What exactly is an NFT?
If you are at all unsure of what an NFT actually is, then you are not alone. Undoubtedly you will have encountered NFTs if you spend time online, but very few people actually know how they are created or what you can do with them.
To give it its full title, an NFT is a Non-Fungible Token. Although the name may sound a little bizarre, non-fungible simply means that an object is unique and cannot be replicated.
How are NFTs created?
NFTs are cryptographic assets that are stored individually on a blockchain. Blockchains are administered using a distributed public ledger system to record all transactions applicable to each different blockchain.
Every NFT is created with digital identification codes and metadata that make it unique, using a process known as minting. There is only one instance of each NFT; you might see two that appear identical, but the underlying coding is different.
Are NFTs the same as cryptocurrencies?
Although cryptos are also built on a blockchain, they are fungible tokens. To explain further, if you are lucky enough to own a Bitcoin, then it is identical to any other Bitcoin and thus, interchangeable. Conversely, every NFT is a completely unique one-off artefact.
Another difference is that cryptocurrencies only exist on the blockchain, there is no physical representation of the tokens. However, the most valuable NFTs are minted in such a way that they represent physical objects, like digital art or iconic in-game items. More on that shortly.
NFTs and gambling
To be able to gamble online, you need a way to fund your casino account. As you’ll probably already know, there are a good number of established online casino sites that already accept cryptocurrencies as a payment method. But a few of the
crypto gambling sites
have now added NFTs to their list of payment options as well.
How do you play NFT casino games?
The first way is relatively straightforward and works in exactly the same way as using cryptos at a casino site. If you own an NFT, it has a specific value, so using a crypto wallet, you can opt to deposit and gamble with a small portion of that value.
Another popular variation is opting to have your winnings paid out in NFTs. So, you could potentially fund your
Cardano casino
account in the usual way, but choose to receive any winnings as NFTs, rather than as real money.
How do you know the value of an NFT?
Naturally, before you can play NFT casino games, you’ll need to know the value of the NFT asset you own. There are no hard and fast rules (an NFT’s value is basically as much as someone cares to pay for it), but collectors seek out pieces based on a number of variables like ownership, rarity and aesthetics.
When it comes to accessing all or part of your NFT’s value, you’ll need to make use of a crypto wallet. NFTs are not stored on a wallet, which simply allows the owner to access the blockchain where the NFT is held, using a private key.
NFT casino projects
We have already mentioned two commonplace methods the
blockchain casinos
might implement to allow you access to NFT casino games. But there is another, much more complex possibility too, which brings us on to NFT casino projects.
Before we explore the realms of NFT casino games any further, a word you are going to hear mentioned a lot is ‘metaverse’. The metaverse is a hypothetical parallel world that consists of real-life situations which you access and interact with using virtual reality technologies.
Virtual reality casinos have been available for a few years now, but this new breed of online casino play is truly a whole new world. As a player, you would pay to enter a casino and select an avatar to represent your online persona. Once inside, the layout is designed to look and feel as close to the real thing as current technology permits.
You’ll find that your chosen casino venue is populated by other players that you can interact with. As well as playing on the slot machines or casino table games, you can also purchase drinks from the bar, or select food items from the virtual buffet. The actual experience you’ll get will depend on the quality of the VR headset and peripherals you use, but suffice to say, it’s a highly immersive experience.
2. Exclusive NFT casino game offers
It has become common practice for NFT creators to include ‘extras’ within the metadata of their digital artefact. They can be anything the creator decides on, from gift cards to a promised discount on future NFT purchases from the creator’s collection. Some crypto gaming platforms also experiment with digital reward systems such as
stake gift card
promotions, where blockchain-based credits or vouchers are distributed as part of wider incentive campaigns. The intention being to give added incentives to prospective purchasers.
And if you think that sounds like a similar concept to online casino sign up offers, then you are spot on. However, a limited number of casinos have taken this concept to a whole new level, sites where the entire casino is built using NFT casino games.
How does that work?
Anyone can play in these casinos in the usual way, but there is another option for anyone who wants to invest in NFTs. Every game available is actually an NFT casino game in its own right and they are all available to purchase outright, or to invest in.
As the owner (or part-owner) of one of these games, you would receive a pre-agreed percentage of all profits made by your virtual machine. So, not only do you get a unique piece of digital art in the form of a slot machine, it will actually earn you money without you even playing on it.
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Choosing an NFT casino to play at
Sadly, the options for players keen to get involved in NFT casino games are somewhat limited at the current time, but we are sure that is set to change in the not-too-distant future. In the meantime, here are a few things you’ll want to consider when you start your search.
If you were to compile alist of crypto casinos, you would naturally expect some to be better than others. One good way to assess a site that offers decentralised payment methods is to check if it holds a current licence to operate and implements sufficient levels of security to give you peace of mind when you play there.
Checking out online user review sites and online gambling forums can give you two-fold benefits. First, you’ll get to gauge how existing users are rating their experiences of using a particular NFT casino site and secondly, you’ll see how interested the operator is in interacting with users.
A good online casino will offer its players both quantity and quality when it comes to the games available. And there is no good reason that players should expect any less from an NFT casino. A good mix of slots, standard casino table games, live dealer options, with a few exotic titles thrown in, is the ideal. Many operators also integrate promotional mechanics such as NFT-linked bonuses or themed campaigns similar to
stake free spins, giving players additional value on selected slot titles. It certainly helps the cause if you see mention of at least a few recognised games software developers as well.
If you are reading this guide, then the chances are that you’re hoping to use the value of an NFT you already own to play online NFT casino games. However, bear in mind that payment providers hesitate to allow their services to be used on just any old gambling site. So, the alternative payment methods offered by your chosen casino will give you plenty of insight as to how reputable it really is.
As NFTs are relatively new to the world of online gambling, a good NFT casino site should ideally offer plenty of information about how you can use them to play casino games. In addition, you should always look for an operator that has implemented a sound customer support policy, ideally with a fast-contact option such as live chat.
Summary
As you have seen by now, there is much more to NFTs than meets the eye, literally. Whilst some NFT casino projects are highly conceptual, like the metaverse for example, other projects are already a reality.
As technology can move at warp speed and given the current enthusiasm for the creation and purchase of NFTs, we are convinced that NFT casino games will soon become more widely available to online players and NFT investors alike.
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NFT casino FAQ
❓ What is an NFT casino project?
NFTs are more than just memes, or attractive pieces of digital art. You can buy into them as an investment, but you also use them to play NFT casino games. There are a number of different options available when it comes to how an individual casino may make use of this type of digital media, so check out our guide and see which of them might suit you best.
⚖️ Are NFT casino games legit?
There is no doubt that NFT casino games are a real thing and there are already a few innovative online casino sites that are making the best use of them to boot. As always, it’s important to rely on legitimate strategy advice rather than misleading shortcuts - resources like our
stake tips
guide focus on responsible gameplay and understanding how crypto casinos actually work. Don’t miss out, read our guide to NFT casinos now before you do anything else!
🎁 Do I have to transfer my NFT to a casino before I can play there?
Any online casino that suggests transferring over the rights to an NFT that you own is far from legit and is definitely best avoided at all costs. Before you make a decision that you may well regret later, read our exclusive guide to NFT casinos and get all of the right facts.
🎰 What type of NFT casino games are available?
As with any other online casino, you should find a varied selection of games available to play. But in addition, you might find that there are actually a number of different options to make use of your NFTs at these casinos. Be sure to read our guide to find out more.
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