Will NFT bring any change in crypto gambling industry?

[bakasabo]

If I understand correctly, NFT is a digital art. It has no real usage and their value is determined only by demand. I dont understand what kind of changes NFT could bring, but I think it will be similar to skins in esports.

Aside from the digital art, Blockchain Items that we can get from different blockchain games can be considered as NFT too.

Yesterday I was surfing in the Internet and found an article, where it was written that rock band King of Leon are first to release an album as an NFT. In general, this is the same album, that can be purchased online, but it has some bonuses (like different album cover and I guess the price was a bit lower). Buyers will find only a link behind NFT.

Regarding gambling and NFT, casinos might hide bonuses, promotions, specials offers behind NFT. For example get a NFT and inside you will find a deposit bonus. The other thing I have thought about is how users are going to get this NFT. Will they receive them for playing, or will be buying to get a random bonus (looks similar to what gambling is).

[mindrust]

but it has some bonuses (like different album cover and I guess the price was a bit lower). Buyers will find only a link behind NFT.

And what if somebody buys that NFT product and share the special content on the internet? What keeps them from doing it? If you mean they are going to produce a different album cover and different bonuses for every NFT purchase there is, now that's a whole different story.

[Saint-loup]

NFT is not only about tokenizing digital or real-world assets as collectibles but also a means to create some kind of "preferred stock." The token can have various perks that differ from another. For example, instead of bronze - platinum VIP membership, the casino can create NFT (let's say bronze - platinum token) so that the perks can be exchangeable, thus have the dollar value.

Instead of exchanging accounts that usually violate ToS, they can exchange NFT on the marketplace.

I've never heard of casinos implementing this system or having made an announcement about that as a project for the near future, but that's a really great idea... For users at least, because I'm not sure casinos would really be eager to give bonuses to small gamblers who just bought their status to someone else.

[TedMosby]

NFT is not only about tokenizing digital or real-world assets as collectibles but also a means to create some kind of "preferred stock." The token can have various perks that differ from another. For example, instead of bronze - platinum VIP membership, the casino can create NFT (let's say bronze - platinum token) so that the perks can be exchangeable, thus have the dollar value.

Instead of exchanging accounts that usually violate ToS, they can exchange NFT on the marketplace.

I've never heard of casinos implementing this system or having made an announcement about that as a project for the near future, but that's a really great idea... For users at least, because I'm not sure casinos would really be eager to give bonuses to small gamblers who just bought their status to someone else.

despite the features that could be offered with those NFTs, crypto gambling sites also could take advantage of the royalties feature.
ICYMI, you could set royalties on your NFT.

Royalties are how much you gain for each sale of your artwork on the secondary market. If you set it at 20%, each and every time anyone sells any copies of the artwork, you get 20% of that sale - at the current sale price!
https://www.darkdays.photography/rarible-nft-guide-for-artists

[johhnyUA]

As many of you might be aware of NFTs as it is getting a lot of attention from the crypto community. People are selling digital goods, artworks, gamea and unique things for millions of dollars. Even Elon's Partner has joined the bandwagon and already earned few millions. As of now, NFTs are only popular in digital marketplaces to mark the ownership of an asset through blockchain.

Now from where I see, NFT has a very good potential to be used in MMORPG games and fantasy sports segment. Even big developers like UBISoft has shown interest in NFT. Since NFT concept is very new we still have many unexplored areas of application.

Do you think NFT concept will be used in crypto gambling industry in near future? What change it will bring into this industry? Let's discuss!

I doubt about that. NFT is too different to make something close to gamble (except the fact that we can bet on for what price some NFT will be sold   ) NFT this is the lever for famous people to get more money from nothing.
And yeah, this is because there too much money in the world, so people spending them to any weird shit.

[acquafredda]

The NFT bubble is cooking nicely and it reminds me much about the ICO frenzy back in 2017-18 where everyone, at some point, could not keep up with all the shitty whitepapers and projects that we popping up like mushrooms in the woods after heavy rain.
There will be a saturation point where supply will get higher and higher while demand will fade away.
Read this piece by Jimmy Song and do not burn yourselves with non-fungible tokens

https://jimmysong.substack.com/p/nfts-are-doomed-bitcoin-tech-talk

[mindrust]

The NFT bubble is cooking nicely and it reminds me much about the ICO frenzy back in 2017-18 where everyone, at some point, could not keep up with all the shitty whitepapers and projects that we popping up like mushrooms in the woods after heavy rain.
There will be a saturation point where supply will get higher and higher while demand will fade away.
Read this piece by Jimmy Song and do not burn yourselves with non-fungible tokens

https://jimmysong.substack.com/p/nfts-are-doomed-bitcoin-tech-talk

This is not a bubble like the ICO bubble imo because this isn't a crypto bubble. This is a FIAT bubble. The FIAT desperately looks for a new space to expand but cannot find it. And now the CB printed another $1.9 Trillion, some of that money will indeed inflate the crypto/NFT assets. Many people who'll get their stimulus checks maybe don't really need that money for their survival and they will spend it on stocks & crypto.

