Reading Time: 3 minutes
NFTs are now in the spotlight. Non-fungible tokens are used in a variety of industries, including iGaming. Now is the right time to start an NFT casino. Slotegrator gives its opinion on the future of NFT casinos.
Why are NFTs becoming more popular? They’re hugely popular. Celebrities are buying and selling them, famous works of art are being tokenized and blogger creators are promoting them as a means to earn money that is not limited by the market norms but rather by the imagination of their audience.
What role does NFT play in the iGaming Industry? NFTs are used to make deposits and as tokens in games, but can also serve as rewards. BC.Game’s casino and sportsbook platform, for instance, accepts NFTs as deposits.
NFTs can be used everywhere, with no limits. This is a great benefit for players who find it difficult to access traditional payment methods.
Blockchain technology powers NFTs, which store information about ownership and provide a high degree of transparency. This concept is used in the latest trend of provably-fair games where players can verify their results are governed by smart contract codes and were not influenced by humans.
NFTs can also be used to gain access to online casinos such as those in the Metaverse or to join loyalty programs or VIP programs that offer special bonuses, jackpots or tournaments. This feature is also useful in terms of security, as it allows for self-exclusion and can be used to block minors from accessing the site.
NFTs can also be used to let players own their own virtual slot machine. Users who own a virtual casino, poker table, or slot machine can profit from it as a business owner. Metaverses do not have gambling regulations, so “casino” owners have no obligations.
NFT casinos appeal to a wider range of people: the younger generations are more likely to play, because they are interested in digital assets as well as gambling.
NFT, in general, is a great way to share content. What about the regulations?
The European Union is yet to define NFTs but plans to regulate them the same as cryptocurrency: Authorities are closely examining decentralized funding out of concern about money laundering and fraud.
NFTs, a relatively young concept, are still undergoing regulation, despite their exploding popularity. This is unlike cryptocurrency, which has already received due consideration by many countries.
Taxation of NFTs is not yet clear. NFTs are assets. While profits and losses resulting from the sale or acquisition of assets are usually subject to taxation in most countries, it hasn’t been established for NFTs. Taxes on gains from cryptocurrency trading are typically applied in the country where the trader resides, but there are very few – if any – similar practices for NFTs.
The future of NFTs looks incredibly bright.
MarketsandMarkets estimates that the NFT industry will reach over $13 billion by 2027. This would represent a 35% annual growth rate. The trend is to spend more time and money online. A McKinsey survey shows that 20% of people will increase their online spending, whether it’s for shopping, exercise, entertainment, etc.
“NFTs became popular and a way to earn and spend money. The iGaming sector, which is no stranger to innovation and new technologies, immediately saw the potential of NFTs. Game providers started developing titles that incorporated this technology. Aviatrix offers a crash-game where players can buy the avatar in-game as an NFT. If the rapid growth of cryptocurrency is any indication of just how popular and powerful blockchain technology can become, we have good reason to believe NFTs will be commonplace in online casinos and sportsbooks”, states Ayvar Gabriellin,Business development Manager at Slotegrator.
Here you can find out more about NFT.
COMPANY
Slotegrator is one of the leading software and business solutions providers in the iGaming sector.
Software development, support and integration of payment systems and game content are the company’s primary focus.
The company offers a wide range of casino content, including slots, live casino, poker, virtual sport, table games and casual games. It also has data feeds and lotteries.
Slotegrator offers consulting services for gambling license acquisition, business incorporation and more.
More information: https://slotegrator.pro/
