Non-fungible tokens (NFTs) have taken the crypto world by storm, and one particular area is art, where NFT tokens sell for up to tens of millions of dollars. Besides art, NFT refers to distinct digital assets such as music, real estate, and collectibles that exist on a blockchain. With the help of token standards, such as ERC721, each NFT has a unique code for identification. As they are powered by the Ethereum network, ETH has seen an increase in value, making the coin one of the most valuable digital currencies.
With the use of NFTs, interaction with the blockchain can be done in more innovative ways than ever before. One of them is currently seen in the gaming industry. In addition to playing free NFT games, it is now possible to own and play with your non-fungible tokens. There are modern crypto gambling sites that accept NFT deposits and also pay out your winnings in NFT.
The best platform to play with NFTs
The originality brought by the NFTs quickly made them acceptable. Today, there are NFT online casinos that allow you to play in the form of status tokens. NFT casino sites are like conventional online casinos where you register, make deposits and play to earn rewards. Some provide tokens as a single currency, or alongside other crypto and fiat payment options, while others allow you to wager NFTs on games or earn them as rewards.
BC.Game is probably the best NFT casino at the moment with around 10 billion bets made by up to 3 million punters worldwide. It offers the most complete offers, with NFT rewards and a constantly updated library of games, including those developed by us. Some popular BC.Game originals include Classic Dice, Tower Legend, and Ring of Fortune.
The platform recently released the Degenverse network which hosts the Degen Pass NFT. It includes up to 1777 genesis passes on the ETH blockchain. These include advanced access to the DeFi betting app, a mysterious airdrop, and a host of perks that come with it. Benefits also include easy entry into the Metaverse and an even more interactive way to earn crypto rewards.
Other reliable and regulated NFT casinos include Stake.com, Cloudbet and Bets.io. They offer generous perks such as BTC welcome offers and several digital currencies to use such as Bitcoin, Ethereum, and Litecoin. They also allow you to bet and win using chips.
Advantages and disadvantages of playing with NFTs
Gambling with NFTs is quite similar to cryptocurrency although there are some distinctions. Both are based on blockchain transactions, but differences appear in terms of economic value and uniqueness. The value of crypto is based on its usefulness and demand as a currency. While the value of NFTs is determined by market sentiment and the amount buyers are willing to part with.
Although playing with these tokens can be very profitable, players should be careful with the volatility. Non-fungible tokens also serve non-economic purposes. Away from profits, players can show off their authentic, unique and one-of-a-kind possessions.
The most notable similarity between the two is that the games are fair. You have the opportunity to check the fairness of your bets and the outcome of the game is provable, transparent and verifiable. All of this is made possible by blockchain technology.
Likewise, the speed of your payments and withdrawals is definitely a plus. Since these tokens are not subject to banks or financial authorities, transactions are handled without third parties and strictly between the players and the casino, which allows payments to be processed quickly.
With the integration of NFTs into the online gambling industry, the whole online casino experience has been greatly enhanced. From its inclusion of games that reward players with generous NFT bonuses, to its fast payout options, this blockchain-based technology is definitely here to stay.
The games are fair because of the ability to check the fairness of your bets. Making NFT Casinos one of the safest platforms you can play on. In addition, fast payments and withdrawals are now a thing of the past. However, there is still room for improvement.