NFTs in Gaming: Why It Is Worth Applying the Tool

Over the past 10 years, cryptocurrencies have gone from a little-known digital product to an integral component of the global entertainment sector.

Decentralised technologies have significantly transformed and improved, bringing many new possibilities. NFTs have become the most noticeable trend. According to experts, this niche will reach a volume of 230 billion dollars by 2030.

Experts from the Rosloto company talk about the features of using virtual assets in gaming. To get more information on casino innovations and order a turnkey business solution, please contact our managers.

About the Concept

This is a record in the blockchain used as proof of authenticity.

It cannot be considered a virtual product but only confirms ownership of such content as:

• an audio track;
• a video;
• a photograph;
• a digital drawing, etc.

The algorithm’s principle is quite simple: each NFT code is designed for a unique object. Distributed ledger allows the generation of exclusive identifiers that cannot be counterfeited or deleted. A signature on a single copy certifies the authenticity and ownership of the product by which it is anchored.

This conformity assurance principle has found wide application in a variety of industries. The solution has gained particular popularity and rapid distribution in the casino environment.

Mechanisms for Using NFTs in the Sector

Let us consider the most promising options for applying the tool:

Collectible and Rare Awards

Virtual assets are quite suitable as an alternative to traditional cash prizes. Clients can receive them in slots, table entertainment, cards, and other solutions.

This kind of winnings can be used in different ways:

• sold for real money;
• applied as bets or upgrades for the next session;
• exchanged with other participants.

A wide variety of actions with NFTs have allowed operators to create secondary gambling markets. Specialised portals have even been created for this purpose.

Loyalty Programs

An iGaming site can offer unique NFTs as bonuses for certain actions:

• initial registration;
• participation in a specific session or event;
• successful completion of a given mission;
• invitation of a friend to the platform, etc.

Regular casino visitors can create unique collections from such assets. This increases their status among other users and provides additional privileges in various sessions or tournaments. For example, it becomes possible to enhance characters or get keys to various secret levels.

Tokenisation of the Gameplay

In this case, bets can be accepted in unique virtual money. It will provide access to a specific slot or launch individual rounds.

An interesting option for using NFTs in casinos is selling lots, such as a series of moves with an increased chance of winning a jackpot. They can also act as a ticket for participation in a specific event.

Social Interaction

These solutions are well-suited for user avatars. Moreover, players have an opportunity to improve them by purchasing additional equipment or special features.

NFTs can also act as rewards for winning tournaments and taking part in other significant events. It would be nice to demonstrate such achievements in client profiles and share them on social networks.

Management of Gaming Portals

The tool can also be used as the right to vote. For example, the provision of certain assets so that their owners can express their opinions about various changes on the platform, such as:

• addition of new content;
• access to specific events;
• drawing up rules for participation in tournaments, etc.

The owner of a unique token can be a shareholder of the whole establishment or a part of it (say, own a gaming room in the casino metaverse and rent it).

Anonymity Guarantees and Security Assurances

NFTs have become a new way to protect identity and personal details.

With the help of digital assets, clients can:

• visit the establishment incognito, thanks to a unique avatar;
• pass identification without disclosing confidential information.

Examples of Using NFTs in Casinos

One of the most striking events related to tokenised assets occurred in 2021. Evolution Gaming announced the purchase of 4 cards from the famous CryptoPunks collection and their raffle in the Megaways slots.

The promotion was carried out in an experimental format, but it made a real splash and attracted thousands of fans. It is worth noting that NFTs from this series continue to rise in value.

Another interesting solution was demonstrated by Flamingo Casino Club. Even before the official launch of the platform, project members created 1,111 unique items and started trading them on OpenSea and Rarible.

The proceeds were used to develop an online casino. Besides, the organisers announced that 50% of the establishment's profits would be distributed among the token’s holders.

The Technology’s Future

According to the MarketsandMarkets agency, the average annual growth rate of the NFT market is approximately 35%.

If interest in the niche remains at the same level, digital assets will open a lot of new possibilities and prospects for manufacturers:

1. Evolution of trade patterns. Further growth of the vertical can launch a transformation of the usual structure of casino monetisation. Industry enterprises will be able to generate income from the sale of content and through secondary markets.
2. Integration with DeFi. Tokenised assets can be used in various transactions, such as loans or exchange trading. In fact, NFT components are the foundation for a completely new decentralised gaming economy.
3. Generation of exclusive content. It is not just about avatars. Digital funds can be the basis for innovative mechanics or be proof of ownership of entire locations in the metaverse.

The Main Things about NFTs in the Entertainment Niche

The implementation of these products has opened many interesting prospects for all market participants, from developers and aggregators to end consumers.

Let us consider the key benefits of applying the concept:

• Variability of use. Decentralised services can act as rewards, customer verification tools, and even confirmation of the right to own part of the establishment's assets.
• Security assurances. A digital signature is one of the best modern tools for protecting personal data and accounts. Besides, all the outcomes of sessions can be recorded in blockchain sets, ensuring their absolute fairness.
• Modernisation of familiar trading patterns. NFTs can become an alternative to traditional financial assets for staking, loans, purchasing art and intellectual property, or even stock exchange transactions.

You can learn more about advanced technologies in the iGaming field and order the launch of a turnkey business in the Rosloto studio.

We offer the following useful solutions:

• scripts;
• lotteries;
• bookmaker franchises;
• poker rooms;
• White Label casino programs;
• blockchain platforms;
• free demo versions of entertainment sites, and much more.