Many Play-to-Earn Games
The play-to-earn games are business-like games where players will meet and defeat different challenges to win huge amounts. Players will buy cryptocurrencies and NFTs to use on various missions and earn rewards. One popular way they will be used is in the casino to play virtual slot games and pick up rewards in hard cash. The NFTs can also increase in value as the game proceeds, creating more winning opportunities.
Players will Take Ownership of In-game Assets
NFTs will be a great way for players to own a part of the game they are playing. Here is an example. The main symbol or a few supporting ones could be sold in a slot title as NFTs. Owning one may get you a slightly higher RTP for the game or a percentage share of the profit.
Some game publishers may also allow you to use the NFT across new games with the same theme. For example, a player that earns an NFT from the original game can use it on upgraded games or later versions of the same game.
The Metaverse Will Be the Next Big Thing
Casinos will join the metaverse and use NFTs in the virtual world. Players will interact with real-life-like characters in the new world, with NFTs serving as part of the currency system. In addition, players will be able to interact in the cashless world and enjoy real-world gaming experiences. There will be more to NFTs in the metaverse than gaming, as they will be used to sell art, music and short clips.