NFT is entering the gambling industry

24.12.2021 by No Comments

With the rising interest in gambling and the advancement of technology, the gambling industry is set to experience enormous changes that will not only benefit the companies involved but also the players. To many, gambling is not only a game but a form of enjoyment and to some people a way of earning a living. The winnings from gambling give the player a lot of motivation joy and eventual success. Loses are however expected and when they happen, they act as the encouragement for the player to keep playing. Because of the success that gambling has had over the years in conjunction with digitalization gambling is taking another turn. Gambling is now partnering with NFT. This will be a wonderful opportunity for players because now they can get rewarded through crypto.

For those new to crypto, Non-fungible tokens (NFT’s) are digital cryptographic content pieces that exist on a blockchain and cannot be faked. They are used to represent actual assets to avoid the probability of fraud during the process of selling buying and any other trade. Now, these Non-fungible tokens are entering the gambling industry, AS Evolution gaming has recently announced the four CryptoPunks purchase. These will be used as their slot machine game prices.

NFT is entering the gambling industry

This year the NFT industry has had shaky progress. That is after a decline in trading volume that worsened in June and seemed to recover in August. The trading volume has not fully recovered and the industry seems to be under turbulence. According to Evolution Gaming, however, the use of CryptoPunks as slot machine prizes will rekindle the peoples’ interest. According to the press release, Evolution Gaming, the assets will be sued on their game, “NFT Mega ways” which is seemingly the first machine project that will Use NFT as a Prize. According to NFT Megaways, the SIX-REE, AND SEVEN Row Megaways TM game will create an exciting and unique crypto-oriented gambling that will be acquainted with gambler show have been following the progress of NFTs. Within the game, there are CryptoPunks 914, 3008, 4701, and 8143. These are the four different-looking characters that were created by the Larva Labs and are now owned by Evolution.

 The future of gambling and NFTs

This could be the beginning of a new working relationship between gambling and NFT’s. It is viewed that the gambling industry is due to grow to $516 billion by the end of this year which will be a tremendously lucrative way for the growth of the NFT industry. Digital assets and gambling have been in existence for some time and it is not that the integration between the two is evident. It is possible that NFT gambling is focused on collectibles on sports cards. Digital sporting collectibles have a large landscape and the same applies to sports betting which makes them a worthy partnership.

The NFT market will most certainly take advantage of this and come up with projects of gambling that are targeted specifically at sports fanatics. Such focus will bring up betting rewards that will be in the form of tickets like the Dallas are contemplating to make tokenized passes to their gaming events.