NFT Casinos & the Metaverse: New Era of Online Gambling

Friday, June 17th, 2022, 10:37:01 AM

If 2021 were to be described in a single word, ‘NFT’ would be our first choice. With the rise of Web 3.0, these strange tokens have proven to be quite an exciting investment vessel. From the Average Joe to celebrities and venture capitalists, everyone wants a piece of the pie.

But as time went on, it became apparent that there were other uses for NFTs. Of those uses, online NFT gambling seems to have the most potential. Everyone’s fighting for the right to open their own metaverse casino, so it’s high time we tackle the topic.

In today’s blog, we’ll explore the topic of NFT casinos, their purpose, earning opportunities and much more. Once you’re done reading, you’ll feel right at home on the virtual casino floor. Ready?

What Are NFTs?

Let’s start with the basics, shall we?

A Non-Fungible Token, commonly referred to as NFT, is a tradeable data unit stored on a blockchain. Now, you’ve seen cryptocurrencies, also referred to as tokens, so what sets them apart?

The main difference lies in the ‘Non-Fungible’ part of the term. NFTs aren’t interchangeable. Crypto tokens all have the same value and can be exchanged for one another or used as currency. NFTs, on the other hand, are wholly unique. When you purchase an NFT, its location on the blockchain serves as a digital certificate of ownership. It’s connected to your wallet, and you can use it in any way you like.

Art NFT - Non Fungible Token Ape.

When talking about NFTs, we usually consider the niche as a whole. However, there are two distinct types of NFT you need to know about:

  1. Art NFTs

    . Their primary purpose is to look, sound or feel good. Since NFTs can be connected to any media file, art collectors can acquire songs, paintings or even music videos. There are also sites that allow you purchase small stakes in paintings as NFTs.

  2. Utility NFTs

    . These are the ones you’ll be using at NFT casinos in the metaverse. Unlike art NFTs, these tokens are minted to provide tangible benefits. You get something, or you earn the right to enter somewhere or join a group. Think of them as tickets or chips.

That wasn’t so hard, was it? Now that you know what an NFT is, it’s time to take a look at the environment where most NFT casinos reside - the metaverse.

What is the Metaverse?

The easiest way to describe what’s the metaverse would be as a ‘virtual world.’ And in its core meaning, it’s nothing new. We’ve had games where you could create a virtual avatar and do things. Remember World of Warcraft or Eve Online? In a technical sense, these online realms are metaverses. However, today’s metaverses are a bit different.

Instead of just fantasy and socializing, the metaverses of 2022 are different. Not only are they much more secure due to blockchain technology, but there’s also more interconnectivity between brands and worlds.

There are also more real-life activities, which is how NFT casinos were first made. Since NFTs were already used to build hype and acquire capital, having players use (and win) them in gambling venues was a logical decision.

Benefits of NFT Casinos

NFT casinos don’t bring any new games to the table. Most virtual venues offer poker, blackjack, roulette and baccarat, which means there’s no learning curve, to begin with. However, there are plenty of novel benefits to playing at a metaverse casino:

Play to Earn

By playing at NFT casinos, you’re effectively raising the profile of the whole NFT selection. When you win or stake an NFT, it most often gets traded, so the circulation continues. Obviously, this benefits the DAO behind the metaverse, so they’re willing to give you their crypto coin or NFTs as a prize for playing.

The concept is relatively new but has already shown to be a great investment opportunity. Just make sure the crypto/NFT you’re getting isn’t a rug pull. Check reviews and analyses by experts before risking your own funds. If you’re unsure about the future of the coin you’re getting, you can always sell it and use a Neosurf voucher to buy BTC instead.

Shared House Profits

In land-based and traditional online casinos, the house profits and rarely anyone else. In an NFT casino, however, the situation is more democratic. Take the Gambling Apes Casino, located in Decentraland and run by the people behind the Bored Ape Yacht Club (BAYC) NFT collection.

If you own one or more of their NFTs, you get a share of the house’s profit. In fact, BAYC stated that 70% of all profits would go to BAYC NFT holders. Each token receives an equal share of the price, no matter its rarity or price on the secondary market. The more NFTs from the collection you have, the larger your share of the profits.

Player-Owned Casinos

Perhaps the best thing about metaverses is that they’re entirely decentralized. Anyone can buy an NFT plot of land and build whatever they want on it. Pricing aside, this means that you can gather a group of investors and build a casino of your own.

That’s just the easy part. You’ll also have to source game software and presenters, in addition to finding developers to write the venue’s code. It’s a lot of work, for sure. Nevertheless, the benefits outweigh the downsides. And a by a large margin, at that.

There are no licenses, traditional taxes or regulator inspections. You won’t be scrutinized nor forced to abide by existing laws. Metaverses are mostly unregulated, giving you enough freedom to successfully pursue your NFT casino venture.

