How Online Casinos Use NFTs and Blockchain Technology?
NFTs are so-called non-fungible tokens that use the blockchain technology of cryptocurrencies. This can be used, for example, to create digital art and virtual collectibles with a rarity value that can be traded and auctioned.
Meanwhile, NFTs have found their way into casinos not on GamStop. Click here for more info.
The well-known manufacturer of casino games Evolution Gaming has introduced a Megaways slot with NFTs as winning symbols, the Japanese game manufacturer Atari is pushing onto the market with its own Metaverse NFT Casino and numerous other online casino projects give NFT owners the opportunity to receive a profit share in cryptocurrency.
What NFT Casinos Not on GamStop Are There & How Do They Differ?
Evolution Gaming: The NFT Megaways Slot with Cryptopunks
The large and well-known provider of casino games Evolution Gaming presented the world’s first slot machine with NFTs in September 2021.
NFT Megaways is a slot developed by subsidiary Red Tiger. To do this, Evolution Gaming has purchased four different NFTs from Larva Labs’ CryptoPunks collection, items 914, 3008, 4701 and 8143.
CryptoPunks are among the first variants of digital NFT collecting art.
NFT Megaways is a six-reel, seven-row slot designed in a colorful pixel world in the style of CryptoPunks NFTs.
The CryptoPunks appear here as wild symbols that can substitute for all winning symbols. All four CryptoPunks can collect winning symbols and thus start a multiplier that can bring wins up to 30 times. Megaways slot machines have up to 200,704 ways to win.
Evolution Gaming has clearly jumped on a trend with the NFT Megaways while showing how NFTs can be deployed or used after purchase.
With the purchase, the rights of use or copyrights are often transferred to the owner, verifiable by the blockchain technology. In this case, that is the Ethereum blockchain. CryptoPunks was the first Ethereum NFT project.
NonFungible currently lists CryptoPunks as #1 of all NFT projects. The total trading volume is more than 1.7 billion US dollars (around 1.5 billion euros). Evolution Gaming spent a total of 86 ethers on the four CryptoPunks. According to the exchange rate at the time of the transaction, this corresponds to 162,368 US dollars, around 144,000 euros.
What Are NFTs?
NFT stands for Non-Fungible Token. This is a unit of cryptocurrency with an individual value. NFTs can be rare or real one-offs. This can be used to create certificates of authenticity or ownership, for example for digital art or files. NFTs use the blockchain technology of cryptocurrencies, so transactions and ownership are transparently documented.
NFT Non GamStop Casinos
Decentralized Finance or simply DeFi is one of the most important and interesting aspects of cryptocurrencies. This allows transactions to be carried out without central institutions such as banks.
DeFi games and gambling are a new and rapidly growing area of application. These are games or game-like applications that use cryptocurrency as an integral part.
Users can earn cryptocurrency by playing according to the play-to-earn model. NFTs can play a cosmetic role here, for example affecting the character’s appearance.
However, they can also give users the chance to share in the profits and include other benefits, similar to a VIP membership in a traditional online casino.
Popular DeFi games include:
- Axie Infinity
- Decentraland
- The Sandbox
- Alien World
- MyDeFiPet
- CryptoBlades
Among the numerous possible types of games there are also non GamStop casinos’ games and games of chance.
Rollbit Casino
The Rollbit Casino started in February 2020. The slots here are called Rollboxes and users can design their own slot machines. To do this, they transfer NFTs in their possession to their Rollbit account.
The Rollbox players can win the NFTs as well as cash prizes, with the casino paying the cash prizes. However, the owner of the Rollbox slot machine can determine the chances of winning and the stake himself and receives a Rollbox turnover share.
Rollbit Casino has created and sold its own collection of 10,000 NFTs called Rollbots. By name, these are robots with different looks and different characteristics.
Holders can create Rollbox slot machines from Rollbots or use other NFTs. But if you own a Rollbot, you can take part in weekly raffles. Owners can also create their Rollbots (staking) and thus receive a share of the revenue in the Rollbit NFT marketplace. On this platform, users can trade their Rollbot NFTs and other NFTs.
More Rollbot games are to follow. In the Rollbit Casino you can already find classic online slots from well-known manufacturers such as Playtech, Pragmatic Play, Red Tiger or Microgaming. There are also roulette, blackjack, game shows and even live casino games from Evolution Gaming.
With Rollbit Rewards, the online casino pays out up to 50 percent of the revenue from the house advantage back to players. Other challenges and bonuses are similar to those in the classic online casino with the difference that the Rollbit Casino uses its own cryptocurrency Rollbit Coin.
Gambling Apes
Gambling Apes is another online casino in the Metaverse world of Decentraland. The operators bought virtual land in Decentraland in September 2021 and created an NFT collection of 7,777 digital artworks, the so-called Gambling Apes.
These have rarity value and a total of 120 different properties that appear more or less frequently.
The sale of the collection took place on September 5, 2021. The Gambling Apes changed hands in just 7 minutes at a price of 0.07 Ether, which was around 232 euros at the time. The NFTs can of course be collected, exchanged and sold. However, Gambling Apes NFT holders receive a share of casino winnings. The transfer is made automatically to the wallet that also contains the Gambling Apes NFTs. In this way, the owners can earn passive income. There will also be exclusive events and tournaments for NFT owners.
The Gambling Apes offer in Decentraland is to be supplemented by a traditional online casino. NFT owners get access to a VIP area with merchandise, competitions and selected bets.
