NFTs as Payments for Big Wins- Will Online Bingo Embrace the Widely Spread Craze?

Being here on an online gambling platform makes you a fan of the tech world, which means you keep track of all trends and tendencies. Then, we are pretty sure that you are more than aware that non-fungible tokens aka NFTs have conquered the world at the speed of light.

Do NFTs have what it takes to become an integral part of the online bingo industry?

Online gamblers appreciate innovations and like to have their player experience upgraded constantly. Loyalty rewards for high rollers and unique game assets are just some of the countless possibilities these interesting tokens can bring to the entertainment sector.

It is evident that this piece of digital art has a huge potential to become popular among bingo punters, but there’s still a long way to go. While on the surface it may seem utterly promising, underneath, there’s still more than enough room for adjustments and upgrades.

Introducing Non-Fungible Tokens

Also referred to as “nifties”, non-fungible tokens, or NFTs, as you wish, have taken over the internet rapidly, including the entertainment sector. Now, before we analyze whether this craze is going to steal the hearts of bingo fans, let’s take a closer look at them.

The simplest definition of non-fungible tokens would be: the ownership of a unique digital file shaped in the form of a cryptographic asset. Only one person has exclusive proprietary rights, while anyone can access the copies.

Representing the form of digital art, the value of these tokens, as the name itself suggests, is affected when they are exchanged or substituted. Now, let’s say you have pixel-style images copied and shared all over the internet, yet the value of the specific NFT is not dropping in value dramatically. As a matter of fact, it’s increasing.

That’s precisely where these tokens step in: it’s the ownership that “dictates” the value. In the non-digital universe, you have some sort of certificate of authenticity to confirm that you are the one who possesses a picture or any other item. Similar to this, there are databases called blockchain, where all nifties are securely stored, along with all crucial ID information.

Worth adding is that real-estate, and artwork can become NFTs as well, and so can property rights and individuals’ identities.

How Does NFT Trading Work?

Come to think of it, it’s silly why something so seemingly insignificant has usurped the entire Internet, including the online gambling sector. Too much thinking can sometimes ruin things, but that’s not the case with iGaming. In order to ensure a maximally enjoyable player experience, it’s necessary to understand how things work- you need to thing them through.

Now, originality and authenticity have become rather unachievable in these modern (digital) times. As if all the ideas and concepts have been told so many times, without the possibility to come up with something unique. What’s even worse, creators and designers are not always paid well and properly credited for their work.

Well, that’s where NFTs enter the stage, as they ensure the creator gets adequately credited for his/ her artwork. Once the “token” is crafted (or minted), the crucial attributes describing it gets stored on the blockchain. Those include the fingerprint, token name, and symbol- three significant components which prove who’s the actual owner.

When it comes to purchasing, a consumer should know that a purchase doesn’t mean that he/ she automatically gets a copy of the digital artwork connected to that NFT. Anyone can have a copy, but what a person who buys it gets is- the ownership of that particular digital asset.

Worth adding is that the artist who minted it still owns the copyright and can sell its reproductions but the one who purchases is the proud owner of the original version. As you can notice, this is pretty much far away from the definition of “ownership” we have all been accustomed to up to the moment when NFTs were born.

What’s the Connection between NFTs and Cryptocurrencies?

Blockchain is the great big universe that connects cryptocurrencies and non-fungible tokens. But that doesn’t mean that they are exactly the same. They are accommodated on blockchain (think of it as a digital wallet) and require lots of energy to be created, but that’s pretty much all they share in common. 

Unlike Bitcoin, Ethereum, Tron, Litecoin, Dogecoin, and many other banking assets, NFTs cannot be used as payment methods. So, you cannot make a deposit and withdraw using non-fungible tokens. At least not yet.

Also, they cannot be traded or exchanged at equivalency, as each asset has its own value. Cryptocurrencies, on the other hand, are identical to each other and can be used for commercial transactions.

However, they can work in a way that is similar to the concept of loyalty programs but significantly upgraded. Also, having the right NFT (in the right time and place) can bring one some decent perks. For example, original creators can have royalty payments on each resale.

Do Digital Collectibles Have a Future in Online Bingo?

Kings of Leon, Jack Dorsey, and Paris Hilton are just some of the celebs who have embraced the growing trend and ventured into trading and minting. It is obvious that things are currently heating up, but as with any other bombastic attention grabbers- one day they are worth billions, the other their value equals the price of an average chocolate bar.

At the time being, NFTs in online casinos are some sort of “keys” which unlock access to versatile privileges. Those range from special bonuses, portions of extra spins, to other amazing perks, ensuring leveled-up player experience.

No one can predict how things will work in the long run, but they seem to be heading towards huge success. Taking first-ever project related to the casino industry as an example, Rollbots are available on Ethereum blockchain, it does seem like it’s packed with fantastic potential. It comes with lots of customization possibilities, a hefty rewards program, access to exclusive promos, and much more.

On the other hand, knowing that huge computing power is required to craft them, they have the same label as the one attached to the vast majority of cryptocurrencies - environmentally unfriendly. Having in mind that they are sold for cryptocurrencies, the market is still not widely accessible to everyone and therefore called elitist.

For that reason, the community opinion is divided- some see it as the best thing that happened in these digital times, while the others see it as another disaster spreading rapidly.

Closing Comments

At the end of the day, all that matters is to be informed of what’s going on. Remember that an NFT is worth what anyone is willing to pay for them- it can be all or nothing.

As this is still a thing in development, we have more than enough time to digest it slowly and see what NFTs will bring to the online bingo and casino industry.