Exciting Prizes

In regular gaming environments, money is the ultimate prize. Sure, everyone loves the feeling of bills in their hand or a deposit landing, but fiat currencies are limited by nature. Their value rarely changes quickly, and inflation is inevitable. So, you can only spend them.

When your prize is a rare art NFT, it’s a different story. You’re not getting a payout. What you’re getting instead is an investment opportunity. If you hold just long enough and anticipate market movements, you will be able to profit.

And this goes without even mentioning extra perks on the side, such as IRL party tickets, access to exclusive chats with the casino’s creators, gifts and more. Most importantly - it’s anonymous. Transactions done through e-wallets and banks, on the other hand, are not.

Additional Chances to Increase Liquidity

To tie in with the last benefit - traditional money has another flaw. It’s all liquid, which presents a problem if you want to increase your funds further. Playing at a decentralized casino removes this known flaw and replaces it with something better - an opportunity for passive income and added liquidity.

Let’s say you start playing at a venue after Googling “best NFT casino in metaverse.” As you accumulate more NFTs, you can resell them to purchase a plot of metaverse land. In addition to the aforementioned option of owning your own casino, you can segment the property and rent it for money.

This can be further bolstered by enjoying play to earn casino games in your metaverse of choice. Of course, this venture can be risky, depending on the market conditions.

What Does the Environment Feel Like in an NFT Casino?

We’ve dug deep enough into the technical aspects of NFT casinos, but what about the actual atmosphere? Don’t get us wrong - we love finding new investment opportunities. It’s just that having fun should always be one’s top priority when gambling in the metaverse.

Entering Metaverse – virtual world artwork

So, how does it feel to enter an NFT casino in a virtual world?

Well, after playing at various tables in Decentraland and a few other metaverses, we believe you can expect the following.

  • Crazy interior design

    . Furnishing a venue in real life costs a lot of money. In the metaverse, there’s nothing you can’t do with a bit of time and imagination. This results in beautiful, more immersive gambling experiences.

  • Enough space and tables for players

    . The benefit of virtuality is that you won’t be crammed in a smokey room with a thousand other people. Casino developers have done a lot of research, so they know how much space they need.

  • Exclusive areas

    . NFT casinos often provide holders with VIP treatment. You can enter clubs, private rooms or other fun areas, all in the same building as the casino. In recent months, more and more venues in Decentraland have been adopting this ‘resort-like’ approach.

  • Designated helpers

    . Just like traditional casinos have staff on hand to assist you, so do virtual venues. They are denizens whose avatar has a mark over their head. Approach them and feel free to ask anything you want to know. Voice chat is enabled, too.

  • Extensive socialization

    . Every bit of social anxiety goes away when you’re sitting in the comfort of your room, roaming around the casino with your avatar. As you’re playing, you’ll meet loads of new people. Cherish this experience and use it to your advantage.

That’s why it’s important to choose a metaverse casino that’s both fun and profitable. Gambling has always been a mix of the two, so it makes sense to follow the same mantra outside the real world.

How to Start Playing at NFT Casinos

Before you think about what strategy to use in virtual poker rooms, let’s look at how to start gambling in this new environment.

Join a metaverse. Decentraland is the place to be for NFT gambling nowadays, but don’t be surprised to see other worlds follow suit. Every realm has its own unique requirements for entry, so just follow any specific instructions.

Create an avatar. An avatar is your visual representation in the metaverse. It’s how other users see you. Feel free to choose any kind of look and experiment with styles. Some worlds have NFT wearables, which is another form of investment you might be interested in.

Fill up your crypto wallet. You’re going to need funds for your gambling escapades. Most casinos accept both their proprietary cryptocurrency as well as staples such as Bitcoin, Ethereum and Tether. Use a Neosurf voucher if you want to purchase coins from an exchange, as it’s fast and anonymous.

Enter the metaverse and find the casino. In the metaverse, you’re going to have to walk your avatar to the casino. Find the coordinates of the venue you want to visit and go there. Check if there are any barriers to entry, too, such as holding a particular NFT or something else.

Familiarize yourself with the game and start playing. See what’s the variant being played, regardless if it’s poker, blackjack or another game. Re-read the rules and ensure that the software is fair. And most importantly - good luck!

Conclusion

NFT casinos are one of the most exciting iGaming developments in recent years. Even though the niche is still very young, it solves some of the most prominent issues in gambling, such as security, lack of convenience and no extra earning opportunities.

Whether you want to stake, win or hold NFTs, these casinos will give you the chance to do so. Before you do anything, read up on the metaverse you intend to join, as well as its casinos. If a venue promises you guaranteed prizes or returns, it’s most likely too good to be true.

Stay safe, play smart and survey the market at all times. Have fun, and may you have diamond hands!

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