Why NFTs Will Shape the Future of iGaming

min read
A computer on a desk, with an online casino game loading on the screen.
BetMGM Oct 09, 2023, 11:03 PM

Online casino games and iGaming favorites look completely different today from what they did a decade ago. Technology has transformed the gaming experience by making games more immersive, hyper-personalized, and increasingly safer. As of 2023, the spotlight is on virtual reality, artificial intelligence and blockchain technology. In short, the future of blockchain gaming is bright, and many gamers are particularly excited about non-fungible tokens (NFTs.)

Not sure about NFTs? No worries. Read on for a rundown of how they work, how they’re influencing iGaming, their benefits, and how to make your own.

What Are NFTs?

If you’re not familiar with NFTs in gaming, they can seem slightly overwhelming. Luckily, they’re simpler than they sound. Essentially, NFTs are special collectibles — unique digital assets representing ownership of a specific item or piece of content. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are one-of-a-kind. Think of them as the digital equivalent of a rare baseball card, a priceless piece of art, or even that legendary sword you acquired after countless hours of playing your favorite game.

Thanks to blockchain technology, NFTs can prove ownership (they’re verifiable and tamper-proof,) authenticity, and scarcity in the digital world, which is what makes them really stand out. This means that when you own an NFT, you can be confident it’s the real deal.

The Integration of NFTs and iGaming

Here’s how NFTs have impacted the iGaming industry so far.

1. Virtual Real Estate and In-Game Items

NFTs make it possible for enthusiastic players to own a piece of virtual real estate within their favorite online casino or RPG game. With the help of blockchain technology, players can buy, sell, and trade virtual properties or in-game items as NFTs, enhancing customization and adding a whole new level of ownership.

2. Provably Fair Gaming

NFTs positively affect the fairness of online casino games. How? Players can verify the integrity of each game simply by linking game outcomes to NFTs on the blockchain.

3. Collectibles and Achievements

What gamer doesn’t enjoy showing off their achievements and collectibles? They’ve worked hard to earn them, after all. With NFTs, these virtual trophies can be owned, traded, and displayed as physical collectibles. It adds a new layer of bragging rights and value to in-game accomplishments.

4. Cross-Platform Compatibility

NFTs can bridge the gap between different gaming platforms. Imagine earning a rare skin or weapon in one game and seamlessly using it in another game that supports NFTs.

5. Player-Created Content

NFTs can empower players to create and sell their own content within the gaming ecosystem, from custom skins and game mods to virtual art. If you’re a creative, this could be a wonderful opportunity to monetize your creativity and connect with like-minded gamers.

The Impact of NFTs on the iGaming Industry

NFTs have huge potential to affect the iGaming industry positively — here’s how.

1.Enhanced Player Engagement

NFTs make games more immersive and rewarding. Players are more likely to stay engaged and invested when they have ownership stakes in the virtual world.

2. Economic Opportunities

Gamers can turn their hobby into a source of income by trading NFTs. This economic aspect can attract more players and even nurture a new generation of professional gamers.

3. Reduced Fraud

Blockchain’s transparency reduces the risk of fraud, making online casinos more trustworthy. Players can verify that the odds are indeed fair and that their winnings are secure.

4. Unique Experiences

NFTs enable developers to create unique, limited-edition in-game events and items, adding a sense of exclusivity and excitement to the gaming experience.

5. Marketplace Expansion

Online casinos and gaming platforms can develop their NFT marketplaces, offering a new revenue stream and attracting a wider audience.

How To Make an NFT

Curious about creating your own NFT? It’s easier than you think.

1. Choose a Blockchain

The first step is to select a blockchain platform. Ethereum is the most popular choice, but other options like Binance Smart Chain and Flow are gaining traction.

2. Create a Wallet

You’ll need a digital wallet to store your NFTs. This wallet will also hold any cryptocurrencies you use to pay for gas fees (more on these below.)

3. Mint Your NFT

Minting is the process of creating an NFT from a digital file, such as an image, video or music. You’ll typically need to use an NFT marketplace or platform to do this. Fill in the required details and upload your file.

4. Set Attributes

You can add attributes to your NFT, such as a title, description, and even unlockable content. These attributes can enhance the perceived value of your NFT.

5. Pay Gas Fees

Every transaction on the blockchain requires a small fee, known as a gas fee. Be prepared to pay this fee when minting your NFT.

6. List or Sell Your NFT

Once your NFT is minted, you can either list it for sale on a marketplace or keep it in your wallet. Remember, the value of your NFT can fluctuate based on demand and rarity.

What Are the Benefits of NFTs in iGaming?

So, why would you want to use NFTs in gaming?

1. Ownership and Scarcity

NFTs grant players true ownership of in-game assets and collectibles. The scarcity of these items increases their desirability and value.

2. Transparency

With blockchain, the entire transaction history of an NFT is available for anyone to see. This transparency builds trust between players and gaming platforms.

3. Interoperability

Players can use their NFTs across multiple games and platforms, giving them more flexibility and options when it comes to using their digital assets.

4. Economic Empowerment

NFTs allow tech-savvy, creative gamers to earn real-world income.

5. Community Building

NFTs can foster vibrant communities around games, collectibles and virtual real estate, creating a stronger sense of belonging among players.

Other Blockchain Technologies in iGaming

While NFTs are a game-changer for the iGaming industry, other blockchain technologies are also making waves. Here are a few worth mentioning.

1. Smart Contracts

These self-executing contracts can automate various processes in iGaming, from payouts to verifying the fairness of games.

2. Decentralized Finance (DeFi)

DeFi platforms can be integrated into iGaming, enabling players to earn interest on their assets and access decentralized betting and lending services.

3. Blockchain-Based RNGs

Random Number Generators (RNGs) on the blockchain can ensure the fairness of games by providing transparent and verifiable results.

Play Online Casino Games at BetMGM

In the world of iGaming, casinos, and even poker, NFTs are where the future is headed. Choose BetMGM and the platform’s ever-growing gaming menu, including online slots, jackpot slots, live dealer casino games, casino table games, and many more.

Register today to explore the full offering.

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Our BetMGM editors and authors are sports experts with a wealth of knowledge of the sports industry at all levels. Their coverage includes sports news, previews and predictions, fun facts, and betting.

Our BetMGM editors and authors are sports experts with a wealth of knowledge of the sports industry at all levels. Their coverage includes sports news, previews and predictions, fun facts, and betting.