[uneng]

The NFT bubble is cooking nicely and it reminds me much about the ICO frenzy back in 2017-18 where everyone, at some point, could not keep up with all the shitty whitepapers and projects that we popping up like mushrooms in the woods after heavy rain.
There will be a saturation point where supply will get higher and higher while demand will fade away.
Read this piece by Jimmy Song and do not burn yourselves with non-fungible tokens

https://jimmysong.substack.com/p/nfts-are-doomed-bitcoin-tech-talk

I think there is a big difference between ICOs and NFTs. 99% of ICOs' products were useless, developed only for speculative reasons. Most NFTs I'm seeing are completely different from that and they actually have an unique use, like the items which players acquire in online games in order to advance on these games. Look how many players there are in multiplayer online games nowadays and imagine if all of them really owned in real world all the items they collected on these games. This market has a lot of potential and can increase in value much more without saturation.

However if crypto gambling industry will adopt NFTs efficiently it is another story.

[acquafredda]

It is the new momentary new kid in town, that is it, nothing more nothing less. I hope you spent some time to read through Jimmy Song's post as I am not going to repeat what he wrote there. That is my opinion too and I expect nothing from the new NFT craze.
I fail to see the evidence of why it should be used in the gambling industry, nobody made compelling arguments here.

[pawanjain]

NFTs can surely be incorporated in gambling in many ways such as betting on NFT prices where people can predict what will be the selling price of NFT.
NFT can also be incorporated as an award token such that when someone achieves something on the gambling site they will be rewarded with a particular NFT.
Similarly we can think of many more use cases for NFT in gambling.

[fiulpro]

There can be NFT tokens added on the gambling sites for sure but at the same time the main thing is not the token itself because everyday we have 1000 of Altcoins added and removed the main thing is that it represents ownership. I do believe that it can be used as a token for the sports industry. For example : NFT indicates the ownership of a particular thing and if people starts selling them for players , for teams then they can have a whole different set there. It is already being done by making new tokens for that particular games but NFT since it's non interchangeable will mean it's value will be more and people would be able to OWN such teams , now they can try and make some decisions and even participate in particular events.
I do think it can also be given out by different casinos to the people who do invest the most in them ! Which would be like a proof of being loyal to that casino and might come with some benefits.
This has a wide scope. Who knows how one will use it ?

[Oceat]

It is the new momentary new kid in town, that is it, nothing more nothing less. I hope you spent some time to read through Jimmy Song's post as I am not going to repeat what he wrote there. That is my opinion too and I expect nothing from the new NFT craze.
I fail to see the evidence of why it should be used in the gambling industry, nobody made compelling arguments here.

So basically this new coin is just hyped up and is making some crazy speculation around if that's what you meant. Plus that digital artwork sold from auction in millions is also crazy since there are worth it real artwork handcrafted by the great people before just like example of the "Mona Lisa by Leonardo da Vinci".

People are throwing huge money just for this hyped NFT and I don't see where it is coming or what is the use of it in terms of gambling. Will the casino notice a person if he's using a NFT when betting?

[Oilacris]

It is the new momentary new kid in town, that is it, nothing more nothing less. I hope you spent some time to read through Jimmy Song's post as I am not going to repeat what he wrote there. That is my opinion too and I expect nothing from the new NFT craze.
I fail to see the evidence of why it should be used in the gambling industry, nobody made compelling arguments here.

So basically this new coin is just hyped up and is making some crazy speculation around if that's what you meant. Plus that digital artwork sold from auction in millions is also crazy since there are worth it real artwork handcrafted by the great people before just like example of the "Mona Lisa by Leonardo da Vinci".

People are throwing huge money just for this hyped NFT and I don't see where it is coming or what is the use of it in terms of gambling. Will the casino notice a person if he's using a NFT when betting?

If you do talk about application of nft on gambling then you could read up something on how its relevant into this industry.
https://www.gemini.com/cryptopedia/nft-blockchain-gaming-industry

you would see that this is indeed some relevant thing but somehow i agree that everything that is new would really be getting that kind of hype and interest.

Lets see on how this would be recognized and not just that slip away when hype is over.

[Twentyonepaylots]

Any casino who will successfully tap into the abilities of NFT will surely come out of the top at the gambling industry ladder. It is the hottest thing right now, and that is because of what it can offer to the table. And it is super easy to integrate into a pre-existing system so it's not like the coders will need to burn their hairs out thinking of a plan to put them into the spotlight.

There can be NFT tokens added on the gambling sites for sure but at the same time the main thing is not the token itself because everyday we have 1000 of Altcoins added and removed the main thing is that it represents ownership. I do believe that it can be used as a token for the sports industry. For example : NFT indicates the ownership of a particular thing and if people starts selling them for players , for teams then they can have a whole different set there. It is already being done by making new tokens for that particular games but NFT since it's non interchangeable will mean it's value will be more and people would be able to OWN such teams , now they can try and make some decisions and even participate in particular events.
I do think it can also be given out by different casinos to the people who do invest the most in them ! Which would be like a proof of being loyal to that casino and might come with some benefits.
This has a wide scope. Who knows how one will use it ?

