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NFTs and Its Impact on Real Money Online Gambling Industry

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Photo credit: pixabay.com
Reading Time: 4 minutes

 

The relevance of NFT is a hotly debated topic in the real money online casino gambling space. One side of the divide maintains that NFT is a fad riding on the back of the crypto craze. While the other believe NFTs are innovative technology and are leveraging it to increase their player base, boost revenue and improve players’ experience

Are you a real money online casino South Africa operator curious about how NFT will affect how people gamble online for real money? Or are you a player looking to know the benefits NFT lends to the real money online casino gambling world? You’ve come to the right place.

We shall explore the impact of NFTs on online gambling. Let’s dive in.

What Exactly Are NFTs?

Non-Fungible Tokens (NFT) are unique digital items designed to be rare. They run on the same technology as a cryptocurrency (blockchain) which means they are transferable. Some things represented as NFT include arts, music, books, tickets, and game assets. 

Different NFTs have become famous for various reasons. Each NFT has a specific identifier. Therefore you can track each NFT and confirm who owns the original version of every NFT in real-time. However, the value of NFTs is determined by their uniqueness, rarity, cultural significance, utility, etc. 

5 Impacts of NFTs on Online Gambling Real Money 

The following are some ways NFTs are utilized in real money online casinos.

1. Distribution of Reward Programs

Reward distribution is an aspect of online casino real money that benefits from the NFTs. Currently, casinos require players to gamble for several hours and spend vast amounts of money betting to join the VIP club and earn loyalty rewards. While this approach works, it exposes careless players to gambling problems. The emergence of NFTs changed reward distribution in the online casino real money forever. With NFT, the real money online casino South Africa and other parts of the world can reward loyal players without risk of addiction.

The casinos can connect with loyal customers by minting limited edition NFT, which they can buy in one trade. Alternatively, online gambling real money platforms can share VIP membership NFTs for free to reward early adopters.

A practical application of NFT in online casino reward distribution can be seen in NFT projects, which gives holders membership access to casino VIP clubs. Players buy the NFT on the casino’s marketplace or a secondary market for a fixed price and start enjoying exciting cashback bonuses, free spins, and a share of the casino house edge.

2. NFT Give Players True Ownership

Many real money online casinos’ gameplay is such that players strive to claim in-game assets such as rare guns, symbols, and gems. But until now, in-game assets have always been the property of game designers and never genuinely owned by the players.

Actual asset ownership makes online real money casino games more competitive and rewarding. When in-game assets are minted as NFTs, players can transfer them across different casino games, enjoy different experiences, or even sell them to other players for profit. Incidentally, this increases website traffic and boosts the online casino real money operators’ revenue. 

3. NFTs Fosters Players’ Privacy 

Privacy contributes to the reason players gamble online, as we can see in the rise of no signup casino online real money, which requires only banking details to set a player’s profile. NFTs stretch players’ anonymity in online casino real money even further.

In specialized NFT casinos, a player’s profile is represented by a digital avatar. Therefore, the player doesn’t need to submit any sensitive information to play casino online for real money or to claim their winnings. A popular game where NFT serves as the player profile is Axie Infinity. 

4. NFTs Creates a New Way For Operators to Raise Money 

Online casino operators can use NFT to fund new projects. They will sell the NFT collection to players for a share of the casino revenue and house edge. Here are two ways online casinos can use NFT to raise money. First, operators can create NFT and use the revenue to fund their upcoming projects. In return, holders get access to the casino when it launches, occasional raffle draws, and part of the casino revenue. On the other hand, if the casino project has already launched but wants to create another revenue source, it can create NFT, which gives players ownership of a percentage of its house edge and other exclusive perks.

5. Birth of NFT Casinos and Games

The emergence of NFT has ushered in specialized online casinos where players gamble to win NFT prizes. To implement this gaming model, online casinos create games that use limited-edition NFT as prizes. Punters can participate in slots and other traditional online casino games for a chance to win NFT, which they can quickly sell for real money. Look no further than Red Tiger to see the NFT-prized game in effect. Recently, Red tiger launched a new game called NFT Megaways, which offers Cryptopunk characters as slot prizes. This is a big deal because the original Cryptopunk NFTs are one of the most expensive NFTs, and some are worth millions of dollars.

Conclusion

Many people think NFTs are not worth the hype due to the high cost and negative environmental impact. But some partnerships are already being formed to combat the problems. Regardless, NFTs are genuine innovations. They have been around for quite many years, and their use case has ballooned from social media avatars to real use cases in online subscription, music, sports, arts, and gaming.

We have highlighted the unique impacts of NFTs on online casino real gambling as it relates to operators and punters that want to play casino online for real money. NFT in online casinos can bring about a new form of online casino economy where the interest of both players and operators are aligned.

Cryptocurrency

Aston Villa Announces Partnership With Duelbits

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Aston Villa Announces Partnership With Duelbits
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Duelbits is delighted to team up with Aston Villa Football Club for the 2022/23 Premier League season.

The agreement sees Duelbits become the Official European Betting Partner of the former European Cup winners.

A major aspect of the deal will be the digital communication of the partnership. Duelbits will see their branding on pitch-side LED advertising boards during domestic games at the historic Villa Park, garnering major exposure for the brand. Duelbits will be represented on Aston Villa’s social networks & the homepage.

The partnership allows Duelbits to gain unrivaled access to Aston Villa’s fantastic squad of players, with exciting social & digital content already in the works.

Aston Villa is a club steeped in history & Duelbits hopes to be a contributor to their success this season.

