NFTs in Online Casinos: Adding Digital Excitement to Your Gameplay

NFTs in Online Casinos: Adding Digital Excitement to Your Gameplay

NFTs have become a more and more common type of asset, although it’s far from mainstream yet. If you’re still wrapping your head around cryptocurrencies, chances are that you’re a bit behind on the development of NFTs. To help you out, we’ll explore what NFTs are, how they are used, and look into how they might be finding their way into Australian online casinos in the not-so-far future.

What Are NFTs and What Are They Used For?

If you haven’t heard of NFTs before, or haven’t understood quite what it is, you’re not alone. To give you a quick overview, here are the five main aspects you need to know about Non-Fungible Tokens:

• Non-Fungible Tokens (NFTs) are unique digital assets that use blockchain technology. In theory, any kind of asset can be an NFT, both a physical object and a virtual and digital object.
• NFTs are typically built on platforms like Ethereum. Every NFT has information making it distinct from other tokens, and the ownership is recorded on the blockchain, making it safe and secure.
• Smart contracts play an important role in the functionality of NFTs. Self-executing contracts automate ownership transfers ensuring the transaction’s authenticity and transparency. Tampering with or duplicating NFTs is not possible, thanks to the decentralised nature of the blockchain.
• NFTs have become more and more common in various industries, including art, gaming, and real estate. Creators can tokenize their work, and this has changed how a digital asset can be used and traded. Tokenization provides a verifiable and traceable origin for the asset.
• The value of an NFT depends on factors such as rarity, demand, and the creator’s reputation. It’s important to note that the value of NFTs is highly volatile, comparable to cryptocurrencies.

Integration of NFTs in Online Casinos

One of the main industries where NFTs are used is gaming, and when that’s the case, the iGaming industry won’t be far behind. However, since online casinos are regulated by gambling authorities it’s far from all online casinos that have adopted NFTs as part of their offering. After all, even though using cryptocurrencies in Australian casinos is accepted, most gaming authorities have yet to approve the use of cryptocurrencies, so we shouldn’t expect NFTs to be offered at online casinos in the immediate future.

However, some online casinos have embraced NFTs, as a form of bonus.

Incorporating NFTs at Online Casinos

Pioneering online casinos have reshaped the player experience by using NFTs in creative ways. Some have tokenized virtual items, while others offer exclusive in-game content or blockchain-based loyalty programs. Most of these casinos are using NFTs as a form of gamification, where you can get or obtain them as a prize for completing missions or challenges in the casino.

Off-site bonuses are not very common at casinos, but they are used. Some casinos can offer Netflix subscriptions, gadgets, Amazon gift vouchers and other types of bonuses that can be used in the “real” world, or at least outside of the casino itself. With the rise of NFTs, using these as an option instead of physical gifts will make the process of gifting much easier for casinos, especially for those that operate in many countries. For example, shipping a physical gift from the casino’s headquarters in Europe all the way to Australia is both unnecessarily expensive and cumbersome when gifting an NFT can be completed in just a few seconds.

When Will NFTs Be Found at Australian Online Casinos?

As of now, not many Australian online casinos offer NFTs as part of their bonuses or offerings. And when we can expect this to become more mainstream is a bit too early to say. What’s holding casinos back are mainly two aspects; the regulatory framework (or lack thereof) and the fact that the average Aussie casino player is not yet familiar with the concept of NFTs.

As for the regulatory part, that’s not necessarily a big problem, as long as NFTs are not used as a form of payment. When it comes to players understanding what an NFT is and how it works, that might be a bigger concern.

The whole concept of NFTs at online casinos can be related to the discussion about using Skins as a payment method at casinos. The users of these assets are typically young, so casinos are wary about attracting underage players when they incorporate these kinds of “new” assets that are common within gaming. This is also the concern many regulators have when it comes to “new” forms of money or monetary assets.

Conclusion

As technology evolves and NFTs become more mainstream, there’s no doubt that they will find their way into more and more online casinos. But, it might still be a way off. The casinos that use NFTs now are using them as bonuses, typically part of a loyalty or VIP program.

For Australian players, there aren’t many options when it comes to reputable online casinos offering NFTs now, as the casinos that have implemented NFTs for the most part are unlicensed casinos. Yes, Aussie players can play at such casinos, but it’s not recommended. They are not safe, so it’s better to be patient and wait until it hits our trusted and reputable online casino operators. Sooner or later it’s gonna happen.