NFT Gambling Milestone rewards, trading cards for sports betting, the world is your oyster with NFT. You can never just be so secluded in a particular idea because it offers so much versatility and is the perfect collector's item.

[AmoreJaz]

Any casino who will successfully tap into the abilities of NFT will surely come out of the top at the gambling industry ladder. It is the hottest thing right now, and that is because of what it can offer to the table. And it is super easy to integrate into a pre-existing system so it's not like the coders will need to burn their hairs out thinking of a plan to put them into the spotlight.

There can be NFT tokens added on the gambling sites for sure but at the same time the main thing is not the token itself because everyday we have 1000 of Altcoins added and removed the main thing is that it represents ownership. I do believe that it can be used as a token for the sports industry. For example : NFT indicates the ownership of a particular thing and if people starts selling them for players , for teams then they can have a whole different set there. It is already being done by making new tokens for that particular games but NFT since it's non interchangeable will mean it's value will be more and people would be able to OWN such teams , now they can try and make some decisions and even participate in particular events.
I do think it can also be given out by different casinos to the people who do invest the most in them ! Which would be like a proof of being loyal to that casino and might come with some benefits.
This has a wide scope. Who knows how one will use it ?

NFT Gambling Milestone rewards, trading cards for sports betting, the world is your oyster with NFT. You can never just be so secluded in a particular idea because it offers so much versatility and is the perfect collector's item.

this is the reason why sooner or later, these gambling sites will find a way how to explore the world of NFTs. there are so many collectors across the globe and they are willing to pay a staggering amount. and with NFTs, this is an easy access whether that person really owns a particular item without checking the real item and he can show it at anytime, anywhere. collector's items are going digital now. and it will not be long before gambling industry will join this new trend.

[tabas]

Never thought of such an idea but with what I see with all of these NFTS. Anything can be put into it and bring value. It is interesting who will be the casino to bring up the very first NFT in the crypto gambling industry.
Or is there already one in existence?

[pawanjain]

Never thought of such an idea but with what I see with all of these NFTS. Anything can be put into it and bring value. It is interesting who will be the casino to bring up the very first NFT in the crypto gambling industry.
Or is there already one in existence?

The NFT market is relatively new and I don't think there's any gambling website that has incorporated NFT yet.
There are more number of ways NFT can be utilized in the field of gambling. The area is unexplored yet.
Only time will tell how potential NFTs can be in gamling.

[acquafredda]

I am hard to be surprised and I am not getting the overall excitement that is spreading all over this new NFT markets. It is either because I have seen too much crap in crypto or I cannot grasp what is under the veil yet. Will keep an eye on this but I believe this is a short-lived development.
Until there is no clear killer app for these NFTs and they are only being discussed as a new speculative asset class I would rather be out of it.

[tabas]

Never thought of such an idea but with what I see with all of these NFTS. Anything can be put into it and bring value. It is interesting who will be the casino to bring up the very first NFT in the crypto gambling industry.
Or is there already one in existence?

The NFT market is relatively new and I don't think there's any gambling website that has incorporated NFT yet.
There are more number of ways NFT can be utilized in the field of gambling. The area is unexplored yet.
Only time will tell how potential NFTs can be in gamling.

I guess so too that there's no one in existence but I haven't browsed a lot and maybe somebody found out that there's already one. But yeah, it's safe to assume that there's none currently.
What the NFT market is focused on are with those popular digital arts and those pieces of history like the NBA top shots and other first things in the internet space.

[avikz]

Never thought of such an idea but with what I see with all of these NFTS. Anything can be put into it and bring value. It is interesting who will be the casino to bring up the very first NFT in the crypto gambling industry.
Or is there already one in existence?

The NFT market is relatively new and I don't think there's any gambling website that has incorporated NFT yet.
There are more number of ways NFT can be utilized in the field of gambling. The area is unexplored yet.
Only time will tell how potential NFTs can be in gamling.

I guess so too that there's no one in existence but I haven't browsed a lot and maybe somebody found out that there's already one. But yeah, it's safe to assume that there's none currently.
What the NFT market is focused on are with those popular digital arts and those pieces of history like the NBA top shots and other first things in the internet space.

No! There's currently no gambling house available that had incorporated NFTs. NFT is currently being used as a tool in digital auctions. That's their focus area as of now. But that doesn't mean NFT wouldn't have any use cases for gambling! It's just that we don't know yet! It's quite possible that a gambling house would want to take all their gambling activities through a custom blockchain to prevent fraud and to make their bets verifiable. In that case, NFT can become handy! But the high cost of transactions are really making things difficult for all of us! Unless and until the transaction costs of ETH blockchain normalizes, it's difficult to see NFT in a customer focused industry like gambling.