Non-fungible tokens, NFTs are the most recent trends. Expect, that they are not exactly since this type of crypto has been around for five years. Why the sudden attention of the mainstream? How can it affect online gambling? This article explains the new trend and predictions on whether online casinos will adopt NFT in the near future.
Entering 2021, a new crypto craze is about to break into the mainstream. It is hardly surprising, considering the never seen boom of cryptocurrencies in recent months. As the pandemic hit wallets too, more and more people turn to alternative currencies to put their money into. While we are finally becoming familiar with cryptos like Bitcoin, there is yet a new trend that is about to shoot up. NFT is the latest cryptocurrency phenomenon that we actually know very little of. This article will help you understand NFT and all the ways it is different and similar to other cryptos. Moreover, we aim to answer the question of whether major online casinos such as Intertops Casino will adopt NFT in the near future.
Will online casinos adopt another cryptocurrency?
Having learned from previous crypto booms, it might be a good idea to get ahead of everyone else and learn about NFT. And what is more, discover options to invest and gamble with it. Online gambling sites in the US are likely to follow trends as we expect them to. The online gambling world is a great example of adapting to new technologies, hence the boost in crypto-friendly online casinos. In our previous articles, we collected useful information on gambling with crypto and all about the bitcoin boom. It is good news, that if you are already familiar with bitcoin betting, NFT might not be too difficult to understand. In any case, our bitcoin betting guide provides all you need to know. To make predictions on whether online casinos will adopt NFT let us dive into the clarification of the new crypto trend.
The best way to understand what NFTs are
So, what is NFT? Short for non-fungible tokens, NFT is a unique unit of cryptocurrency. Just like Bitcoin, NFT is also digital money that exists within a blockchain network. An important difference, however, is that every NFT token is unique. To put it simply, imagine a simple golden coin, or any other tangible currencies. A number of 50 cent coins all mean the same and represent the same value. One coin can be replaced with another, or multiple smaller coins can add up to the same value. Simple.
However, think about NFT as a coin that was made in a limited number. What is more, every single coin has something different written on it. Therefore, the value is not the same, and every NFT’s value is a lot more than the number on it. Bitcoins are identical to each other, but NFTs are not. Each individual token could represent anything its makers want. In the recent cases that we will break down below, apart from money they can represent artworks, songs or even poems.
What people use NFT for
It is important to clarify that NFT has been around for several years. In fact, it was in 2017 when the first major use of NFTs happened. It the game CryptoKitties, people started to buy digital cats with Ethereum. Yes. CryptoKitties, a digital trading game on the cryptocurrency platform Ethereum, was one of the original NFTs, allowing people to purchase and sell virtual cats that were both unique and stored on the blockchain (Source: CNN). Probably for many of us, this is quite irrelevant, it is a good way to understand the uniqueness of NFTs. The first major project on the CryptoKitties site was CryptoPunks. CryptoPunks are ten thousand computer-generated pixel art collages. They are in fact so popular today, that the number 7804 CryptoPunk was just sold for 4,2 thousand Ethereums. Which is around 8 million dollars.
Industries that already adopted NFT
Aside from pixel art, there is much more. Technology massively reshaped the art and music industry in recent year. TikTok and Spotify majorly influencing what becomes successful topped with the global pandemic, artists have a hard time. Using NFT is a way for artists to control their money and see exactly where it is coming from. Moreover, fans can directly support them without going through distributors. Grimes is the latest artist to get in on the NFT gold rush, selling around $6 million worth of digital artworks after putting them up for auction yesterday.
Azelia Banks also got into the business with quite a controversial story. The NFT phenomenon has already gone big in the fine art an visual art industry. A feeding frenzy of NFT sales by visual artists was capped by a $69 million NFT sold by the artist Beeple for something which only exists in the digital realm. We expect the music industry to follow since streaming services heavily exploit musicians. That with the lack of touring, many performers experienced major setbacks. The question is, will online casinos adopt NFT as well?
Reasons to think online casinos will adopt NFT
Online casinos in the US are known to be very adapting to new technological updates – and follow trends costumers like. Online Casinos such as Intertops Casino already became one of the best places to gamble with Bitcoin. Considering that NFT is also massive in the online gaming world, it is only a matter of time till esports betting will include NFTs. Moreover, it looks like Atari will set the trend. Entertainment software company Atari SA plans to start an online casino next month, the latest step in Chief Executive Officer Frederic Chesnais’s effort to revitalize the firm (Source: Bloomberg).
This collaboration will definitely show the world of the NFT blockchain network, gaming and the online casino industry will complement each other. The casino, developed in partnership with Decentral Games on the Ethereum blockchain, will include Atari-theme games and Atari non-fungible tokens (NFTs), which can be leveraged to earn more digital currency. The companies expect to see bets of $150 million in 2021 and $400 million over two years, according to their joint statement (Source: Bloomberg).
Can anyone purchase NFT?
The short answer is yes. Another reason we think it will happen soon enough is due to the fact that it is very easy to use NFTs – for everybody. Some of the most common NFT marketplaces include OpenSea, Mintable, Nifty Gateway and Rarible. To do this, the first step -as crypto users know well- is setting up an e-wallet and then purchasing ETH. As for the next time, you can connect your wallet to an NFT marketplace and purchase. Be aware of fees, but the process is simple enough that anyone with a basic understanding of crypto can get into it. As NFT is becoming more and more mainstream, we expect online casinos to pick up on the trend and adopt NFT as a payment option. For this reason, following online casino promotions in the US will keep you updated if major sites like Intertops Casino pick up on the trend!