Marco Pinnisi, Chief Marketing Officer at Duelbits, said: “Duelbits is made by individuals passionate about sports and casino games. We launched our sportsbook in late December 2021 with the product being completely developed in-house by a team of leading industry experts. The deeply immersive and intuitive product is made for both new as well as experienced sportsbook players. Duelbits aims to continually develop a strong sportsbook that can be compared to leading bookmakers in the market. We felt it was the right time to give the brand the visibility it deserved, and we couldn’t see a better way than sponsoring one of the most well-known EPL clubs. This partnership underlines Duelbits’ desire to work with the most prestigious sports brands.

“Whilst we are a young brand, we wanted to be associated with a historical club, creating a great mixture between heritage and new generation sportsbook. We are extremely excited and honoured to support such a legendary club, and we are sure this great mixture will be particularly engaging for our users and Aston Villa fans”.

Duelbits.co.uk will be offering sportsbook, casino and gaming in partnership with TGP Europe and licensed by the U.K. Gambling Commission.

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Bitcoin

Which altcoins can you use for gambling when bitcoin is crashing?

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Since the advent of online betting, Bitcoin has been the preferred cryptocurrency. Time, however, is evolving. In the first quarter of 2022, its share fell dramatically. This week alone, Bitcoin’s value dropped by 15% over 24 hours, reaching its lowest point since December 2020. And this, according to experts, is tied to the increased interest in Ethereum and Litecoin, the second-leading cryptocurrencies. Their respective market capitalizations have increased by 3.45% and 2.95%.

What to expect for crypto betting in 2022?

According to the research, it is expected that cryptos would see growth, albeit with adjustments to coin share. And the diversity of cryptocurrencies used for betting will be a major trend.

But what is an altcoin, and which one can you use for gambling when bitcoin is crashing?

What is an altcoin?

The word “altcoin” gained popularity in 2017 when hundreds of different Bitcoin alternatives appeared on the market. However, by 2022, most of the top 100 cryptocurrencies will no longer be Bitcoin alternatives. Today, the market is flooded with new applications and products, some vastly different from others. With millions of cryptocurrencies already in circulation, it’s hard to keep up with everything that’s going on in the market.

In short, altcoins are non-Bitcoin cryptocurrencies. However, some are popular, with technological improvements that set them apart from Bitcoin. And there are several reasons why players prefer altcoins over Bitcoin. Let’s find out some of them below.

Why using altcoins for online gambling is a good idea?

There are many good reasons for gamblers to use altcoins. Here are some of them:

  • Availability

When compared to other coins, gambling with bitcoin can be expensive. Bitcoin is the most expensive coin right now (even though recently it has crashed seriously) and can be costly to buy compared to Ripple and Litecoin. They cost less.

  • Quicker transactions

Unlike Bitcoin, sending altcoins like Ethereum to online casinos for transactions is faster. In addition, some altcoins have added features that help transactions go faster.

  • Wise investment

Some altcoins can be used as an investment tool because their value keeps increasing. Because of this, investors buy a lot of altcoins to increase their chances of making money.

So, which are the most popular altcoins?

The following are some of the most popular altcoins used by online gamblers in the industry, especially when Bitcoin suffers its worst times.

Top gambling altcoins

Ether (ETH) – Popular cryptocurrencies are ranked by market capitalization, and Ethereum is the second-largest after bitcoin. In addition, Ethereum transactions move quickly, mainly when depositing money to online casinos.

Dogecoin (DOGE)– Even though it was made from an internet meme, the coin has become more prevalent in recent months. And casinos love it.

Litecoin – With quicker transaction speeds and cheaper costs than Bitcoin, Litecoin is undoubtedly one of the best options for gambling, particularly after a Bitcoin meltdown.

Conclusion

For the final remarks, we would like to point out that while Bitcoin struggles to regain its former glory, you can save time. Select one of the various altcoins and play freely in any crypto casino, like FortuneJack, where you can find the most exciting gambling atmosphere.

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Cryptocurrency

Cloudbet is Giving Away $10,000 to Celebrate the Return of European Soccer

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The soccer season is back! To celebrate, Cloudbet has $10,000 worth of USDT to give away to 10 lucky soccer bettors this month.

The pioneering crypto betting site will choose 10 customers at random who bet on any of the top 5 leagues (English Premier League, La Liga, Bundesliga, Ligue 1 or Serie A) from August 1-14. Each will win an equal share of the prize pool— $1,000 of the US dollar stablecoin.

Cloudbet offers all popular markets for the five leagues for customers to bet on quickly and safely via bitcoin and 17 other cryptocurrencies. By choosing to bet with crypto, users see faster transactions, lower fees and enhanced privacy on a decentralized system while enjoying the thrill of live-in play betting on their favorite teams.

The EPL is set to return on 5th August, with back-to-back defending champion Manchester City looking to claim their fifth title in six seasons. They enter the 2022-23 season as favourites, while Liverpool, Tottenham Hotspur and Chelsea head the rest of the field in the EPL who aim to dethrone Kevin De Bruyne, Erling Haaland and their teammates.

The English Premier League is heralded as the most competitive league in soccer, providing three of the last four UEFA Champions League finalists in the past two years. Besides the winner’s market, Cloudbet customers are able to bet on a wide range of outrights including who will end up bottom on Christmas Day, who will eventually get relegated, Top Goalscorers by club, and a huge range of others.

The Bundesliga starts on August 5th, with Bayern Munich as strong favourites to win. Ligue 1 launches in France the following day. Serie A and La Liga begin the following week on August 13th and 14th, respectively.

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